Truist Financial (NYSE:TFC) Rating Lowered to Neutral at Citigroup

Truist Financial (NYSE:TFC) was downgraded by Citigroup from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. They presently have a $54.00 price objective on the insurance provider’s stock. Citigroup’s price objective would suggest a potential upside of 6.74% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Royal Bank Of Canada upped their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Jefferies Financial Group reaffirmed a “mixed” rating and issued a $45.00 price target on shares of Truist Financial in a research note on Friday, April 17th. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a research report on Monday. Stephens started coverage on shares of Truist Financial in a research report on Monday, June 15th. They issued an “overweight” rating and a $59.00 target price on the stock. Finally, JPMorgan Chase & Co. dropped their price target on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Nine analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.26.

Truist Financial Stock Performance

NYSE:TFC opened at $50.59 on Tuesday. The company’s 50-day moving average price is $49.19 and its 200-day moving average price is $49.37. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a market cap of $63.03 billion, a P/E ratio of 12.55, a P/E/G ratio of 0.86 and a beta of 0.89. Truist Financial has a twelve month low of $40.78 and a twelve month high of $56.19.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The business had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the previous year, the firm posted $0.87 EPS. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, sell-side analysts forecast that Truist Financial will post 4.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Truist Financial

Hedge funds and other institutional investors have recently modified their holdings of the company. Kemnay Advisory Services Inc. acquired a new stake in shares of Truist Financial during the 4th quarter worth about $25,000. Swiss RE Ltd. purchased a new stake in Truist Financial in the fourth quarter valued at $26,000. McMillan Office Inc. purchased a new position in Truist Financial during the 4th quarter worth approximately $31,000. Maseco LLP grew its position in shares of Truist Financial by 53.8% during the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 228 shares during the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC grew its position in Truist Financial by 190.7% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 431 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.