Truist Financial (NYSE:TFC) Downgraded by Citigroup

Citigroup downgraded shares of Truist Financial (NYSE:TFC) from a buy rating to a neutral rating in a report published on Wednesday, Marketbeat.com reports. The brokerage currently has $47.00 price target on the insurance provider’s stock, up from their prior price target of $45.00.

TFC has been the subject of a number of other reports. Baird R W lowered shares of Truist Financial from a strong-buy rating to a hold rating in a research note on Wednesday, July 17th. Argus upped their price objective on shares of Truist Financial from $44.00 to $51.00 and gave the company a buy rating in a research note on Tuesday. Royal Bank of Canada upped their price objective on shares of Truist Financial from $42.00 to $45.00 and gave the company an outperform rating in a research note on Tuesday. StockNews.com lowered shares of Truist Financial from a hold rating to a sell rating in a research note on Tuesday. Finally, Barclays increased their price target on shares of Truist Financial from $43.00 to $47.00 and gave the stock an equal weight rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $45.05.

Truist Financial Price Performance

Shares of NYSE TFC opened at $44.45 on Wednesday. Truist Financial has a twelve month low of $26.57 and a twelve month high of $44.78. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $59.47 billion, a price-to-earnings ratio of -33.67, a PEG ratio of 2.06 and a beta of 1.07. The firm has a 50-day moving average of $38.81 and a two-hundred day moving average of $37.75.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The company had revenue of $5.02 billion during the quarter, compared to analyst estimates of $4.83 billion. During the same period in the prior year, the firm earned $0.95 earnings per share. The business’s quarterly revenue was down 15.9% on a year-over-year basis. As a group, analysts expect that Truist Financial will post 3.57 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.68%. Truist Financial’s dividend payout ratio is currently -157.58%.

Insider Buying and Selling at Truist Financial

In related news, CEO William H. Rogers, Jr. purchased 57,300 shares of the stock in a transaction on Tuesday, July 23rd. The shares were bought at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares in the company, valued at approximately $25,025,153.16. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.17% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Crewe Advisors LLC bought a new position in shares of Truist Financial during the first quarter valued at $27,000. Opal Wealth Advisors LLC acquired a new stake in Truist Financial in the first quarter worth about $29,000. MFA Wealth Advisors LLC acquired a new stake in Truist Financial in the second quarter worth about $30,000. Rise Advisors LLC acquired a new stake in Truist Financial in the first quarter worth about $32,000. Finally, Missouri Trust & Investment Co grew its position in shares of Truist Financial by 227.2% during the 4th quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock worth $32,000 after buying an additional 593 shares during the period. 71.28% of the stock is owned by institutional investors.

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.