Truist Financial (NYSE:TFC) Sets New 12-Month Low Following Analyst Downgrade

Truist Financial Co. (NYSE:TFC)’s share price hit a new 52-week low on Friday after StockNews.com downgraded the stock from a hold rating to a sell rating. The stock traded as low as $34.58 and last traded at $34.76, with a volume of 1020560 shares traded. The stock had previously closed at $37.04.

TFC has been the topic of several other reports. Baird R W upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $48.00 to $52.00 in a research report on Wednesday, March 5th. HSBC upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. Morgan Stanley raised their target price on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. Finally, Stephens upped their price target on shares of Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.42.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Truist Financial by 48.7% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,963 shares of the insurance provider’s stock worth $129,000 after buying an additional 971 shares in the last quarter. Principal Financial Group Inc. grew its position in Truist Financial by 3.5% in the third quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock worth $64,638,000 after acquiring an additional 50,637 shares in the last quarter. Country Club Bank grew its position in Truist Financial by 719.8% in the fourth quarter. Country Club Bank now owns 45,499 shares of the insurance provider’s stock worth $1,973,000 after acquiring an additional 39,949 shares in the last quarter. David Wealth Management LLC bought a new stake in Truist Financial during the fourth quarter worth approximately $2,354,000. Finally, Glass Wealth Management Co LLC raised its position in Truist Financial by 9.5% during the fourth quarter. Glass Wealth Management Co LLC now owns 67,978 shares of the insurance provider’s stock valued at $2,949,000 after purchasing an additional 5,900 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Price Performance

The firm has a 50 day moving average price of $43.97 and a 200-day moving average price of $44.32. The firm has a market capitalization of $45.43 billion, a P/E ratio of 10.45, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.81 earnings per share. On average, analysts expect that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.98%. The ex-dividend date was Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is currently 62.46%.

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.