Truist Financial (NYSE:TFC) Given “Market Perform” Rating at Raymond James Financial

Truist Financial (NYSE:TFC)‘s stock had its “market perform” rating reaffirmed by equities researchers at Raymond James Financial in a note issued to investors on Wednesday,Benzinga reports.

TFC has been the topic of several other reports. Jefferies Financial Group restated a “mixed” rating and set a $45.00 target price on shares of Truist Financial in a research report on Friday, April 17th. Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a report on Monday. Royal Bank Of Canada raised their price objective on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Morgan Stanley reduced their price objective on Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Monday, April 20th. Finally, Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Eight analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Truist Financial has a consensus rating of “Hold” and a consensus price target of $55.26.

Truist Financial Price Performance

TFC stock opened at $49.83 on Wednesday. The business has a 50 day moving average price of $49.17 and a 200 day moving average price of $49.37. Truist Financial has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The stock has a market cap of $62.08 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 0.87 and a beta of 0.89.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.87 earnings per share. Equities research analysts anticipate that Truist Financial will post 4.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Truist Financial

Several institutional investors and hedge funds have recently modified their holdings of the company. Brighton Jones LLC grew its position in shares of Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after purchasing an additional 14,093 shares during the period. Woodline Partners LP raised its stake in Truist Financial by 39.5% during the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after purchasing an additional 31,454 shares during the period. Sivia Capital Partners LLC purchased a new position in Truist Financial during the second quarter worth approximately $575,000. AXA S.A. boosted its holdings in shares of Truist Financial by 23.1% in the 2nd quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock valued at $1,126,000 after purchasing an additional 4,921 shares during the last quarter. Finally, Main Street Financial Solutions LLC boosted its holdings in shares of Truist Financial by 20.1% in the 2nd quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock valued at $292,000 after purchasing an additional 1,134 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.