Truist Financial (NYSE:TFC) Posts Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Truist Financial (NYSE:TFC) announced its quarterly earnings results on Monday. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.12, RTT News reports. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The company had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the previous year, the business earned $1.09 EPS. The firm’s revenue was down 8.8% on a year-over-year basis.

Truist Financial Stock Performance

Truist Financial stock traded down $0.03 during midday trading on Wednesday, reaching $38.81. 3,224,218 shares of the company’s stock were exchanged, compared to its average volume of 9,644,391. The stock’s 50-day simple moving average is $36.76 and its 200 day simple moving average is $34.70. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market cap of $51.80 billion, a price-to-earnings ratio of -29.39, a P/E/G ratio of 2.39 and a beta of 1.08. Truist Financial has a 52 week low of $25.56 and a 52 week high of $39.29.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.36%. Truist Financial’s payout ratio is currently -157.58%.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were 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 directly owns 16,132 shares in the company, valued at $604,627.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.17% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on TFC. Stephens reiterated an “overweight” rating and set a $43.00 target price on shares of Truist Financial in a report on Tuesday. Bank of America upgraded Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 target price for the company in a report on Thursday, January 4th. Barclays raised their price objective on Truist Financial from $40.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. HSBC raised their price objective on Truist Financial from $37.00 to $39.00 and gave the company a “hold” rating in a report on Thursday, March 28th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $43.00 price objective on shares of Truist Financial in a report on Monday. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $41.59.

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.