Truist Financial (NYSE:TFC) Stock Rating Lowered by Piper Sandler

Truist Financial (NYSE:TFC) was downgraded by equities research analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a report issued on Friday, Marketbeat Ratings reports. They presently have a $32.00 target price on the insurance provider’s stock, down from their previous target price of $36.00. Piper Sandler’s target price suggests a potential upside of 8.77% from the company’s current price.

Other research analysts also recently issued research reports about the company. Stephens reduced their price target on Truist Financial from $40.00 to $37.00 and set an “equal weight” rating on the stock in a report on Monday, July 24th. Royal Bank of Canada reiterated an “outperform” rating and set a $40.00 target price on shares of Truist Financial in a report on Tuesday. Citigroup reduced their target price on Truist Financial from $41.00 to $39.00 and set a “buy” rating on the stock in a report on Monday, July 24th. Odeon Capital Group downgraded Truist Financial from a “buy” rating to a “hold” rating and set a $32.75 target price on the stock. in a report on Friday, June 16th. Finally, Jefferies Financial Group downgraded Truist Financial from a “buy” rating to a “hold” rating and reduced their target price for the stock from $37.00 to $32.00 in a report on Tuesday, July 11th. Thirteen research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $39.83.

Truist Financial Stock Up 2.8 %

TFC opened at $29.42 on Friday. The company has a market cap of $39.19 billion, a P/E ratio of 6.81, a P/E/G ratio of 1.69 and a beta of 1.05. The business’s 50-day moving average price is $31.24 and its 200-day moving average price is $32.26. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.78. Truist Financial has a 12 month low of $25.56 and a 12 month high of $53.34.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.08). Truist Financial had a net margin of 20.17% and a return on equity of 11.73%. The business had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $5.97 billion. During the same quarter in the prior year, the firm earned $1.20 EPS. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, equities analysts expect that Truist Financial will post 3.78 EPS for the current year.

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. EPG Wealth Management LLC lifted its position in Truist Financial by 1.8% in the 4th quarter. EPG Wealth Management LLC now owns 12,219 shares of the insurance provider’s stock valued at $526,000 after acquiring an additional 213 shares in the last quarter. Heritage Trust Co raised its stake in Truist Financial by 0.6% during the 4th quarter. Heritage Trust Co now owns 42,491 shares of the insurance provider’s stock valued at $1,828,000 after buying an additional 238 shares during the last quarter. Waddell & Associates LLC raised its stake in Truist Financial by 0.5% during the 4th quarter. Waddell & Associates LLC now owns 49,038 shares of the insurance provider’s stock valued at $2,110,000 after buying an additional 253 shares during the last quarter. Samalin Investment Counsel LLC raised its stake in Truist Financial by 5.1% during the 4th quarter. Samalin Investment Counsel LLC now owns 5,333 shares of the insurance provider’s stock valued at $229,000 after buying an additional 259 shares during the last quarter. Finally, Williams Jones Wealth Management LLC. raised its stake in Truist Financial by 5.8% during the 1st quarter. Williams Jones Wealth Management LLC. now owns 4,850 shares of the insurance provider’s stock valued at $275,000 after buying an additional 268 shares during the last quarter. 71.11% of the stock is owned by institutional investors.

Truist Financial Company Profile

Truist Financial Corporation, a holding 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.