Truist Financial (NYSE:TFC) Stock Rating Lowered by StockNews.com

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

Other equities research analysts also recently issued research reports about the company. Royal Bank of Canada increased their price objective on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Citigroup lifted their price objective on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Barclays increased their target price on Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Wells Fargo & Company boosted their price objective on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $49.89.

Truist Financial Stock Performance

Shares of TFC stock opened at $42.83 on Thursday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market cap of $56.86 billion, a price-to-earnings ratio of -29.95, a P/E/G ratio of 1.88 and a beta of 1.08. Truist Financial has a 52 week low of $34.23 and a 52 week high of $49.06. The firm’s 50-day simple moving average is $45.36 and its two-hundred day simple moving average is $43.29.

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

Insider Buying and Selling

In other news, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the completion of the transaction, the director now owns 11,246 shares in the company, valued at $519,565.20. This trade represents a 30.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO William H. Rogers, Jr. purchased 34,180 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the purchase, the chief executive officer now owns 691,451 shares of the company’s stock, valued at $33,576,860.56. The trade was a 5.20 % increase in their position. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by insiders.

Institutional Trading of Truist Financial

Several hedge funds have recently made changes to their positions in the business. Bangor Savings Bank boosted its position in shares of 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 buying an additional 272 shares during the period. Valley Wealth Managers Inc. purchased a new position in shares of Truist Financial during the third quarter worth approximately $26,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Truist Financial during the third quarter valued at approximately $32,000. Y.D. More Investments Ltd bought a new position in Truist Financial in the second quarter worth approximately $31,000. Finally, Fortitude Family Office LLC increased its holdings in Truist Financial by 376.7% during the 3rd 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 period. 71.28% of the stock is currently 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.