Truist Financial (NYSE:TFC) Cut to “Market Perform” at Raymond James

Raymond James downgraded shares of Truist Financial (NYSE:TFC) from an outperform rating to a market perform rating in a report released on Wednesday morning, MarketBeat Ratings reports.

A number of other equities research analysts also recently weighed in on TFC. Stephens raised their price target on Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 21st. Wells Fargo & Company reduced their target price on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Citigroup dropped their price target on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. Finally, Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $50.42.

Truist Financial Price Performance

TFC opened at $34.80 on Wednesday. Truist Financial has a 12-month low of $33.71 and a 12-month high of $49.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $45.43 billion, a P/E ratio of 10.45, a PEG ratio of 1.63 and a beta of 0.91. The stock has a fifty day moving average of $43.97 and a 200-day moving average of $44.30.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same period in the prior year, the firm earned $0.81 earnings per share. The firm’s revenue was up 3.4% compared to the same quarter last year. Equities analysts forecast that Truist Financial will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.98%. The ex-dividend date was Friday, February 14th. Truist Financial’s payout ratio is presently 62.46%.

Institutional Investors Weigh In On Truist Financial

A number of institutional investors have recently bought and sold shares of the business. Bangor Savings Bank raised its stake in shares of Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after buying an additional 272 shares in the last quarter. Hopwood Financial Services Inc. bought a new stake in Truist Financial in the fourth quarter valued at about $26,000. Navigoe LLC acquired a new position in Truist Financial in the fourth quarter worth about $26,000. Curio Wealth LLC bought a new position in Truist Financial during the fourth quarter worth about $45,000. Finally, City State Bank boosted its holdings in Truist Financial by 158.1% during the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 716 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

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.