Truist Financial’s (TFC) “Underweight” Rating Reaffirmed at JPMorgan Chase & Co.

JPMorgan Chase & Co. reaffirmed their underweight rating on shares of Truist Financial (NYSE:TFC) in a research report released on Monday morning, Marketbeat.com reports. They currently have a $53.00 price objective on the insurance provider’s stock, down from their prior price objective of $53.50.

TFC has been the subject of several other reports. Morgan Stanley reaffirmed an “equal weight” rating and set a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Raymond James Financial reissued a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a report on Monday, June 29th. Finally, Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $63.00 to $54.00 in a research report on Tuesday, June 30th. Seven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $54.72.

Truist Financial Stock Down 3.0%

Shares of Truist Financial stock opened at $50.92 on Monday. Truist Financial has a 52-week low of $40.78 and a 52-week high of $56.19. The company has a 50 day moving average of $49.46 and a 200 day moving average of $49.51. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $63.44 billion, a P/E ratio of 11.68, a P/E/G ratio of 0.92 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping the consensus estimate of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.24 billion. During the same quarter in the previous year, the business posted $0.91 EPS. The firm’s revenue was up 5.6% on a year-over-year basis. As a group, research analysts forecast that Truist Financial will post 4.51 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were given a dividend of $0.52 per share. The ex-dividend date was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is 47.71%.

Institutional Trading of Truist Financial

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Truist Financial by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock worth $5,892,453,000 after purchasing an additional 701,049 shares during the last quarter. Capital International Investors raised its holdings in shares of Truist Financial by 0.7% in the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock valued at $5,332,835,000 after buying an additional 715,433 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Truist Financial by 7.5% in the fourth quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock valued at $1,572,968,000 after buying an additional 2,226,288 shares during the last quarter. Morgan Stanley boosted its stake in shares of Truist Financial by 2.9% during the fourth quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock worth $1,030,028,000 after buying an additional 597,255 shares during the period. Finally, Auto Owners Insurance Co boosted its stake in shares of Truist Financial by 4,821.0% during the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after buying an additional 13,884,480 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Company Profile

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.