Truist Financial (NYSE:TFC) Raised to “Buy” at StockNews.com

Truist Financial (NYSE:TFCGet Rating) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

Several other research analysts have also recently issued reports on TFC. Stephens dropped their target price on shares of Truist Financial from $74.00 to $64.00 and set an “overweight” rating on the stock in a report on Tuesday, June 7th. Citigroup dropped their target price on shares of Truist Financial from $58.00 to $52.00 and set a “neutral” rating on the stock in a report on Tuesday, July 12th. Credit Suisse Group dropped their target price on shares of Truist Financial to $52.00 in a report on Friday, July 22nd. Barclays lowered their price target on shares of Truist Financial to $61.00 in a report on Friday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Truist Financial from $70.00 to $61.00 and set a “buy” rating on the stock in a report on Monday, September 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Truist Financial currently has an average rating of “Hold” and a consensus target price of $57.63.

Truist Financial Trading Down 2.6 %

TFC stock traded down $1.20 during trading on Thursday, hitting $44.80. The company had a trading volume of 5,043,745 shares, compared to its average volume of 6,616,797. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.54. Truist Financial has a 52-week low of $44.68 and a 52-week high of $68.95. The company has a 50 day simple moving average of $48.74 and a 200-day simple moving average of $50.20. The firm has a market capitalization of $59.42 billion, a P/E ratio of 10.16, a PEG ratio of 2.04 and a beta of 1.12.

Truist Financial (NYSE:TFCGet Rating) last issued its earnings results on Tuesday, July 19th. The insurance provider reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.03. Truist Financial had a net margin of 27.25% and a return on equity of 12.14%. The company had revenue of $5.66 billion for the quarter, compared to analysts’ expectations of $5.65 billion. During the same period in the prior year, the business earned $1.55 EPS. The firm’s quarterly revenue was up .1% on a year-over-year basis. As a group, research analysts forecast that Truist Financial will post 5 earnings per share for the current fiscal year.

Insider Activity at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. sold 142,606 shares of the firm’s stock in a transaction that occurred on Wednesday, July 20th. The shares were sold at an average price of $47.78, for a total transaction of $6,813,714.68. Following the completion of the transaction, the chief executive officer now directly owns 862,590 shares of the company’s stock, valued at approximately $41,214,550.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Truist Financial

A number of institutional investors have recently bought and sold shares of the business. Schroder Investment Management Group increased its holdings in shares of Truist Financial by 21.5% during the 4th quarter. Schroder Investment Management Group now owns 753,131 shares of the insurance provider’s stock valued at $44,096,000 after purchasing an additional 133,329 shares in the last quarter. Gotham Asset Management LLC increased its holdings in shares of Truist Financial by 109.3% during the 4th quarter. Gotham Asset Management LLC now owns 18,539 shares of the insurance provider’s stock valued at $1,085,000 after purchasing an additional 9,683 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of Truist Financial by 6.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 235,476 shares of the insurance provider’s stock valued at $13,786,000 after purchasing an additional 14,504 shares in the last quarter. Mutual Advisors LLC increased its holdings in shares of Truist Financial by 2.3% during the 4th quarter. Mutual Advisors LLC now owns 21,444 shares of the insurance provider’s stock valued at $1,256,000 after purchasing an additional 480 shares in the last quarter. Finally, Nissay Asset Management Corp Japan ADV increased its holdings in shares of Truist Financial by 2.6% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 143,265 shares of the insurance provider’s stock valued at $8,388,000 after purchasing an additional 3,579 shares in the last quarter. 73.31% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Company Profile

(Get Rating)

Truist Financial Corporation, a holding 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.

Further Reading

Analyst Recommendations for Truist Financial (NYSE:TFC)

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