Truist Financial (NYSE:TFC) Receives Underweight Rating from JPMorgan Chase & Co.

Truist Financial (NYSE:TFC)‘s stock had its “underweight” rating restated by research analysts at JPMorgan Chase & Co. in a report released on Monday,Benzinga reports. They presently have a $53.00 target price on the insurance provider’s stock, down from their previous target price of $53.50. JPMorgan Chase & Co.‘s price target points to a potential upside of 0.95% from the company’s previous close.

A number of other research firms have also recently issued reports on TFC. Raymond James Financial reiterated a “market perform” rating on shares of Truist Financial in a research note on Wednesday, July 1st. Royal Bank Of Canada increased their price target on shares of Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Wall Street Zen lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Monday, June 29th. Morgan Stanley reiterated an “equal weight” rating and issued a $54.00 price objective (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Finally, Bank of America reissued a “neutral” rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $54.61.

Truist Financial Stock Performance

Shares of TFC stock opened at $52.50 on Monday. Truist Financial has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The stock’s 50-day moving average is $49.40 and its two-hundred day moving average is $49.50. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market cap of $65.41 billion, a P/E ratio of 12.04, a PEG ratio of 0.92 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.15. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm’s revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.91 EPS. Analysts predict that Truist Financial will post 4.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Truist Financial

A number of institutional investors have recently modified their holdings of TFC. Kemnay Advisory Services Inc. bought a new stake in shares of Truist Financial during the 4th quarter worth $25,000. Swiss RE Ltd. bought a new position in Truist Financial in the 4th quarter worth $26,000. McMillan Office Inc. bought a new position in Truist Financial in the 4th quarter worth $31,000. Maseco LLP lifted its position in Truist Financial by 53.8% during the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 228 shares during the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC boosted its holdings in Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 431 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Company Profile

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.