Truist Financial (NYSE:TFC) Releases Quarterly Earnings Results, Beats Estimates By $0.15 EPS

Truist Financial (NYSE:TFC) issued its quarterly earnings data on Friday. The insurance provider reported $1.23 EPS for the quarter, topping the consensus estimate of $1.08 by $0.15, FiscalAI reports. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.

Truist Financial Stock Up 0.5%

Shares of Truist Financial stock opened at $53.08 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial has a 12-month low of $40.78 and a 12-month high of $56.19. The company has a market cap of $66.13 billion, a P/E ratio of 13.17, a PEG ratio of 0.93 and a beta of 0.89. The company’s fifty day simple moving average is $49.33 and its two-hundred day simple moving average is $49.48.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 annualized dividend and a dividend yield of 3.9%. Truist Financial’s payout ratio is 51.61%.

Analyst Upgrades and Downgrades

TFC has been the subject of several research analyst reports. Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price for the company. in a research report on Friday, May 1st. Wall Street Zen lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Monday, June 29th. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Evercore reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Truist Financial in a report on Monday, July 6th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Truist Financial in a research note on Wednesday, July 1st. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $54.47.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Brighton Jones LLC increased its position in shares of Truist Financial by 148.5% during the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after acquiring an additional 14,093 shares in the last quarter. Woodline Partners LP lifted its position in Truist Financial by 39.5% in the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock valued at $4,575,000 after acquiring an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC bought a new position in Truist Financial in the 2nd quarter valued at approximately $575,000. AXA S.A. boosted its stake in Truist Financial by 23.1% during the 2nd quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock valued at $1,126,000 after purchasing an additional 4,921 shares during the last quarter. Finally, Main Street Financial Solutions LLC boosted its stake in Truist Financial by 20.1% during the 2nd quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock valued at $292,000 after purchasing an additional 1,134 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.