Truist Financial (NYSE:TFC) Downgraded by StockNews.com to “Sell”

StockNews.com downgraded shares of Truist Financial (NYSE:TFC) from a hold rating to a sell rating in a research report released on Wednesday.

TFC has been the topic of a number of other research reports. Citigroup lifted their target price on Truist Financial from $42.00 to $45.00 and gave the company a buy rating in a research report on Wednesday, April 24th. Wells Fargo & Company upped their target price on shares of Truist Financial from $39.00 to $45.00 and gave the company an overweight rating in a research report on Thursday, March 28th. Jefferies Financial Group increased their target price on shares of Truist Financial from $40.00 to $41.00 and gave the stock a hold rating in a research note on Monday, April 8th. Keefe, Bruyette & Woods boosted their price target on shares of Truist Financial from $45.00 to $46.00 and gave the company an outperform rating in a research note on Wednesday, May 8th. Finally, HSBC increased their price objective on shares of Truist Financial from $40.00 to $41.00 and gave the stock a hold rating in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $43.17.

Truist Financial Trading Up 2.7 %

Shares of TFC stock opened at $38.85 on Wednesday. Truist Financial has a fifty-two week low of $26.57 and a fifty-two week high of $40.51. The firm has a market capitalization of $51.99 billion, a P/E ratio of -29.43, a PEG ratio of 1.99 and a beta of 1.06. The stock’s fifty day moving average is $37.89 and its two-hundred day moving average is $37.15. 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 (NYSE:TFC) last posted its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter last year, the firm earned $1.09 earnings per share. The business’s revenue for the quarter was down 8.8% on a year-over-year basis. Research analysts expect that Truist Financial will post 3.36 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Friday, May 10th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.35%. Truist Financial’s payout ratio is -157.58%.

Hedge Funds Weigh In On Truist Financial

Hedge funds have recently added to or reduced their stakes in the business. Operose Advisors LLC purchased a new position in Truist Financial during the third quarter worth $31,000. O Shaughnessy Asset Management LLC lifted its holdings in Truist Financial by 21.1% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 35,464 shares of the insurance provider’s stock valued at $1,015,000 after purchasing an additional 6,181 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in shares of Truist Financial by 0.4% during the 3rd quarter. Treasurer of the State of North Carolina now owns 599,785 shares of the insurance provider’s stock worth $17,160,000 after purchasing an additional 2,180 shares during the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of Truist Financial by 37.8% during the third quarter. Qube Research & Technologies Ltd now owns 2,700,400 shares of the insurance provider’s stock worth $77,258,000 after buying an additional 740,722 shares in the last quarter. Finally, Staley Capital Advisers Inc. raised its position in shares of Truist Financial by 16.3% in the third quarter. Staley Capital Advisers Inc. now owns 21,509 shares of the insurance provider’s stock valued at $615,000 after buying an additional 3,009 shares during the last quarter. 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.