Truist Financial (NYSE:TFC) Rating Lowered to "Market Perform" at Keefe, Bruyette & Woods

Truist Financial (NYSE:TFC - Get Free Report) was downgraded by analysts at Keefe, Bruyette & Woods from an "outperform" rating to a "market perform" rating in a note issued to investors on Wednesday, MarketBeat Ratings reports. They presently have a $48.00 price target on the insurance provider's stock. Keefe, Bruyette & Woods' price target would suggest a potential upside of 5.41% from the company's current price.

Several other equities research analysts have also recently issued reports on the stock. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Wells Fargo & Company lowered their target price on shares of Truist Financial from $52.00 to $50.00 and set an "overweight" rating on the stock in a research note on Friday, March 28th. Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price on the stock in a research note on Tuesday. TD Cowen initiated coverage on shares of Truist Financial in a research note on Thursday, May 15th. They set a "hold" rating and a $44.00 target price on the stock. Finally, Piper Sandler lowered their target price on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. Eight equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $48.44.

Truist Financial Price Performance

Truist Financial stock traded up $0.38 during trading on Wednesday, reaching $45.54. The company had a trading volume of 6,821,768 shares, compared to its average volume of 8,319,807. The firm's 50-day simple moving average is $40.98 and its 200 day simple moving average is $42.01. Truist Financial has a 1-year low of $33.56 and a 1-year high of $49.06. The firm has a market capitalization of $59.63 billion, a PE ratio of 13.43, a price-to-earnings-growth ratio of 1.68 and a beta of 0.85. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.83 and a current ratio of 0.83.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 8.96%. The firm had revenue of $4.95 billion for the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter last year, the company earned $0.90 EPS. As a group, equities research analysts anticipate that Truist Financial will post 4 earnings per share for the current fiscal year.

Institutional Trading of Truist Financial

Several institutional investors and hedge funds have recently bought and sold shares of TFC. Capital International Investors raised its holdings in Truist Financial by 26.0% in the 4th quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock valued at $3,930,983,000 after buying an additional 18,712,246 shares during the period. Norges Bank purchased a new stake in Truist Financial in the 4th quarter valued at about $402,828,000. Victory Capital Management Inc. raised its holdings in Truist Financial by 922.9% in the 1st quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock valued at $274,237,000 after buying an additional 6,012,817 shares during the period. FMR LLC raised its holdings in Truist Financial by 109.1% in the 4th quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock valued at $453,762,000 after buying an additional 5,457,053 shares during the period. Finally, Invesco Ltd. raised its holdings in Truist Financial by 32.0% in the 1st quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock valued at $540,723,000 after buying an additional 3,188,999 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

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.