Truist Financial (NYSE:TFC) Rating Increased to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Truist Financial to “Hold” from “Sell.” The broader analyst consensus is also “Hold,” with seven Buy, nine Hold and two Sell ratings and an average price target of $54.67.
• Truist’s latest quarterly results exceeded expectations, with earnings per share of $1.23 versus the $1.08 consensus and revenue of $5.31 billion versus $5.24 billion expected. Revenue increased 5.6% year over year.
• Truist shares opened at $52.35, near their $54.67 consensus target, while insiders sold 30,516 shares worth approximately $1.58 million during the last quarter; institutional investors own 71.28% of the stock.

Truist Financial (NYSE:TFC - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Saturday.

Several other analysts have also recently weighed in on the stock. Raymond James Financial reiterated a "market perform" rating on shares of Truist Financial in a research note on Wednesday, July 1st. Robert W. Baird increased their target price on shares of Truist Financial from $55.00 to $56.00 and gave the stock a "neutral" rating in a research report on Monday, July 20th. Royal Bank Of Canada raised their target price on shares of Truist Financial from $51.00 to $53.00 and gave the stock an "outperform" rating in a report on Monday, April 20th. Citigroup downgraded shares of Truist Financial from a "buy" rating to a "neutral" rating and dropped their price target for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Finally, Morgan Stanley reiterated an "equal weight" rating and issued a $54.00 price target (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Seven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $54.67.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $52.35 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market cap of $63.95 billion, a price-to-earnings ratio of 12.01, a P/E/G ratio of 0.96 and a beta of 0.89. The stock's fifty day moving average price is $50.69 and its two-hundred day moving average price is $49.70. Truist Financial has a one year low of $40.78 and a one year high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last posted its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company's revenue was up 5.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.91 earnings per share. On average, equities analysts forecast that Truist Financial will post 4.59 EPS for the current year.

Insider Buying and Selling

In other Truist Financial news, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the sale, the insider directly owned 56,009 shares in the company, valued at $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the firm's stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The SEC filing for this sale provides additional information. Insiders sold 30,516 shares of company stock valued at $1,584,428 over the last quarter. 0.15% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Kemnay Advisory Services Inc. acquired a new stake in shares of Truist Financial during the 4th quarter valued at $25,000. Swiss RE Ltd. bought a new position in Truist Financial in the fourth quarter valued at about $26,000. N.E.W. Advisory Services LLC bought a new position in Truist Financial in the second quarter valued at about $30,000. McMillan Office Inc. acquired a new stake in shares of Truist Financial during the fourth quarter valued at about $31,000. Finally, Mowery & Schoenfeld Wealth Management LLC boosted its stake in shares of Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock valued at $32,000 after purchasing an additional 431 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

About Truist Financial

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source