Truist Financial (NYSE:TFC) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Truist Financial (NYSE:TFC) from a sell rating to a hold rating in a research report released on Saturday morning.

Several other analysts have also weighed in on the stock. Jefferies Financial Group reiterated a “mixed” rating and set a $45.00 target price on shares of Truist Financial in a research report on Friday, April 17th. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and cut their price target for the stock from $63.00 to $54.00 in a research note on Tuesday, June 30th. Bank of America reaffirmed a “neutral” rating and set a $56.00 price objective (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. 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 research note on Monday, July 6th. Finally, JPMorgan Chase & Co. increased their target price on Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a report on Wednesday, July 29th. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $54.67.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $52.35 on Friday. Truist Financial has a one year low of $40.78 and a one year high of $56.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The business has a fifty day simple moving average of $50.69 and a 200 day simple moving average of $49.70. The firm has a market capitalization of $63.95 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 0.95 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. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. During the same quarter in the previous year, the firm posted $0.91 EPS. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. Sell-side analysts expect that Truist Financial will post 4.59 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s dividend payout ratio (DPR) is currently 47.71%.

Insider Buying and Selling at Truist Financial

In other news, CEO William H. Rogers, Jr. sold 13,250 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of Truist Financial stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the transaction, the insider owned 56,009 shares of the company’s stock, valued at $2,904,066.65. This trade represents a 19.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 30,516 shares of company stock worth $1,584,428 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

Large investors have recently bought and sold shares of the business. 3Chopt Investment Partners LLC raised its position in Truist Financial by 1.3% in the 4th quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock valued at $724,000 after purchasing an additional 193 shares during the last quarter. IFP Advisors Inc boosted its stake in Truist Financial by 2.4% in the fourth quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock worth $404,000 after purchasing an additional 194 shares in the last quarter. PCB Capital LLC boosted its stake in Truist Financial by 3.0% in the first quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock worth $310,000 after purchasing an additional 198 shares in the last quarter. AlphaCore Capital LLC grew its holdings in shares of Truist Financial by 8.3% during the fourth quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock worth $128,000 after purchasing an additional 199 shares during the last quarter. Finally, CYBER HORNET ETFs LLC grew its holdings in shares of Truist Financial by 5.5% during the fourth quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock worth $188,000 after purchasing an additional 199 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

About Truist Financial

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.