Truist Financial (NYSE:TFC) Downgraded by StockNews.com

StockNews.com lowered shares of Truist Financial (NYSE:TFC) from a hold rating to a sell rating in a research report released on Thursday.

Several other analysts also recently commented on the company. Piper Sandler upped their price objective on Truist Financial from $38.00 to $41.00 and gave the company a neutral rating in a research note on Tuesday, May 14th. Keefe, Bruyette & Woods increased their price target on Truist Financial from $45.00 to $46.00 and gave the stock an outperform rating in a report on Wednesday, May 8th. Citigroup lifted their price objective on shares of Truist Financial from $42.00 to $45.00 and gave the company a buy rating in a research report on Wednesday, April 24th. UBS Group upped their price objective on shares of Truist Financial from $45.00 to $49.00 and gave the stock a buy rating in a research report on Friday, April 5th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Truist Financial from $39.50 to $40.50 and gave the company a neutral rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial currently has a consensus rating of Moderate Buy and an average target price of $43.17.

Truist Financial Stock Down 1.7 %

Shares of TFC opened at $38.87 on Thursday. The company’s 50 day simple moving average is $37.93 and its 200-day simple moving average is $37.20. Truist Financial has a 12-month low of $26.57 and a 12-month high of $40.51. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The company had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same period last year, the firm posted $1.09 EPS. Truist Financial’s revenue for the quarter was down 8.8% on a year-over-year basis. Sell-side analysts expect that Truist Financial will post 3.37 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Friday, May 10th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.35%. Truist Financial’s payout ratio is -157.58%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Crewe Advisors LLC purchased a new position in Truist Financial during the 1st quarter valued at about $27,000. Opal Wealth Advisors LLC purchased a new position in shares of Truist Financial during the 1st quarter worth approximately $29,000. Missouri Trust & Investment Co raised its position in shares of Truist Financial by 227.2% during the 4th quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 593 shares during the last quarter. Rise Advisors LLC acquired a new position in shares of Truist Financial during the 1st quarter worth approximately $32,000. Finally, Morton Brown Family Wealth LLC lifted its stake in Truist Financial by 236.0% in the 4th quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock valued at $34,000 after buying an additional 649 shares in the last quarter. Hedge funds and other 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.