Truist Financial (NYSE:TFC) Raised to Strong-Buy at Hsbc Global Res

Truist Financial (NYSE:TFC) was upgraded by analysts at Hsbc Global Res from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

Other equities analysts have also issued reports about the stock. Stephens restated an “overweight” rating and set a $54.00 target price on shares of Truist Financial in a research report on Thursday, January 2nd. Royal Bank of Canada boosted their price target on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. The Goldman Sachs Group lifted their target price on Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Piper Sandler upped their price target on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Finally, StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Eleven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.89.

Truist Financial Price Performance

TFC stock opened at $43.93 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. Truist Financial has a fifty-two week low of $34.23 and a fifty-two week high of $49.06. The business has a 50 day moving average price of $45.34 and a 200 day moving average price of $43.25. The stock has a market cap of $58.32 billion, a price-to-earnings ratio of -30.72, a PEG ratio of 1.88 and a beta of 1.08.

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

Insider Activity

In other news, Director K. David Jr. Boyer sold 4,966 shares of the business’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 transaction, the director now owns 11,246 shares of the company’s stock, valued at $519,565.20. The trade was a 30.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William H. Rogers, Jr. bought 34,180 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were purchased 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 $33,576,860.56. The trade was a 5.20 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Several large investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. boosted its holdings in Truist Financial by 10.9% in the second quarter. Victory Capital Management Inc. now owns 457,653 shares of the insurance provider’s stock valued at $17,780,000 after acquiring an additional 44,800 shares during the last quarter. Private Advisor Group LLC increased its position in shares of Truist Financial by 1.2% during the second quarter. Private Advisor Group LLC now owns 74,756 shares of the insurance provider’s stock worth $2,904,000 after acquiring an additional 916 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Truist Financial in the second quarter valued at about $1,111,000. Ashton Thomas Private Wealth LLC purchased a new stake in Truist Financial during the 2nd quarter worth approximately $89,000. Finally, Wedbush Securities Inc. raised its holdings in Truist Financial by 4.4% in the second quarter. Wedbush Securities Inc. now owns 8,414 shares of the insurance provider’s stock valued at $327,000 after acquiring an additional 353 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

About Truist Financial

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.