Truist Financial (NYSE:TFC) Rating Lowered to Neutral at Piper Sandler

Piper Sandler downgraded shares of Truist Financial (NYSE:TFC) from an overweight rating to a neutral rating in a research report report published on Friday morning, Marketbeat reports. Piper Sandler currently has $32.00 price objective on the insurance provider’s stock, down from their prior price objective of $36.00.

TFC has been the subject of several other research reports. Odeon Capital Group downgraded shares of Truist Financial from a buy rating to a hold rating and set a $32.75 target price for the company. in a report on Friday, June 16th. StockNews.com raised shares of Truist Financial from a sell rating to a hold rating in a research report on Friday, August 25th. Wells Fargo & Company decreased their price objective on shares of Truist Financial from $42.00 to $40.00 and set an overweight rating for the company in a research report on Friday, July 21st. Stephens decreased their price objective on shares of Truist Financial from $40.00 to $37.00 and set an equal weight rating for the company in a research report on Monday, July 24th. Finally, Citigroup reduced their price target on shares of Truist Financial from $41.00 to $39.00 and set a buy rating for the company in a research report on Monday, July 24th. Thirteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Truist Financial has an average rating of Hold and an average price target of $39.83.

Truist Financial Stock Down 1.2 %

Shares of NYSE TFC opened at $28.67 on Friday. The company has a 50 day simple moving average of $31.19 and a 200-day simple moving average of $31.93. The company has a market capitalization of $38.18 billion, a P/E ratio of 6.64, a P/E/G ratio of 1.74 and a beta of 1.05. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.83 and a quick ratio of 0.82. Truist Financial has a 1 year low of $25.56 and a 1 year high of $53.34.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.08). The firm had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.97 billion. Truist Financial had a return on equity of 11.73% and a net margin of 20.17%. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.20 EPS. On average, equities research analysts predict that Truist Financial will post 3.78 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 11th were paid a dividend of $0.52 per share. The ex-dividend date was Thursday, August 10th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 7.26%. Truist Financial’s dividend payout ratio (DPR) is 48.15%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in TFC. Fairfield Bush & CO. acquired a new position in shares of Truist Financial during the first quarter worth about $25,000. United Bank grew its position in Truist Financial by 4.1% during the first quarter. United Bank now owns 74,457 shares of the insurance provider’s stock worth $4,222,000 after buying an additional 2,938 shares during the period. Panagora Asset Management Inc. grew its position in Truist Financial by 33.3% during the first quarter. Panagora Asset Management Inc. now owns 26,365 shares of the insurance provider’s stock worth $1,495,000 after buying an additional 6,593 shares during the period. Vontobel Holding Ltd. grew its position in Truist Financial by 3.3% during the first quarter. Vontobel Holding Ltd. now owns 22,951 shares of the insurance provider’s stock worth $1,348,000 after buying an additional 738 shares during the period. Finally, Blair William & Co. IL grew its position in Truist Financial by 8.1% during the first quarter. Blair William & Co. IL now owns 56,690 shares of the insurance provider’s stock worth $3,214,000 after buying an additional 4,234 shares during the period. 71.11% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Company Profile

Truist Financial Corporation, a holding 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.