Truist Financial (NYSE:TFC) Reaches New 52-Week Low on Analyst Downgrade

Truist Financial Co. (NYSE:TFC) reached a new 52-week low during trading on Friday after StockNews.com downgraded the stock from a hold rating to a sell rating. The stock traded as low as $34.58 and last traded at $34.76, with a volume of 1020560 shares changing hands. The stock had previously closed at $37.04.

A number of other brokerages have also recently commented on TFC. Wells Fargo & Company cut their price target on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $48.00 to $52.00 in a report on Wednesday, March 5th. Morgan Stanley upped their price objective on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. HSBC upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Finally, Raymond James cut Truist Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.42.

Institutional Trading of Truist Financial

A number of institutional investors have recently modified their holdings of TFC. PBMares Wealth Management LLC raised its stake in Truist Financial by 0.8% in the fourth quarter. PBMares Wealth Management LLC now owns 29,270 shares of the insurance provider’s stock valued at $1,270,000 after purchasing an additional 224 shares in the last quarter. Koshinski Asset Management Inc. raised its position in shares of Truist Financial by 2.1% in the 4th quarter. Koshinski Asset Management Inc. now owns 10,825 shares of the insurance provider’s stock valued at $470,000 after buying an additional 225 shares in the last quarter. Aaron Wealth Advisors LLC lifted its holdings in shares of Truist Financial by 3.0% during the 4th quarter. Aaron Wealth Advisors LLC now owns 7,712 shares of the insurance provider’s stock worth $335,000 after acquiring an additional 227 shares during the period. FWG Holdings LLC boosted its position in shares of Truist Financial by 4.3% during the 4th quarter. FWG Holdings LLC now owns 5,694 shares of the insurance provider’s stock worth $267,000 after acquiring an additional 234 shares in the last quarter. Finally, Ignite Planners LLC increased its stake in Truist Financial by 1.4% in the fourth quarter. Ignite Planners LLC now owns 17,499 shares of the insurance provider’s stock valued at $772,000 after acquiring an additional 246 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Price Performance

The business’s 50 day moving average is $43.97 and its 200-day moving average is $44.30. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $45.43 billion, a P/E ratio of 10.45, a PEG ratio of 1.63 and a beta of 0.91.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. Truist Financial’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 EPS. As a group, sell-side analysts predict that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were issued a $0.52 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a yield of 5.98%. Truist Financial’s dividend payout ratio (DPR) is presently 62.46%.

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.