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

Truist Financial (NYSE:TFC) was downgraded by investment analysts at Wells Fargo & Company from a “strong-buy” rating to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. TD Cowen assumed coverage on shares of Truist Financial in a research report on Thursday, May 15th. They issued a “hold” rating and a $44.00 target price on the stock. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and raised their target price for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Keefe, Bruyette & Woods cut shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price on the stock. in a research report on Wednesday, July 9th. Raymond James Financial raised shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a research report on Tuesday, July 8th. Finally, Wall Street Zen raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.47.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $44.0460 on Wednesday. The company has a market cap of $56.79 billion, a PE ratio of 12.00, a price-to-earnings-growth ratio of 1.65 and a beta of 0.87. Truist Financial has a 12 month low of $33.56 and a 12 month high of $49.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The company has a 50-day simple moving average of $43.62 and a 200-day simple moving average of $41.82.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The company had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same period in the prior year, the business posted $0.91 earnings per share. Truist Financial’s revenue was down 406.0% on a year-over-year basis. On average, equities analysts anticipate that Truist Financial will post 4 earnings per share for the current year.

Insider Activity at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the business’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 transaction, the insider directly owned 500 shares of the company’s stock, valued at approximately $22,595. The trade was a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.17% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TFC. Norges Bank acquired a new position in shares of Truist Financial during the second quarter worth $487,401,000. Victory Capital Management Inc. lifted its position in shares of Truist Financial by 922.9% during the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider’s stock worth $274,237,000 after purchasing an additional 6,012,817 shares in the last quarter. Invesco Ltd. lifted its position in shares of Truist Financial by 32.0% during the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider’s stock worth $540,723,000 after purchasing an additional 3,188,999 shares in the last quarter. Nuveen LLC acquired a new position in shares of Truist Financial during the first quarter worth $117,929,000. Finally, Northern Trust Corp lifted its position in shares of Truist Financial by 20.5% during the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider’s stock worth $626,154,000 after purchasing an additional 2,452,239 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Company Profile

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.