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

Hsbc Global Res upgraded shares of Truist Financial (NYSE:TFC) from a hold rating to a strong-buy rating in a research report released on Tuesday,Zacks.com reports.

Several other equities research analysts also recently commented on TFC. Piper Sandler upped their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Compass Point upped their price target on shares of Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Stephens reiterated an “overweight” rating and issued a $54.00 price objective on shares of Truist Financial in a research note on Thursday, January 2nd. Barclays increased their target price on Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, HSBC upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $49.89.

Truist Financial Stock 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. The firm has a market cap of $58.32 billion, a PE ratio of -30.72, a P/E/G ratio of 1.88 and a beta of 1.08. The business has a 50 day moving average of $45.36 and a 200-day moving average of $43.26. Truist Financial has a 12-month low of $34.23 and a 12-month high of $49.06.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.05 billion. As a group, sell-side analysts expect that Truist Financial will post 3.7 earnings per share for the current year.

Truist Financial Dividend Announcement

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

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the sale, the director now owns 11,246 shares in the company, valued at approximately $519,565.20. This trade represents a 30.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William H. Rogers, Jr. bought 34,180 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was bought at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the transaction, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at $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

Large investors have recently modified their holdings of the company. Bangor Savings Bank grew its position in Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 272 shares during the last quarter. Valley Wealth Managers Inc. purchased a new stake in shares of Truist Financial in the 3rd quarter valued at $26,000. Y.D. More Investments Ltd bought a new position in shares of Truist Financial during the 2nd quarter valued at $31,000. MidAtlantic Capital Management Inc. purchased a new position in Truist Financial in the 3rd quarter worth $32,000. Finally, Fortitude Family Office LLC lifted its stake in Truist Financial by 376.7% in the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 678 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

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.