Wells Fargo & Company Downgrades Truist Financial (NYSE:TFC) to Hold

Key Points

• Wells Fargo & Company downgraded Truist Financial from a "strong-buy" rating to a "hold" rating, reflecting a shift in analyst sentiment towards the company's stock.
• Multiple analysts have issued mixed ratings on Truist Financial, resulting in a consensus rating of "Moderate Buy" and an average target price of $48.47.
• Insider trading activity revealed that Bradley D. Bender sold a significant portion of his shares, indicating potential caution among company insiders amid current market conditions.

Truist Financial (NYSE:TFC - Get Free Report) was downgraded by equities researchers at Wells Fargo & Company from a "strong-buy" rating to a "hold" rating in a research note issued on Wednesday,Zacks.com reports.

TFC has been the topic of several other research reports. TD Cowen initiated coverage on Truist Financial in a research report on Thursday, May 15th. They issued a "hold" rating and a $44.00 price target on the stock. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Keefe, Bruyette & Woods lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective on the stock. in a research report on Wednesday, July 9th. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price for the company in a research note on Tuesday, July 8th. Finally, Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $48.47.

Truist Financial Stock Down 0.8%

Shares of NYSE:TFC opened at $44.0460 on Wednesday. The stock has a market cap of $56.79 billion, a P/E ratio of 12.00, a P/E/G ratio of 1.65 and a beta of 0.87. The firm has a fifty day moving average price of $43.62 and a 200 day moving average price of $41.82. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial has a 1-year low of $33.56 and a 1-year high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same quarter in the prior year, the firm posted $0.91 earnings per share. The company's revenue for the quarter was down 406.0% compared to the same quarter last year. Sell-side analysts predict that Truist Financial will post 4 EPS for the current year.

Insiders Place Their Bets

In related news, insider Bradley D. Bender sold 12,540 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the sale, the insider directly owned 500 shares of the company's stock, valued at approximately $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.17% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Truist Financial

Several large investors have recently added to or reduced their stakes in the company. Navigoe LLC bought a new stake in Truist Financial in the 4th quarter valued at about $26,000. Wealth Preservation Advisors LLC acquired a new position in shares of Truist Financial during the first quarter valued at approximately $25,000. Aspect Partners LLC raised its holdings in Truist Financial by 71.5% during the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider's stock worth $28,000 after purchasing an additional 268 shares in the last quarter. Princeton Global Asset Management LLC acquired a new stake in Truist Financial in the second quarter worth approximately $30,000. Finally, Centennial Bank AR boosted its stake in Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 580 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

About Truist Financial

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.

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