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

StockNews.com lowered shares of Truist Financial (NYSE:TFC) from a hold rating to a sell rating in a research report sent to investors on Thursday.

Other equities analysts also recently issued research reports about the stock. The Goldman Sachs Group boosted their target price 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. UBS Group increased their price objective on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. Compass Point boosted their target price on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Citigroup increased their price target on shares of Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.89.

Truist Financial Price Performance

TFC stock opened at $43.93 on Thursday. The business’s 50-day moving average is $45.36 and its two-hundred day moving average is $43.26. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market capitalization of $58.32 billion, a P/E ratio of -30.72, a P/E/G ratio of 1.88 and a beta of 1.08. Truist Financial has a 1 year low of $34.23 and a 1 year high of $49.06.

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

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 8th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.73%. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. bought 34,180 shares of the company’s stock in a transaction on Monday, November 25th. The shares were bought at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the transaction, the chief executive officer now owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of the sale, the director now directly owns 11,246 shares of the company’s stock, valued at $519,565.20. This represents a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Truist Financial

Large investors have recently made changes to their positions in the stock. State Street Corp grew its position in Truist Financial by 4.6% during the third quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock worth $2,645,964,000 after buying an additional 2,720,223 shares during the period. Geode Capital Management LLC grew its holdings in shares of Truist Financial by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 27,440,951 shares of the insurance provider’s stock worth $1,169,350,000 after acquiring an additional 456,412 shares during the period. Legal & General Group Plc increased its stake in Truist Financial by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock valued at $401,663,000 after purchasing an additional 103,565 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Truist Financial by 3.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,431,037 shares of the insurance provider’s stock worth $403,365,000 after purchasing an additional 288,306 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Truist Financial by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after purchasing an additional 299,196 shares in the last quarter. Hedge funds and other institutional investors 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.