Truist Financial (NYSE:TFC) Issues Quarterly Earnings Results

Truist Financial (NYSE:TFC) issued its quarterly earnings data on Monday. The insurance provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.78 by $0.12, RTT News reports. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. The business had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same period in the prior year, the business earned $1.09 EPS. The company’s revenue for the quarter was down 8.8% on a year-over-year basis.

Truist Financial Trading Up 3.1 %

Shares of TFC stock opened at $36.80 on Monday. The stock’s fifty day moving average is $36.64 and its two-hundred day moving average is $34.54. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market capitalization 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 has a fifty-two week low of $25.56 and a fifty-two week high of $39.29.

Truist Financial Dividend Announcement

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

Analyst Ratings Changes

Several brokerages have commented on TFC. Jefferies Financial Group upped their price objective on shares of Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a report on Monday, April 8th. HSBC increased their price target on shares of Truist Financial from $37.00 to $39.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. Keefe, Bruyette & Woods increased their price target on shares of Truist Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, April 5th. Stephens upgraded shares of Truist Financial from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $41.00 to $43.00 in a research note on Tuesday, March 19th. Finally, TheStreet lowered shares of Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.56.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction 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 transaction, the director now owns 16,132 shares in the company, valued at approximately $604,627.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is currently owned by insiders.

Institutional Trading of Truist Financial

Several institutional investors and hedge funds have recently bought and sold shares of TFC. Moneta Group Investment Advisors LLC raised its holdings in Truist Financial by 12,034.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock valued at $881,700,000 after buying an additional 20,321,500 shares during the period. Norges Bank purchased a new stake in Truist Financial in the 4th quarter valued at about $553,718,000. Morgan Stanley raised its holdings in Truist Financial by 32.6% in the 4th quarter. Morgan Stanley now owns 15,511,098 shares of the insurance provider’s stock valued at $667,443,000 after buying an additional 3,813,439 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Truist Financial by 65.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,592,182 shares of the insurance provider’s stock valued at $258,893,000 after buying an additional 2,992,820 shares during the period. Finally, Imprint Wealth LLC raised its holdings in Truist Financial by 3,152.2% in the 2nd quarter. Imprint Wealth LLC now owns 2,726,575 shares of the insurance provider’s stock valued at $272,658,000 after buying an additional 2,642,737 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

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.