Truist Financial Co. (NYSE:TFC) Expected to Post Earnings of $1.19 Per Share

Analysts expect Truist Financial Co. (NYSE:TFC) to post earnings of $1.19 per share for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for Truist Financial’s earnings, with estimates ranging from $1.10 to $1.29. Truist Financial posted earnings of $0.97 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 22.7%. The firm is scheduled to issue its next quarterly earnings results on Thursday, October 21st.

According to Zacks, analysts expect that Truist Financial will report full year earnings of $5.16 per share for the current financial year, with EPS estimates ranging from $4.99 to $5.38. For the next financial year, analysts anticipate that the company will post earnings of $4.88 per share, with EPS estimates ranging from $4.60 to $5.25. Zacks’ EPS calculations are a mean average based on a survey of analysts that that provide coverage for Truist Financial.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Wednesday, July 14th. The insurance provider reported $1.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.38. Truist Financial had a return on equity of 11.13% and a net margin of 23.46%. The firm had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.48 billion. During the same quarter in the previous year, the business earned $0.82 earnings per share. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year.

Several equities research analysts have recently weighed in on TFC shares. Odeon Capital Group downgraded Truist Financial from a “buy” rating to a “hold” rating in a research report on Monday, July 19th. Zacks Investment Research raised Truist Financial from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research report on Thursday, July 1st. Finally, Compass Point upped their target price on Truist Financial from $65.00 to $67.00 and gave the stock a “buy” rating in a research report on Tuesday, May 18th. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Truist Financial has a consensus rating of “Hold” and a consensus price target of $60.36.

Shares of NYSE TFC traded up $0.96 on Wednesday, hitting $55.59. The company had a trading volume of 236,645 shares, compared to its average volume of 5,421,855. Truist Financial has a 12-month low of $34.86 and a 12-month high of $62.69. The business has a 50 day moving average of $55.70 and a two-hundred day moving average of $57.55. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $74.76 billion, a P/E ratio of 14.55, a PEG ratio of 1.13 and a beta of 1.34.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Friday, August 13th were paid a dividend of $0.48 per share. The ex-dividend date was Thursday, August 12th. This represents a $1.92 annualized dividend and a yield of 3.45%. This is a boost from Truist Financial’s previous quarterly dividend of $0.45. Truist Financial’s dividend payout ratio is presently 50.53%.

In related news, Director K. David Jr. Boyer sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, June 18th. The stock was sold at an average price of $53.11, for a total transaction of $79,665.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Brantley J. Standridge sold 4,500 shares of the firm’s stock in a transaction on Thursday, August 19th. The shares were sold at an average price of $55.11, for a total value of $247,995.00. Following the completion of the sale, the executive vice president now owns 11,547 shares in the company, valued at $636,355.17. The disclosure for this sale can be found here. Corporate insiders own 0.37% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in TFC. Amundi acquired a new stake in Truist Financial in the second quarter worth about $390,832,000. Amundi Asset Management US Inc. lifted its holdings in Truist Financial by 230.8% in the first quarter. Amundi Asset Management US Inc. now owns 6,066,428 shares of the insurance provider’s stock worth $353,794,000 after purchasing an additional 4,232,707 shares during the period. BlackRock Inc. lifted its holdings in Truist Financial by 4.3% in the first quarter. BlackRock Inc. now owns 93,117,875 shares of the insurance provider’s stock worth $5,430,635,000 after purchasing an additional 3,823,712 shares during the period. JPMorgan Chase & Co. lifted its holdings in Truist Financial by 6.8% in the first quarter. JPMorgan Chase & Co. now owns 54,158,323 shares of the insurance provider’s stock worth $3,158,514,000 after purchasing an additional 3,449,655 shares during the period. Finally, Cullen Capital Management LLC lifted its holdings in Truist Financial by 379.9% in the first quarter. Cullen Capital Management LLC now owns 3,155,276 shares of the insurance provider’s stock worth $184,016,000 after purchasing an additional 2,497,828 shares during the period. 70.76% of the stock is owned by institutional investors.

About Truist Financial

Truist Financial Corp. operates as a financial holding company, which engages in the provision of banking services to individuals, businesses and municipalities. The firm offers a variety of loans and lease financing to individuals and entities, including insurance premium financing, permanent commercial real estate financing arrangements, loan servicing for third-party investors, direct consumer finance loans to individuals, credit card lending, automobile financing and equipment financing.

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Earnings History and Estimates for Truist Financial (NYSE:TFC)

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