Truist Financial (NYSE:TFC) Stock Rating Lowered by Citigroup

Truist Financial (NYSE:TFC) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a report released on Wednesday, Marketbeat.com reports. They currently have a $47.00 price target on the insurance provider’s stock, up from their previous price target of $45.00. Citigroup’s price target suggests a potential upside of 6.53% from the stock’s previous close.

Several other research analysts have also weighed in on the stock. UBS Group boosted their price objective on shares of Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. JPMorgan Chase & Co. boosted their price objective on shares of Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Baird R W lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Bank of America boosted their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Stephens lifted their target price on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, May 16th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $45.05.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $44.12 on Wednesday. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $59.04 billion, a price-to-earnings ratio of -33.42, a P/E/G ratio of 2.11 and a beta of 1.07. Truist Financial has a 1-year low of $26.57 and a 1-year high of $44.78. The firm’s 50-day moving average price is $38.72 and its two-hundred day moving average price is $37.70.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.07. The business had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. Truist Financial’s revenue was down 15.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.95 earnings per share. On average, equities analysts predict that Truist Financial will post 3.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were bought at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the acquisition, the chief executive officer now owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

Several hedge funds have recently modified their holdings of the business. Norges Bank acquired a new stake in shares of Truist Financial in the fourth quarter worth $307,787,000. Capital International Investors boosted its holdings in Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after purchasing an additional 5,632,493 shares during the last quarter. Parnassus Investments LLC purchased a new stake in shares of Truist Financial in the 4th quarter valued at approximately $95,049,000. Azora Capital LP purchased a new stake in shares of Truist Financial in the 4th quarter valued at approximately $72,498,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Truist Financial by 8.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock worth $690,793,000 after buying an additional 1,458,248 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

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.