Truist Financial (NYSE:TFC) Cut to "Neutral" at Robert W. Baird

Key Points

• Robert W. Baird downgraded Truist from "outperform" to "neutral" and set a $55 price target, implying roughly a 6.7% upside from the stock's current level.
• Truist beat Q1 estimates, reporting $1.09 EPS versus $1.00 expected and $5.20 billion in revenue, a 5% year‑over‑year increase.
• Analyst consensus is a Moderate Buy (nine Buys, five Holds, one Sell) with a consensus target price of $55.59.

Truist Financial (NYSE:TFC - Get Free Report) was downgraded by stock analysts at Robert W. Baird from an "outperform" rating to a "neutral" rating in a research note issued on Friday. They presently have a $55.00 target price on the insurance provider's stock. Robert W. Baird's price objective would indicate a potential upside of 6.73% from the company's current price.

Several other research firms also recently issued reports on TFC. Jefferies Financial Group reaffirmed a "mixed" rating and set a $45.00 price target on shares of Truist Financial in a research note on Friday, April 17th. The Goldman Sachs Group reissued a "buy" rating and issued a $58.00 price objective on shares of Truist Financial in a research report on Tuesday, January 6th. Royal Bank Of Canada raised their target price on Truist Financial from $51.00 to $53.00 and gave the company an "outperform" rating in a research note on Monday, April 20th. Barclays lowered Truist Financial from an "equal weight" rating to an "underweight" rating and lifted their target price for the stock from $47.00 to $56.00 in a research report on Monday, January 5th. Finally, Evercore reissued an "outperform" rating on shares of Truist Financial in a report on Thursday, February 5th. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Truist Financial has a consensus rating of "Moderate Buy" and a consensus target price of $55.59.

Truist Financial Trading Up 1.7%

NYSE TFC opened at $51.53 on Friday. The firm has a market capitalization of $63.95 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 0.87 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial has a one year low of $38.16 and a one year high of $56.19. The company's 50 day moving average price is $48.10 and its 200 day moving average price is $48.24.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The company had revenue of $5.20 billion for the quarter, compared to analysts' expectations of $5.18 billion. During the same quarter in the previous year, the firm posted $0.87 earnings per share. The firm's quarterly revenue was up 5.0% on a year-over-year basis. On average, sell-side analysts predict that Truist Financial will post 4.52 EPS for the current year.

Insider Activity

In other news, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the transaction, the chief accounting officer directly owned 667 shares of the company's stock, valued at approximately $35,010.83. The trade was a 83.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.15% of the company's stock.

Hedge Funds Weigh In On Truist Financial

A number of large investors have recently bought and sold shares of the business. Sequoia Financial Advisors LLC raised its position in shares of Truist Financial by 7.3% during the 1st quarter. Sequoia Financial Advisors LLC now owns 69,896 shares of the insurance provider's stock worth $3,213,000 after purchasing an additional 4,778 shares during the period. KLCM Advisors Inc. boosted its position in Truist Financial by 6.0% during the 1st quarter. KLCM Advisors Inc. now owns 353,458 shares of the insurance provider's stock valued at $16,248,000 after purchasing an additional 19,875 shares during the period. Kornitzer Capital Management Inc. KS boosted its position in Truist Financial by 0.6% during the 1st quarter. Kornitzer Capital Management Inc. KS now owns 715,659 shares of the insurance provider's stock valued at $32,899,000 after purchasing an additional 4,560 shares during the period. Elevated Capital Advisors LLC grew its stake in Truist Financial by 12.7% during the 1st quarter. Elevated Capital Advisors LLC now owns 19,134 shares of the insurance provider's stock worth $880,000 after buying an additional 2,152 shares during the last quarter. Finally, Ibex Wealth Advisors grew its stake in Truist Financial by 6.1% during the 1st quarter. Ibex Wealth Advisors now owns 193,653 shares of the insurance provider's stock worth $8,902,000 after buying an additional 11,215 shares during the last quarter. Institutional investors own 71.28% of the company's stock.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

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