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 sent to investors on Friday morning, Marketbeat reports. They currently have $32.00 target price on the insurance provider’s stock, down from their prior target price of $36.00.

Several other equities analysts have also recently weighed in on the company. Royal Bank of Canada reiterated an outperform rating and issued a $40.00 price target on shares of Truist Financial in a research report on Tuesday, September 12th. Raymond James upgraded Truist Financial from a market perform rating to an outperform rating and set a $36.00 price target for the company in a research report on Thursday, July 6th. They noted that the move was a valuation call. Citigroup reduced their target price on Truist Financial from $41.00 to $39.00 and set a buy rating for the company in a research report on Monday, July 24th. Barclays reduced their target price on Truist Financial from $44.00 to $40.00 in a research report on Tuesday, June 27th. Finally, StockNews.com upgraded Truist Financial from a sell rating to a hold rating in a research report on Friday, August 25th. Thirteen analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $39.83.

Truist Financial Stock Performance

Shares of TFC opened at $28.67 on Friday. The firm has a market cap of $38.18 billion, a PE ratio of 6.64, a PEG ratio of 1.74 and a beta of 1.05. The stock’s fifty day moving average price is $31.19 and its two-hundred day moving average price is $31.93. 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 issued its earnings results on Thursday, July 20th. The insurance provider reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.08). The firm had revenue of $5.97 billion during the quarter, compared to the consensus estimate of $5.97 billion. Truist Financial had a net margin of 20.17% and a return on equity of 11.73%. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 earnings per share. On average, equities research analysts forecast that Truist Financial will post 3.78 EPS for the current year.

Truist Financial Dividend Announcement

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Fairfield Bush & CO. bought a new position in Truist Financial during the 1st quarter valued at approximately $25,000. Elequin Securities LLC purchased a new position in shares of Truist Financial during the 4th quarter worth approximately $26,000. Winch Advisory Services LLC purchased a new position in shares of Truist Financial during the 1st quarter worth approximately $26,000. Grey Fox Wealth Advisors LLC purchased a new position in shares of Truist Financial during the 4th quarter worth approximately $28,000. Finally, J.Safra Asset Management Corp purchased a new position in shares of Truist Financial during the 4th quarter worth approximately $29,000. Institutional investors own 71.11% of the company’s stock.

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.