Truist Financial (NYSE:TFC) Upgraded to Hold by StockNews.com

Truist Financial (NYSE:TFC) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Thursday.

TFC has been the topic of a number of other reports. TheStreet downgraded Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. HSBC raised their target price on shares of Truist Financial from $37.00 to $39.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Bank of America raised shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 target price for the company in a research report on Thursday, January 4th. JPMorgan Chase & Co. raised their price target on Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Stephens reissued an “overweight” rating and set a $43.00 price objective on shares of Truist Financial in a research report on Tuesday, April 23rd. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $41.88.

Truist Financial Stock Up 1.3 %

Shares of TFC traded up $0.50 during midday trading on Thursday, reaching $38.85. 8,081,419 shares of the stock were exchanged, compared to its average volume of 8,655,990. The company has a market cap of $51.85 billion, a price-to-earnings ratio of -29.43, a P/E/G ratio of 2.01 and a beta of 1.07. The firm has a 50 day simple moving average of $37.08 and a 200-day simple moving average of $35.07. Truist Financial has a 12-month low of $25.56 and a 12-month high of $39.29. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last posted its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The firm had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the company earned $1.09 earnings per share. The company’s revenue was down 8.8% compared to the same quarter last year. Research analysts forecast that Truist Financial will post 3.3 EPS for the current year.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the sale, the director now owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.17% of the company’s stock.

Institutional Trading of Truist Financial

Hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in Truist Financial in the fourth quarter worth about $307,787,000. Parnassus Investments LLC bought a new stake in shares of Truist Financial during the fourth quarter worth approximately $95,049,000. North Reef Capital Management LP acquired a new position in Truist Financial in the third quarter valued at approximately $66,804,000. Azora Capital LP bought a new position in Truist Financial in the fourth quarter valued at approximately $72,498,000. Finally, Assenagon Asset Management S.A. grew its holdings in Truist Financial by 342.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,526,939 shares of the insurance provider’s stock worth $72,296,000 after acquiring an additional 1,955,448 shares during the period. 71.28% of the stock is owned by institutional investors.

About Truist Financial

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.