Wolfe Research Begins Coverage on Truist Financial (NYSE:TFC)

Key Points

• Wolfe Research initiated coverage of Truist Financial with a “peer perform” rating, while the broader analyst consensus remains “Hold” with a $53.87 price target.
• Truist opened at $48.87, near its 50-day and 200-day moving averages, with a $59.71 billion market capitalization and a one-year trading range of $43.13 to $56.19.
• The company’s latest quarterly results slightly missed expectations, reporting $1.16 in earnings per share and $5.30 billion in revenue, although revenue rose 1.3% year over year.

Equities research analysts at Wolfe Research initiated coverage on shares of Truist Financial (NYSE:TFC - Get Free Report) in a report issued on Tuesday. The firm set a "peer perform" rating on the insurance provider's stock.

Other analysts have also issued research reports about the stock. UBS Group dropped their price target on shares of Truist Financial from $55.00 to $50.00 and set a "neutral" rating for the company in a research note on Monday, October 5th. Raymond James Financial reaffirmed a "market perform" rating on shares of Truist Financial in a report on Wednesday, July 1st. HSBC assumed coverage on shares of Truist Financial in a research note on Monday, September 28th. They set a "buy" rating and a $61.00 price objective on the stock. Wells Fargo & Company set a $52.00 price objective on shares of Truist Financial in a report on Thursday, October 8th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Truist Financial from $54.00 to $50.50 and set an "underweight" rating for the company in a research report on Friday, October 2nd. Seven investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $53.87.

Truist Financial Stock Performance

Truist Financial stock opened at $48.87 on Tuesday. The stock's 50 day moving average price is $48.70 and its 200 day moving average price is $49.55. The firm has a market capitalization of $59.71 billion, a PE ratio of 12.60, a price-to-earnings-growth ratio of 1.08 and a beta of 0.92. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.88 and a current ratio of 0.88. Truist Financial has a one year low of $43.13 and a one year high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share for the quarter, missing analysts' consensus estimates of $1.17 by ($0.01). Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. The company had revenue of $5.30 billion during the quarter, compared to analysts' expectations of $5.35 billion. During the same quarter in the prior year, the company earned $1.04 EPS. The firm's revenue was up 1.3% compared to the same quarter last year. As a group, sell-side analysts expect that Truist Financial will post 4.66 EPS for the current fiscal year.

Insider Activity at Truist Financial

In related news, CEO Michael Lyons acquired 21,000 shares of the business's stock in a transaction that occurred on Thursday, September 17th. The shares were acquired at an average cost of $48.36 per share, for a total transaction of $1,015,560.00. Following the completion of the purchase, the chief executive officer directly owned 21,000 shares in the company, valued at $1,015,560. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the transaction, the insider owned 56,009 shares of the company's stock, valued at $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Truist Financial

Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Truist Financial in the second quarter worth approximately $4,959,834,000. Bank of New York Mellon Corp purchased a new position in Truist Financial during the second quarter valued at approximately $338,855,000. Deutsche Bank AG purchased a new position in Truist Financial during the second quarter valued at approximately $257,208,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Truist Financial in the 2nd quarter valued at approximately $151,526,000. Finally, SEB Asset Management AB acquired a new position in Truist Financial in the 1st quarter valued at approximately $124,144,000. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Company Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.

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