Truist Financial (NYSE:TFC) Rating Lowered to Hold at StockNews.com

StockNews.com cut shares of Truist Financial (NYSE:TFCGet Rating) from a buy rating to a hold rating in a research report sent to investors on Wednesday.

A number of other analysts also recently issued reports on TFC. Citigroup downgraded Truist Financial from a buy rating to a neutral rating and lowered their price target for the stock from $75.00 to $58.00 in a research report on Monday, April 11th. Morgan Stanley decreased their price objective on Truist Financial from $72.00 to $63.00 and set an equal weight rating for the company in a report on Monday, March 28th. Piper Sandler cut their target price on Truist Financial from $69.00 to $62.00 in a research note on Wednesday, April 20th. Finally, Bank of America lowered Truist Financial from a buy rating to a neutral rating and set a $58.00 target price on the stock. in a research note on Friday, April 8th. One analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $63.33.

Truist Financial stock opened at $49.13 on Wednesday. The firm has a 50 day moving average of $51.75 and a 200 day moving average of $57.97. The firm has a market capitalization of $65.41 billion, a price-to-earnings ratio of 10.97, a P/E/G ratio of 1.71 and a beta of 1.18. Truist Financial has a 12-month low of $44.85 and a 12-month high of $68.95. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.58.

Truist Financial (NYSE:TFCGet Rating) last released its earnings results on Tuesday, April 19th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.11. Truist Financial had a net margin of 27.89% and a return on equity of 12.70%. The company had revenue of $5.33 billion during the quarter, compared to analyst estimates of $5.48 billion. During the same period in the prior year, the firm posted $1.18 EPS. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. On average, analysts predict that Truist Financial will post 4.92 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 1st. Stockholders of record on Friday, May 13th will be paid a dividend of $0.48 per share. The ex-dividend date is Thursday, May 12th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.91%. Truist Financial’s payout ratio is 42.86%.

In other Truist Financial news, Director Steven C. Voorhees purchased 20,000 shares of the company’s stock in a transaction dated Wednesday, May 4th. The shares were acquired at an average price of $49.82 per share, for a total transaction of $996,400.00. Following the completion of the purchase, the director now owns 60,873 shares of the company’s stock, valued at $3,032,692.86. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven C. Voorhees purchased 10,000 shares of the company’s stock in a transaction dated Friday, March 4th. The shares were acquired at an average price of $59.21 per share, for a total transaction of $592,100.00. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Gradient Investments LLC boosted its position in Truist Financial by 1.7% in the first quarter. Gradient Investments LLC now owns 228,040 shares of the insurance provider’s stock valued at $12,930,000 after buying an additional 3,860 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Truist Financial by 26.5% in the first quarter. EverSource Wealth Advisors LLC now owns 15,780 shares of the insurance provider’s stock valued at $895,000 after buying an additional 3,308 shares during the last quarter. M Holdings Securities Inc. purchased a new stake in Truist Financial in the first quarter valued at approximately $262,000. Reynolds Investment Management Inc. acquired a new position in Truist Financial in the first quarter valued at approximately $2,358,000. Finally, Advisory Services Network LLC lifted its holdings in Truist Financial by 15.6% in the first quarter. Advisory Services Network LLC now owns 88,323 shares of the insurance provider’s stock valued at $5,008,000 after acquiring an additional 11,895 shares during the period. Hedge funds and other institutional investors own 72.79% of the company’s stock.

Truist Financial Company Profile (Get Rating)

Truist Financial Corporation, a holding company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.

Further Reading

Analyst Recommendations for Truist Financial (NYSE:TFC)

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