Truist Financial (NYSE:TFC) Downgraded to Neutral Rating by Citigroup

Truist Financial (NYSE:TFC) was downgraded by investment analysts at Citigroup from a “buy” rating to a “neutral” rating in a research report issued on Tuesday, MarketBeat Ratings reports. They currently have a $54.00 price objective on the insurance provider’s stock. Citigroup’s price objective points to a potential upside of 6.74% from the stock’s current price.

A number of other research firms also recently commented on TFC. Jefferies Financial Group reissued a “mixed” rating and issued a $45.00 target price on shares of Truist Financial in a report on Friday, April 17th. Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Monday. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Royal Bank Of Canada boosted their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Finally, Morgan Stanley lowered their target price on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research report on Monday, April 20th. Nine analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.26.

Truist Financial Stock Performance

Shares of TFC opened at $50.59 on Tuesday. The stock has a market capitalization of $63.03 billion, a P/E ratio of 12.55, a P/E/G ratio of 0.86 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial has a 1 year low of $40.78 and a 1 year high of $56.19. The company’s fifty day moving average is $49.19 and its two-hundred day moving average is $49.37.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the prior year, the company posted $0.87 earnings per share. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, sell-side analysts predict that Truist Financial will post 4.5 earnings per share for the current year.

Institutional Investors Weigh In On Truist Financial

Several hedge funds have recently modified their holdings of the company. Pinnacle Financial Partners Inc. boosted its position in shares of Truist Financial by 30.0% in the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock worth $7,994,000 after acquiring an additional 40,393 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Truist Financial by 9.0% in the 3rd quarter. Legal & General Group Plc now owns 7,902,804 shares of the insurance provider’s stock valued at $361,316,000 after purchasing an additional 655,542 shares during the last quarter. Cadence Bank increased its holdings in shares of Truist Financial by 8.0% during the 3rd quarter. Cadence Bank now owns 335,969 shares of the insurance provider’s stock worth $15,361,000 after buying an additional 24,745 shares during the last quarter. Ritholtz Wealth Management boosted its holdings in Truist Financial by 91.9% in the fourth quarter. Ritholtz Wealth Management now owns 45,749 shares of the insurance provider’s stock valued at $2,251,000 after acquiring an additional 21,903 shares during the last quarter. Finally, Carnegie Investment Counsel lifted its stake in shares of Truist Financial by 57.8% in the 4th quarter. Carnegie Investment Counsel now owns 105,792 shares of the insurance provider’s stock valued at $5,206,000 after purchasing an additional 38,750 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.