Financial

Truist Financial Co. (NYSE:TFC) Receives Average Rating of “Hold” from Brokerages

Posted by on Jun 28th, 2022

Truist Financial logoShares of Truist Financial Co. (NYSE:TFCGet Rating) have earned a consensus rating of “Hold” from the fourteen analysts that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $62.46.

TFC has been the topic of several research analyst reports. Piper Sandler lowered their target price on shares of Truist Financial from $69.00 to $62.00 in a research note on Wednesday, April 20th. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and lowered their target price for the company from $75.00 to $58.00 in a research note on Monday, April 11th. Bank of America cut shares of Truist Financial from a “buy” rating to a “neutral” rating and set a $58.00 target price on the stock. in a research note on Friday, April 8th. The Goldman Sachs Group lowered their target price on shares of Truist Financial from $68.00 to $57.00 and set a “buy” rating on the stock in a research note on Tuesday, May 31st. Finally, Morgan Stanley lowered their target price on shares of Truist Financial from $72.00 to $63.00 and set an “equal weight” rating on the stock in a research note on Monday, March 28th.

Shares of NYSE TFC opened at $48.57 on Tuesday. Truist Financial has a 12-month low of $44.75 and a 12-month high of $68.95. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.58. The company has a market cap of $64.67 billion, a PE ratio of 10.84, a P/E/G ratio of 1.81 and a beta of 1.17. The stock has a 50 day simple moving average of $48.37 and a 200-day simple moving average of $55.99.

Truist Financial (NYSE:TFCGet Rating) last released its quarterly earnings results on Tuesday, April 19th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.11. Truist Financial had a return on equity of 12.70% and a net margin of 27.89%. The company had revenue of $5.33 billion during the quarter, compared to analysts’ expectations of $5.48 billion. During the same quarter in the prior year, the business posted $1.18 earnings per share. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. Sell-side analysts forecast that Truist Financial will post 4.96 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 1st. Shareholders of record on Friday, May 13th were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 3.95%. The ex-dividend date was Thursday, May 12th. Truist Financial’s payout ratio is 42.86%.

In other news, Director Steven C. Voorhees bought 20,000 shares of the firm’s stock in a transaction on Wednesday, May 4th. The stock was bought at an average cost of $49.82 per share, for a total transaction of $996,400.00. Following the completion of the acquisition, the director now directly owns 60,873 shares in the company, valued at approximately $3,032,692.86. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.31% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Calamos Advisors LLC boosted its holdings in shares of Truist Financial by 2.2% in the fourth quarter. Calamos Advisors LLC now owns 292,818 shares of the insurance provider’s stock worth $17,144,000 after buying an additional 6,295 shares during the period. AE Wealth Management LLC boosted its holdings in shares of Truist Financial by 17.4% during the fourth quarter. AE Wealth Management LLC now owns 132,881 shares of the insurance provider’s stock worth $7,780,000 after purchasing an additional 19,705 shares during the period. Americana Partners LLC acquired a new stake in shares of Truist Financial during the fourth quarter worth approximately $256,000. Parkside Investments LLC boosted its holdings in shares of Truist Financial by 2.9% during the fourth quarter. Parkside Investments LLC now owns 108,315 shares of the insurance provider’s stock worth $6,341,000 after purchasing an additional 3,076 shares during the period. Finally, Stratos Wealth Partners LTD. boosted its holdings in shares of Truist Financial by 20.2% during the fourth quarter. Stratos Wealth Partners LTD. now owns 31,364 shares of the insurance provider’s stock worth $1,836,000 after purchasing an additional 5,273 shares during the period. Institutional investors own 72.79% of the company’s stock.

About Truist Financial (Get Rating)

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.

See Also

Analyst Recommendations for Truist Financial (NYSE:TFC)

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TFC has been the topic of several research analyst reports. Piper Sandler lowered their target price on shares of Truist Financial from $69.00 to $62.00 in a research note on Wednesday, April 20th. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and lowered their target price for the company from $75.00 to $58.00 in a research note on Monday, April 11th. Bank of America cut shares of Truist Financial from a “buy” rating to a “neutral” rating and set a $58.00 target price on the stock. in a research note on Friday, April 8th. The Goldman Sachs Group lowered their target price on shares of Truist Financial from $68.00 to $57.00 and set a “buy” rating on the stock in a research note on Tuesday, May 31st. Finally, Morgan Stanley lowered their target price on shares of Truist Financial from $72.00 to $63.00 and set an “equal weight” rating on the stock in a research note on Monday, March 28th.

Source: https://www.etfdailynews.com/2022/06/28/truist-financial-co-nysetfc-receives-average-rating-of-hold-from-brokerages/

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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