Truist Financial (NYSE:TFC) Releases Quarterly Earnings Results, Beats Estimates By $0.12 EPS

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

Truist Financial Trading Up 2.1 %

TFC opened at $38.85 on Wednesday. Truist Financial has a twelve month low of $25.56 and a twelve month high of $39.29. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. The company has a fifty day moving average of $36.76 and a 200-day moving average of $34.70. The stock has a market cap of $51.85 billion, a PE ratio of -29.43, a price-to-earnings-growth ratio of 2.39 and a beta of 1.08.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.35%. Truist Financial’s dividend payout ratio (DPR) is currently -157.58%.

Wall Street Analyst Weigh In

TFC has been the subject of several 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. Compass Point raised shares of Truist Financial from a “neutral” rating to a “buy” rating and upped their price target for the stock from $34.00 to $42.00 in a report on Tuesday. Barclays upped their price objective on shares of Truist Financial from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 2nd. Piper Sandler upped their price objective on shares of Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, January 19th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Truist Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, April 5th. One 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. According to MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and a consensus target price of $41.59.

Insider Transactions at Truist Financial

In other news, Director K. David Jr. Boyer sold 3,764 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the sale, the director now directly owns 16,132 shares in the company, valued at $604,627.36. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.17% of the stock is currently owned by corporate insiders.

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.