Truist Financial (NYSE:TFC) Stock Crosses Above 50 Day Moving Average – Should You Sell?

Truist Financial Corporation (NYSE:TFC)’s share price passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $48.70 and traded as high as $49.23. Truist Financial shares last traded at $48.8740, with a volume of 8,597,686 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. HSBC started coverage on Truist Financial in a report on Monday, September 28th. They set a “buy” rating and a $61.00 price objective for the company. Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Stephens cut their target price on Truist Financial from $55.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, October 20th. Finally, Royal Bank Of Canada decreased their price target on shares of Truist Financial from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Monday, October 19th. Seven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $53.87.

Truist Financial Trading Up 0.9%

The stock has a market capitalization of $59.71 billion, a PE ratio of 12.60, a P/E/G ratio of 1.08 and a beta of 0.92. The firm has a 50 day moving average price of $48.70 and a 200 day moving average price of $49.55. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.95.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.01). The company had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.35 billion. Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The firm’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.04 EPS. Equities analysts expect that Truist Financial Corporation will post 4.66 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Michael Lyons acquired 21,000 shares of the company’s stock in a transaction on Thursday, September 17th. The shares were acquired at an average cost of $48.36 per share, for a total transaction of $1,015,560.00. Following the purchase, the chief executive officer owned 21,000 shares in the company, valued at approximately $1,015,560. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Donta L. Wilson sold 13,280 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the transaction, the insider directly owned 56,009 shares in the company, valued at $2,904,066.65. The trade was a 19.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Several hedge funds have recently modified their holdings of TFC. BlackRock Inc. purchased a new position in Truist Financial in the second quarter valued at about $4,959,834,000. Nykredit A S bought a new stake in shares of Truist Financial in the second quarter valued at $13,756,000. State Street Corp raised its stake in shares of Truist Financial by 0.9% in the second quarter. State Street Corp now owns 58,692,619 shares of the insurance provider’s stock valued at $2,924,066,000 after buying an additional 501,026 shares during the period. Franklin Street Advisors Inc. NC raised its stake in shares of Truist Financial by 129.1% in the second quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider’s stock valued at $1,856,000 after buying an additional 20,991 shares during the period. Finally, Fifth Third Bancorp lifted its position in shares of Truist Financial by 531.8% during the 1st quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock valued at $20,059,000 after buying an additional 367,291 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Company Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.