Truist Financial (NYSE:TFC) Stock Rated Hold in New Coverage at TD Cowen

TD Cowen started coverage on shares of Truist Financial (NYSE:TFC) in a research report released on Thursday morning, Marketbeat Ratings reports. The brokerage issued a hold rating and a $52.00 target price on the insurance provider’s stock.

Several other research analysts have also recently weighed in on TFC. Robert W. Baird increased their price target on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Morgan Stanley restated an “equal weight” rating and set a $54.00 price objective (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. HSBC initiated coverage on Truist Financial in a research report on Monday, September 28th. They issued a “buy” rating and a $61.00 target price on the stock. Wall Street Zen upgraded Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, UBS Group dropped their price target on Truist Financial from $55.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, October 5th. Seven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $54.39.

Truist Financial Price Performance

NYSE:TFC opened at $46.13 on Thursday. The company has a market cap of $56.36 billion, a P/E ratio of 10.58, a P/E/G ratio of 1.02 and a beta of 0.92. The firm’s fifty day moving average price is $49.78 and its two-hundred day moving average price is $49.56. Truist Financial has a one year low of $40.78 and a one year 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.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. Truist Financial’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.91 EPS. Equities analysts expect that Truist Financial will post 4.67 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.5%. Truist Financial’s payout ratio is currently 47.71%.

Insider Buying and Selling

In related news, CEO Michael Lyons acquired 21,000 shares of the company’s stock in a transaction on Thursday, September 17th. The stock was purchased at an average cost of $48.36 per share, with a total value of $1,015,560.00. Following the acquisition, the chief executive officer directly owned 21,000 shares of the company’s stock, valued at approximately $1,015,560. The trade was a ? increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $51.85, for a total value of $688,568.00. Following the completion of the transaction, the insider owned 56,009 shares in the company, valued at $2,904,066.65. The trade was a 19.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 30,516 shares of company stock worth $1,584,428. 0.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Truist Financial

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Truist Financial in the second quarter valued at approximately $4,959,834,000. Nykredit A S bought a new position in shares of Truist Financial during the 2nd quarter worth approximately $13,756,000. Franklin Street Advisors Inc. NC grew its position in shares of Truist Financial by 129.1% during the 2nd quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider’s stock worth $1,856,000 after buying an additional 20,991 shares during the period. Fifth Third Bancorp grew its position in shares of Truist Financial by 531.8% during the 1st quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock worth $20,059,000 after buying an additional 367,291 shares during the period. Finally, Saudi Central Bank increased its stake in shares of Truist Financial by 84.0% in the 2nd quarter. Saudi Central Bank now owns 86,872 shares of the insurance provider’s stock valued at $4,328,000 after acquiring an additional 39,654 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

About Truist Financial

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.