Truist Financial (NYSE:TFC) Downgraded to Sell Rating by Wall Street Zen

Truist Financial (NYSE:TFC) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

Several other equities research analysts also recently weighed in on the company. Royal Bank Of Canada upped their target price on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Morgan Stanley cut their price target on Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research note on Monday, April 20th. JPMorgan Chase & Co. cut their price target on Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Jefferies Financial Group reiterated a “mixed” rating and issued a $45.00 price target on shares of Truist Financial in a research note on Friday, April 17th. Finally, Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research note on Friday, May 1st. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and an average price target of $55.59.

Truist Financial Price Performance

Shares of NYSE TFC opened at $51.63 on Friday. Truist Financial has a 1-year low of $38.83 and a 1-year high of $56.19. The business has a 50-day moving average of $49.10 and a 200-day moving average of $49.16. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $64.33 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 0.87 and a beta of 0.89.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter in the prior year, the business earned $0.87 earnings per share. The company’s revenue was up 5.0% compared to the same quarter last year. On average, equities analysts anticipate that Truist Financial will post 4.52 EPS for the current fiscal year.

Institutional Trading of Truist Financial

Institutional investors and hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC grew its holdings in shares of Truist Financial by 2.8% during the first quarter. Parallel Advisors LLC now owns 34,157 shares of the insurance provider’s stock valued at $1,570,000 after purchasing an additional 925 shares during the last quarter. Keel Point LLC grew its holdings in shares of Truist Financial by 8.2% during the first quarter. Keel Point LLC now owns 15,676 shares of the insurance provider’s stock valued at $721,000 after purchasing an additional 1,191 shares during the last quarter. Carlson Capital L.P. bought a new position in shares of Truist Financial during the first quarter valued at approximately $2,050,000. Glenmede Trust Co. NA grew its holdings in shares of Truist Financial by 20.3% during the first quarter. Glenmede Trust Co. NA now owns 57,199 shares of the insurance provider’s stock valued at $2,629,000 after purchasing an additional 9,635 shares during the last quarter. Finally, Summit Financial Wealth Advisors LLC grew its holdings in shares of Truist Financial by 6.3% during the first quarter. Summit Financial Wealth Advisors LLC now owns 6,572 shares of the insurance provider’s stock valued at $302,000 after purchasing an additional 389 shares during the last quarter. Institutional investors and hedge funds 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.