Truist Financial (NYSE:TFC) Downgraded to Market Perform Rating by Raymond James

Raymond James cut shares of Truist Financial (NYSE:TFC) from an outperform rating to a market perform rating in a report published on Wednesday morning, MarketBeat reports.

Several other research analysts also recently commented on the company. Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Baird R W upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $48.00 to $52.00 in a report on Wednesday, March 5th. Citigroup lowered their price target on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Finally, Morgan Stanley boosted their price objective on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. Ten analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.68.

Truist Financial Price Performance

NYSE:TFC opened at $41.60 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The firm has a fifty day simple moving average of $44.41 and a 200 day simple moving average of $44.41. Truist Financial has a 1-year low of $35.09 and a 1-year high of $49.06. The stock has a market capitalization of $54.30 billion, a PE ratio of 12.49, a P/E/G ratio of 1.63 and a beta of 1.08.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same period in the previous year, the business earned $0.81 EPS. Truist Financial’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, research analysts expect that Truist Financial will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date was Friday, February 14th. Truist Financial’s dividend payout ratio is 62.46%.

Institutional Trading of Truist Financial

A number of hedge funds have recently added to or reduced their stakes in the stock. Bangor Savings Bank lifted its stake in shares of Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 272 shares during the last quarter. Hopwood Financial Services Inc. bought a new position in Truist Financial in the fourth quarter valued at about $26,000. Navigoe LLC bought a new position in Truist Financial in the fourth quarter valued at about $26,000. Curio Wealth LLC acquired a new stake in shares of Truist Financial during the fourth quarter valued at about $45,000. Finally, City State Bank grew its holdings in shares of Truist Financial by 158.1% during the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 716 shares during the last quarter. Institutional investors and hedge funds 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.