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

Truist Financial (NYSE:TFC) posted its quarterly earnings results on Monday. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the previous year, the firm earned $1.09 EPS. Truist Financial’s quarterly revenue was down 8.8% compared to the same quarter last year.

Truist Financial Trading Down 0.1 %

NYSE:TFC traded down $0.05 during midday trading on Wednesday, hitting $38.79. 7,015,374 shares of the company traded hands, compared to its average volume of 9,680,715. The firm’s fifty day moving average is $36.76 and its 200-day moving average is $34.70. Truist Financial has a 12-month low of $25.56 and a 12-month high of $39.29. The firm has a market capitalization of $51.77 billion, a P/E ratio of -29.20, a P/E/G ratio of 2.39 and a beta of 1.08. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be issued 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 -157.58%.

Insider Activity at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total value of $141,074.72. Following the transaction, the director now owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.17% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms recently commented on TFC. Citigroup lifted their price objective on Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday. Bank of America upgraded Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price target for the company in a research note on Thursday, January 4th. Piper Sandler boosted their price target on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, January 19th. Raymond James boosted their price target on Truist Financial from $34.00 to $41.00 and gave the company an “outperform” rating in a research note on Friday, January 5th. Finally, HSBC boosted their price target on Truist Financial from $37.00 to $39.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. One analyst has rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $41.97.

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.