Truist Financial (NYSE:TFC) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Truist Financial (NYSE:TFC) issued its quarterly earnings results on Friday. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.02, FiscalAI reports. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%. The company had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.36 billion.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $46.56 on Friday. The firm has a market cap of $56.88 billion, a PE ratio of 10.17, a price-to-earnings-growth ratio of 1.01 and a beta of 0.92. The firm’s fifty day moving average is $49.27 and its 200-day moving average is $49.63. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial has a 52 week low of $40.78 and a 52 week high of $56.19.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Friday, August 14th. Truist Financial’s payout ratio is 47.71%.

Analysts Set New Price Targets

TFC has been the subject of several research analyst reports. Morgan Stanley reissued an “equal weight” rating and set a $54.00 target price (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Wells Fargo & Company set a $52.00 target price on shares of Truist Financial in a report on Thursday, October 8th. Weiss Ratings restated a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. JPMorgan Chase & Co. reduced their price target on shares of Truist Financial from $54.00 to $50.50 and set an “underweight” rating on the stock in a research note on Friday, October 2nd. Finally, TD Cowen began coverage on shares of Truist Financial in a report on Thursday, October 8th. They set a “hold” rating and a $52.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $54.39.

Insider Buying and Selling at Truist Financial

In related news, CEO William Rogers, Jr. sold 13,250 shares of the stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction on Friday, July 31st. The shares were sold at an average price of $51.85, for a total value of $688,568.00. Following the completion of the sale, the insider owned 56,009 shares of the company’s stock, valued at $2,904,066.65. The trade was a 19.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 30,516 shares of company stock worth $1,584,428. Company insiders own 0.15% of the company’s stock.

About Truist Financial

Truist Financial Corporation (NYSE:TFC) is a financial services company headquartered in Charlotte, North Carolina. Through its principal banking subsidiary, Truist Bank, the company provides a broad range of financial products and services to consumers, small businesses, commercial clients, and institutional customers.

Its offerings include deposit accounts, consumer and small-business lending, mortgages, credit cards, payments, treasury management, commercial and corporate banking, investment banking, wealth management, and asset management.