Truist Financial Co. (NYSE:TFC) Declares $0.52 Quarterly Dividend

Truist Financial Co. (NYSE:TFC) declared a quarterly dividend on Tuesday, April 23rd, RTT News reports. Stockholders of record on Friday, May 10th will be given a dividend of 0.52 per share by the insurance provider on Monday, June 3rd. This represents a $2.08 annualized dividend and a dividend yield of 5.32%. The ex-dividend date is Thursday, May 9th.

Truist Financial has raised its dividend by an average of 4.9% per year over the last three years. Truist Financial has a payout ratio of 54.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Truist Financial to earn $3.71 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 56.1%.

Truist Financial Stock Performance

NYSE TFC opened at $39.11 on Wednesday. The company has a market capitalization of $52.20 billion, a price-to-earnings ratio of -29.63, a PEG ratio of 2.03 and a beta of 1.07. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. Truist Financial has a twelve month low of $26.49 and a twelve month high of $40.35. The stock has a fifty day simple moving average of $37.34 and a 200 day simple moving average of $35.39.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.12. The company had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The business’s quarterly revenue was down 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.09 earnings per share. Sell-side analysts expect that Truist Financial will post 3.3 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Stephens reaffirmed an “overweight” rating and issued a $43.00 price objective on shares of Truist Financial in a research note on Tuesday, April 23rd. Royal Bank of Canada increased their price target on Truist Financial from $40.00 to $42.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. Compass Point raised Truist Financial from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $34.00 to $42.00 in a research note on Tuesday, April 23rd. HSBC raised their target price 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, TheStreet lowered Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and a consensus price target of $41.88.

Insider Transactions at Truist Financial

In other news, Director K. David Jr. Boyer sold 3,764 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of the sale, the director now directly owns 16,132 shares of the company’s stock, valued at $604,627.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.17% of the stock is currently owned by insiders.

Truist Financial Company Profile

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.