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

StockNews.com cut shares of Truist Financial (NYSE:TFCGet Rating) from a buy rating to a hold rating in a research report released on Thursday morning.

Several other brokerages also recently commented on TFC. Barclays lowered their price objective on shares of Truist Financial from $61.00 to $57.00 and set an equal weight rating for the company in a research note on Wednesday, October 19th. Morgan Stanley increased their price objective on Truist Financial from $55.00 to $59.00 and gave the stock an equal weight rating in a report on Monday. Royal Bank of Canada reduced their target price on Truist Financial from $70.00 to $60.00 and set an outperform rating on the stock in a research note on Wednesday, October 19th. Compass Point dropped their price target on Truist Financial to $45.00 in a research note on Thursday, October 20th. Finally, Evercore ISI downgraded shares of Truist Financial from an outperform rating to a neutral rating and reduced their price objective for the company from $54.00 to $47.00 in a research report on Wednesday, October 19th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $55.09.

Truist Financial Price Performance

TFC opened at $46.43 on Thursday. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.78 and a quick ratio of 0.77. The stock’s 50 day simple moving average is $44.58 and its 200 day simple moving average is $46.95. The firm has a market cap of $61.60 billion, a price-to-earnings ratio of 10.65, a PEG ratio of 1.18 and a beta of 1.07. Truist Financial has a 1 year low of $40.01 and a 1 year high of $68.95.

Truist Financial (NYSE:TFCGet Rating) last issued its earnings results on Tuesday, October 18th. The insurance provider reported $1.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.05). Truist Financial had a return on equity of 12.13% and a net margin of 26.16%. The firm had revenue of $5.90 billion during the quarter, compared to the consensus estimate of $5.96 billion. During the same quarter in the prior year, the business posted $1.42 EPS. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. As a group, analysts predict that Truist Financial will post 4.92 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Thursday, November 10th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.48%. The ex-dividend date is Wednesday, November 9th. Truist Financial’s dividend payout ratio (DPR) is presently 47.71%.

Institutional Investors Weigh In On Truist Financial

Hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. grew its position in Truist Financial by 1.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 2,109,442 shares of the insurance provider’s stock valued at $119,605,000 after purchasing an additional 39,941 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Truist Financial by 7.3% during the first quarter. Victory Capital Management Inc. now owns 2,194,859 shares of the insurance provider’s stock valued at $106,121,000 after buying an additional 149,626 shares during the last quarter. Prospera Financial Services Inc increased its position in shares of Truist Financial by 6.5% during the first quarter. Prospera Financial Services Inc now owns 24,100 shares of the insurance provider’s stock valued at $1,367,000 after acquiring an additional 1,480 shares in the last quarter. TrueWealth Advisors LLC raised its holdings in Truist Financial by 73.4% in the 1st quarter. TrueWealth Advisors LLC now owns 6,407 shares of the insurance provider’s stock worth $318,000 after acquiring an additional 2,712 shares during the last quarter. Finally, Advisor Group Holdings Inc. raised its holdings in Truist Financial by 5.5% in the 1st quarter. Advisor Group Holdings Inc. now owns 325,562 shares of the insurance provider’s stock worth $16,650,000 after acquiring an additional 16,970 shares during the last quarter. 73.31% of the stock is owned by institutional investors.

Truist Financial Company Profile

(Get Rating)

Truist Financial Corp. operates as a financial holding company, which engages in the provision of banking services to individuals, businesses, and municipalities. The firm operates through the following segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. The Consumer Banking and Wealth segment consists of Retail Community Banking, National Consumer Finance, Services, Payments, Wealth Management and Banking Products and Professional Services and Mortgage Banking.

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Analyst Recommendations for Truist Financial (NYSE:TFC)

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