Truist Financial (NYSE:TFC) Reaches New 1-Year Low After Analyst Downgrade

Truist Financial Co. (NYSE:TFC - Get Free Report) hit a new 52-week low during trading on Friday after Morgan Stanley lowered their price target on the stock from $50.00 to $43.00. Morgan Stanley currently has an equal weight rating on the stock. Truist Financial traded as low as $34.58 and last traded at $34.76, with a volume of 1020560 shares changing hands. The stock had previously closed at $37.04.

Several other research firms also recently commented on TFC. Wells Fargo & Company lowered their target price on shares of Truist Financial from $52.00 to $50.00 and set an "overweight" rating on the stock in a research report on Friday, March 28th. Hsbc Global Res raised Truist Financial from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Citigroup reduced their target price on Truist Financial from $51.00 to $44.00 and set a "neutral" rating for the company in a report on Monday, March 24th. HSBC upgraded Truist Financial from a "hold" rating to a "buy" rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Finally, Raymond James lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Truist Financial presently has a consensus rating of "Moderate Buy" and an average target price of $50.22.

Institutional Trading of Truist Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. NBC Securities Inc. increased its stake in shares of Truist Financial by 114,797.0% in the 1st quarter. NBC Securities Inc. now owns 37,916 shares of the insurance provider's stock valued at $1,560,000 after buying an additional 37,883 shares during the period. Enterprise Bank & Trust Co acquired a new position in Truist Financial during the 1st quarter valued at about $208,000. Fiduciary Alliance LLC boosted its stake in shares of Truist Financial by 1.0% in the 1st quarter. Fiduciary Alliance LLC now owns 98,554 shares of the insurance provider's stock valued at $4,055,000 after purchasing an additional 936 shares during the last quarter. Iowa State Bank grew its position in shares of Truist Financial by 1.8% during the 1st quarter. Iowa State Bank now owns 91,416 shares of the insurance provider's stock worth $3,762,000 after buying an additional 1,617 shares during the period. Finally, Czech National Bank raised its stake in shares of Truist Financial by 5.0% during the first quarter. Czech National Bank now owns 302,250 shares of the insurance provider's stock worth $12,438,000 after buying an additional 14,417 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Truist Financial Stock Up 4.8 %

The business's fifty day simple moving average is $43.22 and its 200 day simple moving average is $44.16. The stock has a market cap of $47.78 billion, a price-to-earnings ratio of 10.89, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company's quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 earnings per share. Equities analysts forecast that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were issued a $0.52 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 5.68%. Truist Financial's dividend payout ratio (DPR) is presently 62.46%.

About Truist Financial

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.