Truist Financial (NYSE:TFC – Get Free Report) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.
Several other research analysts have also weighed in on TFC. Morgan Stanley reissued an “equal weight” rating and set a $54.00 price target (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Stephens decreased their price objective on Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research report on Tuesday, July 21st. UBS Group cut Truist Financial from a “buy” rating to a “neutral” rating and lowered their target price for the company from $58.00 to $55.00 in a research note on Tuesday, July 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. Finally, Bank of America reissued a “neutral” rating and issued a $56.00 price target (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Seven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $54.67.
Read Our Latest Research Report on TFC
Truist Financial Stock Performance
Truist Financial (NYSE:TFC – Get Free Report) last released its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates 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 for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 earnings per share. Equities analysts anticipate that Truist Financial will post 4.59 EPS for the current year.
Insider Buying and Selling at Truist Financial
In other news, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director K. David Jr. Boyer sold 3,986 shares of the business’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the sale, the director directly owned 10,270 shares of the company’s stock, valued at approximately $520,689. The trade was a 27.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 30,516 shares of company stock worth $1,584,428 over the last 90 days. 0.15% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Truist Financial
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in Truist Financial in the second quarter worth $4,959,834,000. Auto Owners Insurance Co raised its holdings in Truist Financial by 4,821.0% during the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after buying an additional 13,884,480 shares in the last quarter. Wellington Management Group LLP raised its holdings in Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock valued at $474,886,000 after buying an additional 10,310,523 shares in the last quarter. Norges Bank acquired a new stake in shares of Truist Financial in the fourth quarter worth about $502,340,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Truist Financial in the second quarter worth about $338,855,000. 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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