Truist Financial (NYSE:TFC) Announces Earnings Results

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

Truist Financial Stock Performance

TFC opened at $53.08 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The firm has a market cap of $66.13 billion, a PE ratio of 13.17, a P/E/G ratio of 0.93 and a beta of 0.89. The business has a fifty day simple moving average of $49.33 and a 200-day simple moving average of $49.48. Truist Financial has a fifty-two week low of $40.78 and a fifty-two week high of $56.19.

Truist Financial Dividend Announcement

The business also recently disclosed 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 dividend payout ratio (DPR) is currently 51.61%.

Wall Street Analysts Forecast Growth

TFC has been the subject of several analyst reports. Raymond James Financial reiterated a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Bank of America reaffirmed a “neutral” rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Wall Street Zen lowered Truist Financial from a “hold” rating to a “sell” rating in a research report on Monday, June 29th. Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target on the stock. in a report on Friday, May 1st. Finally, JPMorgan Chase & Co. cut their price objective on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Truist Financial has a consensus rating of “Hold” and an average target price of $54.47.

Hedge Funds Weigh In On Truist Financial

A number of hedge funds and other institutional investors have recently modified their holdings of TFC. Mindset Wealth Management LLC lifted its stake in Truist Financial by 0.6% during the fourth quarter. Mindset Wealth Management LLC now owns 34,667 shares of the insurance provider’s stock valued at $1,706,000 after buying an additional 201 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in shares of Truist Financial by 0.6% during the fourth quarter. Quadrant Capital Group LLC now owns 37,637 shares of the insurance provider’s stock valued at $1,852,000 after acquiring an additional 228 shares during the period. CreativeOne Wealth LLC raised its holdings in shares of Truist Financial by 1.8% during the fourth quarter. CreativeOne Wealth LLC now owns 13,902 shares of the insurance provider’s stock valued at $684,000 after acquiring an additional 244 shares during the period. Keel Point LLC lifted its position in shares of Truist Financial by 1.8% in the 4th quarter. Keel Point LLC now owns 14,485 shares of the insurance provider’s stock valued at $713,000 after acquiring an additional 253 shares in the last quarter. Finally, CHICAGO TRUST Co NA boosted its stake in Truist Financial by 2.6% in the 4th quarter. CHICAGO TRUST Co NA now owns 10,403 shares of the insurance provider’s stock worth $512,000 after purchasing an additional 264 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Company Profile

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.