Truist Financial (NYSE:TFC) Rating Lowered to “Sell” at StockNews.com

Truist Financial (NYSE:TFC) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Thursday.

Several other equities analysts also recently commented on the company. Piper Sandler raised their target price on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. lifted their price objective on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Barclays upped their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday. Citigroup lifted their price target on shares of Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Finally, Compass Point upped their price objective on shares of Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $49.89.

Truist Financial Stock Performance

TFC traded down $0.04 during trading on Thursday, reaching $43.93. 5,727,141 shares of the company’s stock were exchanged, compared to its average volume of 5,850,768. The company has a market capitalization of $58.32 billion, a P/E ratio of -30.72, a PEG ratio of 1.88 and a beta of 1.08. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The business has a 50 day moving average price of $45.36 and a 200 day moving average price of $43.26. Truist Financial has a fifty-two week low of $34.23 and a fifty-two week high of $49.06.

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

Insider Buying and Selling at Truist Financial

In related news, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction 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 owns 11,246 shares in the company, valued at $519,565.20. This represents a 30.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William H. Rogers, Jr. bought 34,180 shares of Truist Financial stock in a transaction on Monday, November 25th. The shares were acquired at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Institutional investors have recently modified their holdings of the business. State Street Corp raised its holdings in Truist Financial by 4.6% during the 3rd 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. Assenagon Asset Management S.A. raised its holdings in shares of Truist Financial by 316.4% during the third quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock worth $90,585,000 after acquiring an additional 1,609,351 shares during the period. HighTower Advisors LLC lifted its position in Truist Financial by 26.1% in the 3rd quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock valued at $166,892,000 after acquiring an additional 807,648 shares in the last quarter. LPL Financial LLC lifted its position in Truist Financial by 21.0% in the 3rd quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider’s stock valued at $155,288,000 after acquiring an additional 630,628 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new position in Truist Financial in the 3rd quarter worth $26,087,000. 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.