Truist Financial (NYSE:TFC) Issues Quarterly Earnings Results

Truist Financial (NYSE:TFC) announced its 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. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. The firm had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the previous year, the business earned $1.09 EPS. The firm’s revenue for the quarter was down 8.8% on a year-over-year basis.

Truist Financial Stock Performance

Shares of TFC stock opened at $36.80 on Monday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.82 and a quick ratio of 0.82. Truist Financial has a fifty-two week low of $25.56 and a fifty-two week high of $39.29. The stock’s 50-day moving average is $36.64 and its two-hundred day moving average is $34.54. The firm has a market cap of $49.11 billion, a P/E ratio of -34.07, a PEG ratio of 2.27 and a beta of 1.08.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 9th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.65%. The ex-dividend date was Thursday, February 8th. Truist Financial’s payout ratio is currently -192.59%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on TFC shares. Bank of America raised Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price objective on the stock in a research note on Thursday, January 4th. Stephens raised Truist Financial from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $41.00 to $43.00 in a research note on Tuesday, March 19th. UBS Group boosted their price objective on Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. HSBC boosted their price objective on Truist Financial from $37.00 to $39.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. Finally, Keefe, Bruyette & Woods lifted their target price on Truist Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.56.

Insider Transactions at Truist Financial

In other news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction dated 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 sale, the director now owns 16,132 shares in the company, valued at approximately $604,627.36. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Institutional Trading of Truist Financial

Several large investors have recently made changes to their positions in TFC. Moneta Group Investment Advisors LLC boosted its stake in shares of Truist Financial by 12,034.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock worth $881,700,000 after acquiring an additional 20,321,500 shares in the last quarter. Norges Bank bought a new stake in shares of Truist Financial during the 4th quarter worth about $553,718,000. Morgan Stanley boosted its stake in shares of Truist Financial by 32.6% during the 4th quarter. Morgan Stanley now owns 15,511,098 shares of the insurance provider’s stock worth $667,443,000 after acquiring an additional 3,813,439 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Truist Financial by 65.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,592,182 shares of the insurance provider’s stock worth $258,893,000 after acquiring an additional 2,992,820 shares in the last quarter. Finally, Imprint Wealth LLC boosted its stake in shares of Truist Financial by 3,152.2% during the 2nd quarter. Imprint Wealth LLC now owns 2,726,575 shares of the insurance provider’s stock worth $272,658,000 after acquiring an additional 2,642,737 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

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.