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

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

TFC has been the topic of a number of other research reports. Morgan Stanley reaffirmed an “equal weight” rating and set a $43.00 price target on shares of Truist Financial in a report on Monday, April 22nd. Barclays started coverage on Truist Financial in a research report on Thursday, May 16th. They set an “equal weight” rating and a $43.00 price target for the company. Citigroup raised their price target on Truist Financial from $42.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Keefe, Bruyette & Woods upped their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, May 8th. Finally, Stephens raised their target price on shares of Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, May 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.17.

Truist Financial Trading Down 1.7 %

Truist Financial stock opened at $38.87 on Thursday. 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 has a 1 year low of $26.57 and a 1 year high of $40.51. The firm’s 50-day moving average is $37.93 and its 200-day moving average is $37.19. The company has a market cap of $52.01 billion, a P/E ratio of -29.45, a PEG ratio of 2.04 and a beta of 1.07.

Truist Financial (NYSE:TFC) last posted its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. The company had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same period last year, the business posted $1.09 earnings per share. On average, equities analysts expect that Truist Financial will post 3.36 earnings per share for the current year.

Hedge Funds Weigh In On Truist Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV increased its holdings in shares of Truist Financial by 10.1% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 71,188 shares of the insurance provider’s stock valued at $2,766,000 after purchasing an additional 6,544 shares during the period. GAMMA Investing LLC boosted its stake in shares of Truist Financial by 124.8% during the 2nd quarter. GAMMA Investing LLC now owns 18,736 shares of the insurance provider’s stock valued at $728,000 after buying an additional 10,403 shares during the period. Transcend Capital Advisors LLC purchased a new position in shares of Truist Financial during the 2nd quarter valued at $258,000. Abich Financial Wealth Management LLC increased its stake in shares of Truist Financial by 47.4% in the first quarter. Abich Financial Wealth Management LLC now owns 3,700 shares of the insurance provider’s stock worth $144,000 after acquiring an additional 1,189 shares during the last quarter. Finally, Cape Investment Advisory Inc. raised its holdings in shares of Truist Financial by 8.7% during the first quarter. Cape Investment Advisory Inc. now owns 5,372 shares of the insurance provider’s stock worth $209,000 after acquiring an additional 429 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

About Truist Financial

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.