Truist Financial (NYSE:TFC) was upgraded by ValuEngine from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Monday, ValuEngine reports.
Other equities research analysts have also recently issued research reports about the stock. Janney Montgomery Scott cut their price target on shares of Truist Financial from $57.00 to $37.00 and set a "neutral" rating on the stock in a report on Thursday, April 9th. UBS Group increased their price objective on shares of Truist Financial to $36.00 and gave the company a "neutral" rating in a research report on Monday, May 4th. Wells Fargo & Co increased their price objective on shares of Truist Financial from $40.00 to $51.00 in a research report on Friday, June 5th. Raymond James upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $45.00 price objective on the stock in a research report on Wednesday, June 17th. Finally, Royal Bank of Canada restated a "buy" rating on shares of Truist Financial in a research report on Monday, July 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have assigned a buy rating to the stock. The stock has an average rating of "Buy" and an average target price of $46.55.
Shares of NYSE:TFC traded up $0.31 during trading on Monday, reaching $37.77. 4,142,130 shares of the stock traded hands, compared to its average volume of 7,121,147. The stock has a 50-day moving average of $37.23 and a two-hundred day moving average of $40.08. Truist Financial has a 52-week low of $24.01 and a 52-week high of $56.92. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.93 and a current ratio of 0.95. The stock has a market cap of $50.89 billion, a P/E ratio of 12.18, a price-to-earnings-growth ratio of 1.37 and a beta of 1.43.
Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, July 16th. The insurance provider reported $0.82 EPS for the quarter, beating the Zacks' consensus estimate of $0.64 by $0.18. Truist Financial had a net margin of 17.32% and a return on equity of 8.07%. The firm had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.53 billion. During the same quarter in the prior year, the company posted $1.09 earnings per share. Sell-side analysts expect that Truist Financial will post 3.32 earnings per share for the current year.
In related news, Director Nido R. Qubein bought 10,000 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was bought at an average cost of $37.98 per share, with a total value of $379,800.00. Following the completion of the purchase, the director now owns 65,325 shares of the company's stock, valued at approximately $2,481,043.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO William H. Rogers, Jr. sold 86,287 shares of the firm's stock in a transaction on Friday, July 17th. The shares were sold at an average price of $36.70, for a total transaction of $3,166,732.90. Following the transaction, the chief operating officer now directly owns 782,386 shares of the company's stock, valued at $28,713,566.20. The disclosure for this sale can be found here. Insiders have sold 101,087 shares of company stock valued at $3,639,169 over the last ninety days. 0.35% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of TFC. Foster Victor Wealth Advisors LLC grew its stake in shares of Truist Financial by 3.8% in the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 79,639 shares of the insurance provider's stock worth $2,990,000 after buying an additional 2,879 shares in the last quarter. Profund Advisors LLC grew its stake in shares of Truist Financial by 11.2% in the 2nd quarter. Profund Advisors LLC now owns 29,008 shares of the insurance provider's stock worth $1,089,000 after buying an additional 2,923 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of Truist Financial by 17.9% in the 2nd quarter. ProShare Advisors LLC now owns 235,499 shares of the insurance provider's stock worth $8,843,000 after buying an additional 35,731 shares in the last quarter. Adviser Investments LLC grew its stake in shares of Truist Financial by 9.7% in the 2nd quarter. Adviser Investments LLC now owns 7,602 shares of the insurance provider's stock worth $285,000 after buying an additional 672 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS grew its stake in shares of Truist Financial by 2.6% in the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 711,775 shares of the insurance provider's stock worth $26,727,000 after buying an additional 17,826 shares in the last quarter. 72.03% of the stock is owned by institutional investors.
About Truist Financial
Truist Financial Corp., formerly BB&T, is a bank holding company based in Charlotte, North Carolina. Its bank operates 2,049 branches in 15 states and Washington, DC, and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.
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5 Oil Stocks That May Not Survive the Current Crisis
What would you think of the long-term prospects of a business that paid you to buy their products? That’s an oversimplification of what occurred to the May futures contract for oil on April 20. The price for that contract sold for a negative price for the first time in history.
The crisis befalling the oil companies at this time can best be described as “only the strongest survive.” There’s just no way the oil companies can possibly handle month after month of rock-bottom oil prices.
The problem is almost comically simple to understand. There is a massively reduced demand for oil as millions of Americans are following mitigation orders ranging from social distancing guidelines to more restrictive shelter in place orders. At the same time, the market is trying to absorb the oversupply of oil that came from Russia and Saudi Arabia.
However, when the year started, things looked like it might be business as usual for oil producers. The U.S. economy was humming along and there was talk that the second half of the year might finally bring the boost to oil prices that many companies badly needed.
However, since the middle of February, the bottom has dropped out of the market in general, and oil prices have been one of the main sectors to feel the impact.
Initially, investors tried to remain optimistic. A month ago, investors thought that the economy might be reopening sooner rather than later. However, the exact timing of the reopening is about as fluid as a barrel of oil. And with it looking more likely that there will be more demand destruction at least through May, there’s very little to prop up the stock of any oil companies.
And that means that, in all likelihood, there will not be room left for some oil companies. We’ve highlighted five oil stocks that have a strong probability of not surviving the chaos surrounding the coronavirus and our nation’s response.
View the "5 Oil Stocks That May Not Survive the Current Crisis".