Truist Financial’s (TFC) Underweight Rating Reiterated at JPMorgan Chase & Co.

JPMorgan Chase & Co. reissued their underweight rating on shares of Truist Financial (NYSE:TFC) in a research note published on Monday, Marketbeat reports. The brokerage currently has a $53.00 target price on the insurance provider’s stock, down from their previous target price of $53.50.

Other analysts have also issued reports about the stock. Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. Wall Street Zen lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Monday, June 29th. UBS Group cut shares of Truist Financial from a “buy” rating to a “neutral” rating and dropped their price target for the company from $58.00 to $55.00 in a research report on Tuesday, July 7th. Royal Bank Of Canada boosted their price target on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $54.00 price objective (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Seven research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus price target of $54.61.

Truist Financial Stock Performance

Truist Financial stock opened at $51.73 on Monday. The firm has a 50 day simple moving average of $49.63 and a 200-day simple moving average of $49.54. Truist Financial has a 1-year low of $40.78 and a 1-year high of $56.19. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market cap of $64.45 billion, a price-to-earnings ratio of 11.86, a price-to-earnings-growth ratio of 0.94 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter in the previous year, the business earned $0.91 earnings per share. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. On average, analysts expect that Truist Financial will post 4.57 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date was Friday, May 8th. Truist Financial’s dividend payout ratio (DPR) is 47.71%.

Hedge Funds Weigh In On Truist Financial

Institutional investors have recently bought and sold shares of the company. Merit Financial Group LLC increased its stake in Truist Financial by 10.9% during the second quarter. Merit Financial Group LLC now owns 98,933 shares of the insurance provider’s stock worth $4,929,000 after purchasing an additional 9,749 shares during the period. Intergy Private Wealth LLC purchased a new position in shares of Truist Financial in the second quarter valued at approximately $222,000. Diversified Trust Co. boosted its stake in shares of Truist Financial by 1.0% in the second quarter. Diversified Trust Co. now owns 169,518 shares of the insurance provider’s stock valued at $8,445,000 after purchasing an additional 1,703 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of Truist Financial by 14.1% in the second quarter. Farther Finance Advisors LLC now owns 58,090 shares of the insurance provider’s stock valued at $2,896,000 after purchasing an additional 7,191 shares in the last quarter. Finally, Cidel Asset Management Inc. grew its holdings in shares of Truist Financial by 2.0% in the second quarter. Cidel Asset Management Inc. now owns 14,423 shares of the insurance provider’s stock valued at $719,000 after purchasing an additional 288 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.