Truist Financial (NYSE:TFC) Issues Quarterly Earnings Results

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

Truist Financial Stock Performance

Shares of NYSE TFC traded down $0.05 during midday trading on Wednesday, hitting $38.79. 6,992,508 shares of the company’s stock were exchanged, compared to its average volume of 9,669,010. 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 firm has a market capitalization of $51.77 billion, a PE ratio of -29.20, a price-to-earnings-growth ratio of 2.39 and a beta of 1.08. Truist Financial has a 12 month low of $25.56 and a 12 month high of $39.29. The company’s 50 day moving average price is $36.76 and its 200 day moving average price is $34.70.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.36%. Truist Financial’s dividend payout ratio is -157.58%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on TFC. Bank of America raised Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price target on the stock in a research report on Thursday, January 4th. Piper Sandler raised their price target on Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, January 19th. Citigroup raised their price target on Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday. Compass Point raised Truist Financial from a “neutral” rating to a “buy” rating and lifted their target price for the company from $34.00 to $42.00 in a research report on Tuesday. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $43.00 target price on shares of Truist Financial in a research report on Monday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Truist Financial has an average rating of “Moderate Buy” and an average price target of $41.97.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 3,764 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $604,627.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.17% of the stock is owned by 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.