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

Truist Financial (NYSE:TFC) released its quarterly earnings data 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. The firm had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. The company’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.09 earnings per share.

Truist Financial Stock Up 3.1 %

Shares of TFC opened at $36.80 on Monday. The firm has a market capitalization of $49.11 billion, a P/E ratio of -34.07, a P/E/G ratio of 2.27 and a beta of 1.08. Truist Financial has a 12-month low of $25.56 and a 12-month high of $39.29. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.74. The firm has a fifty day moving average price of $36.64 and a 200-day moving average price of $34.54.

Truist Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

TFC has been the topic of several recent analyst reports. TheStreet cut shares of Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday, February 20th. Raymond James boosted their price target on shares of Truist Financial from $34.00 to $41.00 and gave the stock an “outperform” rating in a research report on Friday, January 5th. Keefe, Bruyette & Woods boosted their price target on shares of Truist Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, April 5th. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Thursday, March 28th. Finally, Jefferies Financial Group boosted their price target on shares of Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.56.

Insider Activity

In other news, Director K. David Jr. Boyer sold 3,764 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $604,627.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.17% of the company’s stock.

Institutional Trading of Truist Financial

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Truist Financial by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 117,952,471 shares of the insurance provider’s stock valued at $4,354,805,000 after acquiring an additional 680,843 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Truist Financial by 1.4% during the first quarter. Geode Capital Management LLC now owns 23,931,465 shares of the insurance provider’s stock valued at $814,557,000 after acquiring an additional 332,642 shares in the last quarter. Moneta Group Investment Advisors LLC increased its holdings in shares of Truist Financial by 12,034.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock valued at $881,700,000 after acquiring an additional 20,321,500 shares in the last quarter. Morgan Stanley increased 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 worth $667,443,000 after buying an additional 3,813,439 shares during the period. Finally, Royal Bank of Canada increased its holdings in Truist Financial by 7.4% in the 2nd quarter. Royal Bank of Canada now owns 14,652,089 shares of the insurance provider’s stock worth $444,692,000 after buying an additional 1,006,561 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

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.