Truist Financial (NYSE:TFC) Sets New 12-Month Low After Analyst Downgrade

by · The Cerbat Gem

Truist Financial Co. (NYSE:TFC – Get Free Report)’s share price hit a new 52-week low during mid-day trading on Friday after StockNews.com downgraded the stock from a hold rating to a sell rating. The company traded as low as $34.58 and last traded at $34.76, with a volume of 1020560 shares trading hands. The stock had previously closed at $37.04.

Other equities analysts have also recently issued reports about the stock. Citigroup decreased their price target on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Morgan Stanley lifted their price target on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. Raymond James downgraded shares of Truist Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Baird R W raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Finally, HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.42.

Check Out Our Latest Analysis on TFC

Institutional Trading of Truist Financial

Several hedge funds have recently added to or reduced their stakes in the company. Bangor Savings Bank lifted its holdings in shares of Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares in the last quarter. Hopwood Financial Services Inc. bought a new stake in Truist Financial in the 4th quarter valued at about $26,000. Navigoe LLC acquired a new position in shares of Truist Financial during the 4th quarter worth approximately $26,000. Curio Wealth LLC bought a new position in shares of Truist Financial during the fourth quarter worth approximately $45,000. Finally, City State Bank raised its position in shares of Truist Financial by 158.1% in the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock valued at $51,000 after buying an additional 716 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Down 7.1 %

The stock has a 50-day moving average of $44.21 and a 200-day moving average of $44.36. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market cap of $44.94 billion, a price-to-earnings ratio of 10.43, a P/E/G ratio of 1.63 and a beta of 1.08.

Truist Financial (NYSE:TFC – Get Free Report) last released its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same period in the prior year, the firm posted $0.81 EPS. Truist Financial’s quarterly revenue was up 3.4% on a year-over-year basis. Sell-side analysts predict that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 6.04%. The ex-dividend date was Friday, February 14th. Truist Financial’s payout ratio is presently 62.46%.

Truist Financial Company Profile

(Get Free Report)

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.

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