Truist Financial (NYSE:TFC) Upgraded by Wolfe Research to Peer Perform

Wolfe Research upgraded shares of Truist Financial (NYSE:TFC) from an underperform rating to a peer perform rating in a report released on Friday, MarketBeat.com reports.

TFC has been the subject of a number of other research reports. Bank of America increased their target price on shares of Truist Financial from $45.00 to $50.00 and gave the stock a buy rating in a report on Tuesday, July 23rd. Robert W. Baird downgraded shares of Truist Financial from an outperform rating to a neutral rating and set a $45.00 price objective for the company. in a research note on Wednesday, July 17th. HSBC boosted their target price on shares of Truist Financial from $40.00 to $41.00 and gave the stock a hold rating in a research note on Wednesday, May 8th. Royal Bank of Canada increased their price target on Truist Financial from $42.00 to $45.00 and gave the company an outperform rating in a research note on Tuesday, July 23rd. Finally, Stephens boosted their price objective on Truist Financial from $43.00 to $47.00 and gave the stock an overweight rating in a research report on Thursday, May 16th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $45.30.

Truist Financial Price Performance

Shares of NYSE:TFC traded up $0.01 during midday trading on Friday, hitting $41.56. The stock had a trading volume of 6,236,436 shares, compared to its average volume of 8,470,773. The company’s 50-day moving average price is $39.70 and its 200-day moving average price is $38.16. Truist Financial has a fifty-two week low of $26.57 and a fifty-two week high of $45.31. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $55.61 billion, a P/E ratio of -31.48, a price-to-earnings-growth ratio of 1.95 and a beta of 1.06.

Truist Financial (NYSE:TFC) last released its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The firm had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same period in the prior year, the company earned $0.95 earnings per share. The company’s quarterly revenue was down 15.9% on a year-over-year basis. As a group, equities research analysts predict that Truist Financial will post 3.55 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date is Friday, August 9th. Truist Financial’s payout ratio is currently -157.58%.

Insider Buying and Selling

In other news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Truist Financial news, CEO William H. Rogers, Jr. acquired 57,300 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were acquired at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The disclosure for this sale can be found here. 0.17% of the stock is owned by corporate insiders.

Institutional Trading of Truist Financial

A number of institutional investors have recently modified their holdings of the business. Crewe Advisors LLC bought a new position in shares of Truist Financial in the first quarter worth $27,000. Opal Wealth Advisors LLC bought a new position in Truist Financial in the 1st quarter worth about $29,000. MFA Wealth Advisors LLC bought a new position in Truist Financial in the 2nd quarter worth about $30,000. Y.D. More Investments Ltd purchased a new position in Truist Financial during the 2nd quarter valued at about $31,000. Finally, Missouri Trust & Investment Co increased its position in shares of Truist Financial by 227.2% during the fourth quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock valued at $32,000 after buying an additional 593 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Company Profile

Truist Financial Corporation, a financial services 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.