Truist Financial (NYSE:TFC) Downgraded by StockNews.com to Sell

StockNews.com cut shares of Truist Financial (NYSE:TFC) from a hold rating to a sell rating in a report released on Thursday morning.

A number of other brokerages also recently issued reports on TFC. The Goldman Sachs Group lifted their price target on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Wells Fargo & Company increased their target price on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, November 15th. HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. Stephens reiterated an “overweight” rating and issued a $54.00 price objective on shares of Truist Financial in a report on Thursday, January 2nd. Finally, Keefe, Bruyette & Woods boosted their target price on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.89.

Truist Financial Stock Performance

Shares of TFC stock opened at $42.83 on Thursday. The firm has a 50 day moving average of $45.36 and a two-hundred day moving average of $43.34. The stock has a market capitalization of $56.86 billion, a PE ratio of -29.95, a P/E/G ratio of 1.88 and a beta of 1.08. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. Truist Financial has a 52 week low of $34.23 and a 52 week high of $49.06.

Truist Financial (NYSE:TFC) last released its earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.89 by $0.08. The firm had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. On average, research analysts predict that Truist Financial will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.86%. The ex-dividend date was Friday, November 8th. Truist Financial’s payout ratio is currently -145.45%.

Insider Buying and Selling

In other Truist Financial news, CEO William H. Rogers, Jr. purchased 34,180 shares of Truist Financial stock in a transaction dated Monday, November 25th. The stock was acquired at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the acquisition, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the transaction, the director now directly owns 11,246 shares in the company, valued at $519,565.20. This represents a 30.63 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

Several institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. boosted its holdings in Truist Financial by 10.9% during the second quarter. Victory Capital Management Inc. now owns 457,653 shares of the insurance provider’s stock worth $17,780,000 after buying an additional 44,800 shares in the last quarter. Private Advisor Group LLC boosted its stake in shares of Truist Financial by 1.2% during the 2nd quarter. Private Advisor Group LLC now owns 74,756 shares of the insurance provider’s stock worth $2,904,000 after acquiring an additional 916 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Truist Financial in the 2nd quarter worth approximately $1,111,000. Ashton Thomas Private Wealth LLC purchased a new position in Truist Financial in the 2nd quarter valued at approximately $89,000. Finally, Wedbush Securities Inc. raised its holdings in Truist Financial by 4.4% during the second quarter. Wedbush Securities Inc. now owns 8,414 shares of the insurance provider’s stock worth $327,000 after purchasing an additional 353 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Company Profile

Truist Financial Corporation, a financial services 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.