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

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 the consensus estimate of $5.70 billion. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The firm’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.09 earnings per share.

Truist Financial Stock Performance

NYSE:TFC opened at $38.85 on Wednesday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a 50-day simple moving average of $36.76 and a two-hundred day simple moving average of $34.70. The firm has a market capitalization of $51.85 billion, a PE ratio of -29.43, a P/E/G ratio of 2.39 and a beta of 1.08. Truist Financial has a 52-week low of $25.56 and a 52-week high of $39.29.

Truist Financial Dividend Announcement

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

Insider Transactions at Truist Financial

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 completion of the transaction, the director now directly owns 16,132 shares in the company, valued at approximately $604,627.36. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

TFC has been the subject of several analyst reports. TheStreet downgraded shares of Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday, February 20th. Jefferies Financial Group raised their price target on shares of Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research report on Monday, April 8th. HSBC raised their price target on shares of Truist Financial from $37.00 to $39.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $43.00 target price on shares of Truist Financial in a research report on Monday. Finally, Piper Sandler lifted their target price 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. One investment 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.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $41.59.

Truist Financial Company Profile

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.