Truist Financial (NYSE:TFC) Announces Earnings Results

Truist Financial (NYSE:TFC) announced its quarterly 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 company had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.09 earnings per share.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $38.85 on Wednesday. Truist Financial has a one year low of $25.56 and a one year high of $39.29. The stock’s fifty day moving average is $36.76 and its 200 day moving average is $34.70. The stock has a market cap of $51.85 billion, a P/E ratio of -29.43, a P/E/G ratio of 2.39 and a beta of 1.08. 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 issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.35%. Truist Financial’s payout ratio is -157.58%.

Analysts Set New Price Targets

TFC has been the subject of several recent research reports. Barclays lifted their price target on Truist Financial from $40.00 to $42.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 2nd. Keefe, Bruyette & Woods lifted their price target on Truist Financial from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, April 5th. Wells Fargo & Company boosted their target price on Truist Financial from $39.00 to $45.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Piper Sandler boosted their target price on Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, January 19th. Finally, Raymond James lifted their price target on Truist Financial from $34.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.59.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 3,764 shares of the firm’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 directly owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 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.