Truist Financial (NYSE:TFC) Rating Lowered to “Neutral” at Robert W. Baird

Truist Financial (NYSE:TFC) was downgraded by equities researchers at Robert W. Baird from an “outperform” rating to a “neutral” rating in a research note issued to investors on Friday. They presently have a $55.00 target price on the insurance provider’s stock. Robert W. Baird’s price target points to a potential upside of 6.73% from the company’s previous close.

Several other research firms have also recently issued reports on TFC. Piper Sandler increased their price target on Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday, January 22nd. Weiss Ratings raised shares of Truist Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, April 17th. JPMorgan Chase & Co. lowered their target price on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Jefferies Financial Group restated a “mixed” rating and set a $45.00 price target on shares of Truist Financial in a research report on Friday, April 17th. Finally, Raymond James Financial increased their price objective on shares of Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, January 7th. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.59.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $51.53 on Friday. The firm’s 50 day moving average is $48.10 and its two-hundred day moving average is $48.24. The firm has a market capitalization of $63.95 billion, a P/E ratio of 12.79, a PEG ratio of 0.87 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial has a 52 week low of $38.16 and a 52 week high of $56.19.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same period in the previous year, the firm posted $0.87 earnings per share. The business’s revenue was up 5.0% on a year-over-year basis. Analysts anticipate that Truist Financial will post 4.52 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the sale, the chief accounting officer directly owned 667 shares of the company’s stock, valued at $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.15% of the company’s stock.

Institutional Trading of Truist Financial

Several hedge funds and other institutional investors have recently modified their holdings of the company. Brighton Jones LLC grew its stake in Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after purchasing an additional 14,093 shares in the last quarter. Woodline Partners LP raised its stake in shares of Truist Financial by 39.5% during the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after purchasing an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Truist Financial during the 2nd quarter worth about $575,000. AXA S.A. lifted its holdings in shares of Truist Financial by 23.1% during the 2nd quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock valued at $1,126,000 after buying an additional 4,921 shares during the last quarter. Finally, Main Street Financial Solutions LLC grew its stake in shares of Truist Financial by 20.1% in the 2nd quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock valued at $292,000 after buying an additional 1,134 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

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.