Truist Financial (NYSE:TFC) Raised to "Buy" at HSBC

Truist Financial (NYSE:TFC - Get Free Report) was upgraded by stock analysts at HSBC from a "hold" rating to a "buy" rating in a report issued on Tuesday, MarketBeat.com reports. The brokerage presently has a $50.00 price target on the insurance provider's stock. HSBC's target price indicates a potential upside of 13.74% from the stock's previous close.

Several other research firms have also issued reports on TFC. Citigroup lifted their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the company a "neutral" rating in a research note on Monday, November 25th. StockNews.com raised Truist Financial from a "sell" rating to a "hold" rating in a research report on Friday, October 18th. The Goldman Sachs Group raised their price objective on Truist Financial from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Stephens reaffirmed an "overweight" rating and set a $54.00 target price on shares of Truist Financial in a research report on Thursday, January 2nd. Finally, Barclays lifted their price target on shares of Truist Financial from $47.00 to $51.00 and gave the company an "equal weight" rating in a research report on Monday. Eleven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Truist Financial currently has a consensus rating of "Hold" and an average target price of $49.89.

Truist Financial Stock Down 0.3 %

TFC traded down $0.14 during trading on Tuesday, reaching $43.96. 7,066,945 shares of the stock traded hands, compared to its average volume of 5,881,562. The stock's 50-day simple moving average is $45.33 and its two-hundred day simple moving average is $43.25. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. Truist Financial has a fifty-two week low of $34.23 and a fifty-two week high of $49.06. The stock has a market cap of $58.36 billion, a price-to-earnings ratio of -30.74, a price-to-earnings-growth ratio of 1.88 and a beta of 1.08.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.89 by $0.08. The business had revenue of $5.09 billion during the quarter, compared to analysts' expectations of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. As a group, equities research analysts expect that Truist Financial will post 3.7 EPS for the current year.

Insider Buying and Selling

In other news, CEO William H. Rogers, Jr. bought 34,180 shares of the company's stock in a transaction that occurred on Monday, November 25th. The stock was acquired at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the transaction, the chief executive officer now directly owns 691,451 shares of the company's stock, valued at $33,576,860.56. This trade represents a 5.20 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the transaction, the director now directly owns 11,246 shares of the company's stock, valued at $519,565.20. This represents a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.17% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. grew its holdings in shares of Truist Financial by 10.9% during the second quarter. Victory Capital Management Inc. now owns 457,653 shares of the insurance provider's stock worth $17,780,000 after purchasing an additional 44,800 shares during the last quarter. Private Advisor Group LLC increased its position in Truist Financial by 1.2% in the 2nd quarter. Private Advisor Group LLC now owns 74,756 shares of the insurance provider's stock valued at $2,904,000 after acquiring an additional 916 shares in the last quarter. Strategic Financial Concepts LLC bought a new position in shares of Truist Financial in the second quarter worth about $569,000. Acadian Asset Management LLC acquired a new position in shares of Truist Financial during the second quarter worth approximately $1,111,000. Finally, Caprock Group LLC grew its stake in shares of Truist Financial by 22.5% during the second quarter. Caprock Group LLC now owns 39,069 shares of the insurance provider's stock valued at $1,518,000 after purchasing an additional 7,186 shares during the last quarter. Institutional investors own 71.28% of the company's stock.

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.