Truist Financial (NYSE:TFC) Upgraded by Wall Street Zen to “Hold” Rating

Truist Financial (NYSE:TFC) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Sunday.

A number of other research firms also recently commented on TFC. Royal Bank Of Canada boosted their target price on shares of Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. JPMorgan Chase & Co. reduced their target price on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Morgan Stanley decreased their price target on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research 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 report on Friday, April 17th. Finally, Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective for the company. in a research report on Friday, May 1st. Ten analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $55.79.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $48.33 on Friday. 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’s 50-day moving average price is $49.16 and its two-hundred day moving average price is $49.24. Truist Financial has a 52 week low of $39.94 and a 52 week high of $56.19. The stock has a market cap of $60.21 billion, a PE ratio of 11.99, a price-to-earnings-growth ratio of 0.83 and a beta of 0.89.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same period in the prior year, the company earned $0.87 EPS. Truist Financial’s revenue was up 5.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Truist Financial will post 4.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Truist Financial

Institutional investors and hedge funds have recently bought and sold shares of the business. Auto Owners Insurance Co lifted its position in shares of Truist Financial by 4,821.0% in the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after purchasing an additional 13,884,480 shares in the last quarter. Wellington Management Group LLP grew its position in Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock valued at $474,886,000 after purchasing an additional 10,310,523 shares in the last quarter. Norges Bank purchased a new position in Truist Financial during the fourth quarter valued at approximately $502,340,000. American Assets Investment Management LLC grew its position in Truist Financial by 781.2% during the fourth quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock valued at $166,527,000 after purchasing an additional 3,000,000 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Truist Financial by 37.6% in the 4th quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock valued at $516,732,000 after buying an additional 2,867,449 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

About Truist Financial

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.