Truist Financial (NYSE:TFC) Upgraded by Hsbc Global Res to Strong-Buy Rating

Hsbc Global Res upgraded shares of Truist Financial (NYSE:TFC) from a hold rating to a strong-buy rating in a research note released on Tuesday morning,Zacks.com reports.

A number of other brokerages have also recently issued reports on TFC. Piper Sandler upped their target price on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Citigroup boosted their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. Stephens reaffirmed an “overweight” rating and issued a $54.00 target price on shares of Truist Financial in a report on Thursday, January 2nd. JPMorgan Chase & Co. lifted their price target on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada increased their price objective on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Eleven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.89.

Truist Financial Trading Down 0.1 %

NYSE:TFC opened at $43.93 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market capitalization of $58.32 billion, a P/E ratio of -30.72, a P/E/G ratio of 1.88 and a beta of 1.08. The stock’s 50 day moving average price is $45.34 and its 200 day moving average price is $43.25. Truist Financial has a 52 week low of $34.23 and a 52 week high of $49.06.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. On average, research analysts forecast that Truist Financial will post 3.7 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.73%. Truist Financial’s dividend payout ratio is -145.45%.

Insider Activity

In other Truist Financial news, CEO William H. Rogers, Jr. purchased 34,180 shares of Truist Financial stock in a transaction that occurred on Monday, November 25th. The stock was acquired at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the transaction, the director now owns 11,246 shares of the company’s stock, valued at $519,565.20. This represents a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.17% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Truist Financial

A number of institutional investors have recently made changes to their positions in TFC. Bangor Savings Bank increased its position in Truist Financial by 92.5% during the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares during the period. Valley Wealth Managers Inc. bought a new position in Truist Financial during the third quarter worth about $26,000. Y.D. More Investments Ltd acquired a new stake in Truist Financial in the 2nd quarter worth about $31,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Truist Financial during the 3rd quarter worth approximately $32,000. Finally, Fortitude Family Office LLC raised its position in shares of Truist Financial by 376.7% in the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after buying an additional 678 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

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.