Truist Financial (NYSE:TFC) Now Covered by Analysts at HSBC

HSBC started coverage on shares of Truist Financial (NYSE:TFC) in a research report sent to investors on Monday morning. The firm issued a buy rating and a $61.00 target price on the insurance provider’s stock.

Several other brokerages have also commented on TFC. Wall Street Zen raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. Keefe, Bruyette & Woods increased their price objective on Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Evercore reissued an “outperform” rating and issued a $57.00 target price on shares of Truist Financial in a research report on Monday, July 6th. Finally, Stephens dropped their price target on Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 21st. Eight investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $55.44.

Truist Financial Stock Down 1.2%

TFC opened at $47.10 on Monday. Truist Financial has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The company’s 50-day moving average is $50.81 and its 200 day moving average is $49.48. The firm has a market capitalization of $57.54 billion, a P/E ratio of 10.80, a PEG ratio of 0.99 and a beta of 0.88.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. During the same quarter last year, the business posted $0.91 EPS. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. Research analysts expect that Truist Financial will post 4.62 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend was Friday, August 14th. Truist Financial’s dividend payout ratio is 47.71%.

Insider Activity

In related news, insider Dontá Wilson sold 13,280 shares of Truist Financial stock in a transaction on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the sale, the insider owned 56,009 shares of the company’s stock, valued at approximately $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the business’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 30,516 shares of company stock valued at $1,584,428 in the last quarter. 0.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. QRG Capital Management Inc. grew its stake in Truist Financial by 8.5% in the 2nd quarter. QRG Capital Management Inc. now owns 164,849 shares of the insurance provider’s stock worth $8,213,000 after buying an additional 12,932 shares in the last quarter. State Street Corp lifted its holdings in shares of Truist Financial by 0.9% during the 2nd quarter. State Street Corp now owns 58,692,619 shares of the insurance provider’s stock worth $2,924,066,000 after acquiring an additional 501,026 shares during the last quarter. Sequoia Financial Advisors LLC grew its position in Truist Financial by 5.6% in the second quarter. Sequoia Financial Advisors LLC now owns 73,813 shares of the insurance provider’s stock worth $3,677,000 after acquiring an additional 3,917 shares in the last quarter. National Pension Service increased its stake in Truist Financial by 0.7% in the second quarter. National Pension Service now owns 3,426,158 shares of the insurance provider’s stock valued at $170,691,000 after acquiring an additional 25,416 shares during the last quarter. Finally, Cidel Asset Management Inc. raised its position in Truist Financial by 2.0% during the second quarter. Cidel Asset Management Inc. now owns 14,423 shares of the insurance provider’s stock valued at $719,000 after purchasing an additional 288 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Company Profile

Truist Financial Corporation (NYSE:TFC) is a financial services company headquartered in Charlotte, North Carolina. Through its principal banking subsidiary, Truist Bank, the company provides a broad range of financial products and services to consumers, small businesses, commercial clients, and institutional customers.

Its offerings include deposit accounts, consumer and small-business lending, mortgages, credit cards, payments, treasury management, commercial and corporate banking, investment banking, wealth management, and asset management.