Truist Financial (NYSE:TFC) Upgraded to “Hold” at StockNews.com

by · The Cerbat Gem

Truist Financial (NYSE:TFC – Get Free Report) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Friday.

A number of other research analysts have also issued reports on the stock. UBS Group increased their target price on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday. Bank of America increased their price target on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Keefe, Bruyette & Woods increased their price target on shares of Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday. JPMorgan Chase & Co. increased their price target on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Argus increased their price target on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus price target of $46.02.

Check Out Our Latest Analysis on TFC

Truist Financial Stock Performance

Truist Financial stock traded up $0.72 during trading hours on Friday, hitting $43.67. The company had a trading volume of 7,500,585 shares, compared to its average volume of 8,303,440. The firm has a market cap of $58.43 billion, a PE ratio of -33.08, a PEG ratio of 1.82 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial has a one year low of $26.95 and a one year high of $45.31. The firm has a 50-day moving average of $42.67 and a 200 day moving average of $40.29.

Truist Financial (NYSE:TFC – Get Free Report) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.07. The firm had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business’s revenue was down 15.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 EPS. On average, sell-side analysts expect that Truist Financial will post 3.55 earnings per share for the current year.

Insider Activity

In other news, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO William H. Rogers, Jr. bought 57,300 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was acquired at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the purchase, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

A number of hedge funds have recently bought and sold shares of the company. Aaron Wealth Advisors LLC grew its holdings in Truist Financial by 29.3% in the third quarter. Aaron Wealth Advisors LLC now owns 7,485 shares of the insurance provider’s stock worth $320,000 after purchasing an additional 1,698 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Truist Financial by 0.5% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 181,599 shares of the insurance provider’s stock worth $7,767,000 after purchasing an additional 930 shares during the period. Cardinal Capital Management grew its holdings in Truist Financial by 0.8% in the third quarter. Cardinal Capital Management now owns 195,327 shares of the insurance provider’s stock worth $8,354,000 after purchasing an additional 1,458 shares during the period. Bleakley Financial Group LLC grew its holdings in Truist Financial by 5.8% in the third quarter. Bleakley Financial Group LLC now owns 36,746 shares of the insurance provider’s stock worth $1,572,000 after purchasing an additional 2,019 shares during the period. Finally, Global Retirement Partners LLC grew its holdings in Truist Financial by 3.0% in the third quarter. Global Retirement Partners LLC now owns 55,599 shares of the insurance provider’s stock worth $2,378,000 after purchasing an additional 1,638 shares during the period. Institutional investors own 71.28% of the company’s stock.

About Truist Financial

(Get Free Report)

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.

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