Truist Financial (NYSE:TFC) Research Coverage Started at HSBC

HSBC assumed coverage on shares of Truist Financial (NYSE:TFC) in a report issued on Monday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $61.00 price target on the insurance provider’s stock.

TFC has been the subject of a number of other reports. Weiss Ratings restated a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Morgan Stanley reiterated an “equal weight” rating and issued a $54.00 price target (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Evercore reissued an “outperform” rating and issued a $57.00 price target on shares of Truist Financial in a research note on Monday, July 6th. Finally, Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $63.00 to $54.00 in a research report on Tuesday, June 30th. Eight research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Truist Financial presently has an average rating of “Hold” and an average target price of $55.44.

Truist Financial Stock Down 0.3%

NYSE:TFC opened at $46.32 on Monday. The firm’s 50 day simple moving average is $50.60 and its 200 day simple moving average is $49.50. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial has a one year low of $40.78 and a one year high of $56.19. The company has a market cap of $56.58 billion, a PE ratio of 10.62, a P/E/G ratio of 0.97 and a beta of 0.88.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 EPS. On average, research analysts anticipate that Truist Financial will post 4.62 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date was Friday, August 14th. Truist Financial’s dividend payout ratio (DPR) is presently 47.71%.

Insiders Place Their Bets

In other news, Director K. Boyer, Jr. sold 3,986 shares of the business’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the transaction, the director directly owned 10,270 shares of the company’s stock, valued at $520,689. The trade was a 27.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William Rogers, Jr. sold 13,250 shares of the company’s stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 30,516 shares of company stock valued at $1,584,428. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

A number of institutional investors and hedge funds have recently modified their holdings of TFC. BlackRock Inc. bought a new stake in Truist Financial in the second quarter valued at $4,959,834,000. Auto Owners Insurance Co raised its holdings in shares of Truist Financial by 4,821.0% during the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after purchasing an additional 13,884,480 shares during the period. Norges Bank bought a new position in shares of Truist Financial during the 4th quarter worth about $502,340,000. Bank of New York Mellon Corp bought a new position in shares of Truist Financial during the 2nd quarter worth about $338,855,000. Finally, Deutsche Bank AG acquired a new stake in shares of Truist Financial in the 2nd quarter valued at about $257,208,000. 71.28% of the stock is currently owned by institutional investors.

About Truist Financial

Truist Financial Corporation (NYSE:TFC) is a financial services company headquartered in Charlotte, North Carolina. Through its principal banking subsidiary, Truist Bank, the company provides a broad range of financial products and services to consumers, small businesses, commercial clients, and institutional customers.

Its offerings include deposit accounts, consumer and small-business lending, mortgages, credit cards, payments, treasury management, commercial and corporate banking, investment banking, wealth management, and asset management.