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

Wall Street Zen downgraded shares of Truist Financial (NYSE:TFC) from a hold rating to a sell rating in a research note published on Saturday,Wall Street Zen reports.

TFC has been the subject of a number of other research reports. Robert W. Baird lifted their price target on Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, July 20th. Wells Fargo & Company set a $52.00 target price on Truist Financial in a research note on Thursday, October 8th. Citigroup decreased their price objective on Truist Financial from $54.00 to $50.00 and set a “neutral” rating on the stock in a report on Wednesday, October 21st. Bank of America downgraded Truist Financial from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $54.00 to $56.00 in a research report on Wednesday, July 8th. Finally, Wolfe Research began coverage on Truist Financial in a research note on Tuesday, October 27th. They issued a “peer perform” rating for the company. Seven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Truist Financial has a consensus rating of “Hold” and an average price target of $53.82.

Truist Financial Stock Down 1.2%

TFC stock opened at $48.74 on Friday. Truist Financial has a twelve month low of $43.13 and a twelve month high of $56.19. The firm has a market capitalization of $58.41 billion, a PE ratio of 12.56, a PEG ratio of 1.07 and a beta of 0.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.95. The stock has a 50-day simple moving average of $48.39 and a two-hundred day simple moving average of $49.50.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.01). Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The firm had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter last year, the business posted $1.04 earnings per share. Truist Financial’s revenue was up 1.3% compared to the same quarter last year. On average, equities analysts predict that Truist Financial will post 4.71 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $2.08 annualized dividend and a dividend yield of 4.3%. Truist Financial’s payout ratio is 53.61%.

Insiders Place Their Bets

In related news, CEO Michael Lyons purchased 25,000 shares of Truist Financial stock in a transaction that occurred on Wednesday, October 28th. The shares were bought at an average price of $48.36 per share, for a total transaction of $1,209,000.00. Following the completion of the transaction, the chief executive officer directly owned 46,000 shares of the company’s stock, valued at $2,224,560. This represents a 119.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.15% of the stock is currently owned by company insiders.

Institutional Trading of Truist Financial

Several institutional investors and hedge funds have recently bought and sold shares of TFC. N.E.W. Advisory Services LLC acquired a new position in Truist Financial during the second quarter worth about $30,000. Navigoe LLC acquired a new stake in shares of Truist Financial in the second quarter valued at approximately $30,000. Evolution Wealth Management Inc. grew its position in shares of Truist Financial by 2,218.2% in the first quarter. Evolution Wealth Management Inc. now owns 765 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 732 shares during the last quarter. Wilkerson Advisory Group LLC grew its position in shares of Truist Financial by 104.0% in the first quarter. Wilkerson Advisory Group LLC now owns 826 shares of the insurance provider’s stock valued at $38,000 after purchasing an additional 421 shares during the last quarter. Finally, Elevation Wealth Partners LLC increased its stake in shares of Truist Financial by 44.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 892 shares of the insurance provider’s stock worth $44,000 after purchasing an additional 275 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

About Truist Financial

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.