Truist Financial (NYSE:TFC) Announces Quarterly Earnings Results

Truist Financial (NYSE:TFC) released its quarterly earnings data on Friday. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $5.36 billion.

Truist Financial Stock Up 2.2%

NYSE TFC opened at $46.56 on Friday. The business has a fifty day moving average price of $49.27 and a two-hundred day moving average price of $49.63. The stock has a market capitalization of $56.88 billion, a PE ratio of 10.68, a PEG ratio of 1.01 and a beta of 0.92. Truist Financial has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial Announces Dividend

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

Insiders Place Their Bets

In other Truist Financial news, Director K. Boyer, Jr. sold 3,986 shares of Truist Financial stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the transaction, the director owned 10,270 shares in the company, valued at $520,689. The trade was a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael P. Lyons bought 21,000 shares of the stock in a transaction on Thursday, September 17th. The shares were acquired at an average cost of $48.36 per share, with a total value of $1,015,560.00. Following the purchase, the chief executive officer owned 21,000 shares of the company’s stock, valued at approximately $1,015,560. This represents a ? increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have sold 30,516 shares of company stock worth $1,584,428. 0.15% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on TFC shares. Raymond James Financial reissued a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Morgan Stanley reissued an “equal weight” rating and set a $54.00 price target (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. HSBC began coverage on Truist Financial in a report on Monday, September 28th. They set a “buy” rating and a $61.00 target price for the company. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and decreased their price target for the company from $63.00 to $54.00 in a research note on Tuesday, June 30th. Finally, Wells Fargo & Company set a $52.00 price target on shares of Truist Financial in a research report on Thursday, October 8th. Seven research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $54.39.

Truist Financial Company Profile

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.