Truist Financial (NYSE:TFC) Upgraded to Buy at HSBC

HSBC upgraded shares of Truist Financial (NYSE:TFC) from a hold rating to a buy rating in a research note published on Tuesday, MarketBeat.com reports. The brokerage currently has $50.00 price objective on the insurance provider’s stock.

A number of other equities analysts have also commented on TFC. Citigroup raised their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Barclays increased their price objective on Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday. JPMorgan Chase & Co. boosted their target price on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, Wells Fargo & Company boosted their price objective on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Truist Financial presently has an average rating of “Hold” and an average price target of $49.89.

Truist Financial Stock Down 0.3 %

TFC stock opened at $43.96 on Tuesday. Truist Financial has a fifty-two week low of $34.23 and a fifty-two week high of $49.06. The stock has a fifty day moving average of $45.33 and a 200-day moving average of $43.25. The company has a market capitalization of $58.36 billion, a price-to-earnings ratio of -30.74, a PEG ratio of 1.88 and a beta of 1.08. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) 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 company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.05 billion. As a group, equities research analysts predict that Truist Financial will post 3.7 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 8th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.73%. The ex-dividend date was Friday, November 8th. Truist Financial’s payout ratio is -145.45%.

Insiders Place Their Bets

In related news, CEO William H. Rogers, Jr. bought 34,180 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was purchased at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the transaction, the chief executive officer now owns 691,451 shares in the company, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director K. David Jr. Boyer sold 4,966 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the transaction, the director now owns 11,246 shares in the company, valued at $519,565.20. This represents a 30.63 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in TFC. Principal Financial Group Inc. lifted its holdings in shares of Truist Financial by 3.5% during the third quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock valued at $64,638,000 after purchasing an additional 50,637 shares during the last quarter. Cadence Bank lifted its stake in shares of Truist Financial by 101.6% in the third quarter. Cadence Bank now owns 185,184 shares of the insurance provider’s stock worth $7,920,000 after buying an additional 93,322 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of 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 valued at $346,957,000 after buying an additional 299,196 shares during the last quarter. Boston Common Asset Management LLC increased its position in shares of Truist Financial by 66.4% during the third quarter. Boston Common Asset Management LLC now owns 154,523 shares of the insurance provider’s stock valued at $6,609,000 after acquiring an additional 61,683 shares in the last quarter. Finally, Independent Advisor Alliance lifted its position in Truist Financial by 10.7% in the 3rd quarter. Independent Advisor Alliance now owns 282,607 shares of the insurance provider’s stock valued at $12,087,000 after acquiring an additional 27,408 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

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.