Truist Financial (NYSE:TFC) Announces Earnings Results

Truist Financial (NYSE:TFC) released its earnings results on Monday. The insurance provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12, RTT News reports. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The company had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter last year, the business posted $1.09 EPS. Truist Financial’s quarterly revenue was down 8.8% compared to the same quarter last year.

Truist Financial Price Performance

Shares of TFC stock traded down $0.03 during mid-day trading on Wednesday, hitting $38.81. 3,224,218 shares of the stock traded hands, compared to its average volume of 9,644,391. Truist Financial has a twelve month low of $25.56 and a twelve month high of $39.29. The firm has a market cap of $51.80 billion, a price-to-earnings ratio of -29.39, a price-to-earnings-growth ratio of 2.39 and a beta of 1.08. The company’s 50-day simple moving average is $36.76 and its 200-day simple moving average is $34.70. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.36%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Insider Activity

In other news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the transaction, the director now directly owns 16,132 shares in the company, valued at approximately $604,627.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.17% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of research analyst reports. Morgan Stanley reaffirmed an “equal weight” rating and set a $43.00 target price on shares of Truist Financial in a report on Monday. Keefe, Bruyette & Woods increased their price target on Truist Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, April 5th. Wells Fargo & Company increased their price target on Truist Financial from $39.00 to $45.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. HSBC increased their price target on Truist Financial from $37.00 to $39.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. Finally, TheStreet cut Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday, February 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $41.59.

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.