Truist Financial (NYSE:TFC) Releases Quarterly Earnings Results, Beats Estimates By $0.15 EPS

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

Truist Financial Stock Performance

NYSE:TFC opened at $53.08 on Friday. The firm has a market capitalization of $66.13 billion, a PE ratio of 13.17, a PEG ratio of 0.93 and a beta of 0.89. The stock’s fifty day moving average is $49.33 and its 200 day moving average is $49.48. Truist Financial has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were given a dividend of $0.52 per share. The ex-dividend date was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 3.9%. Truist Financial’s dividend payout ratio is 51.61%.

Institutional Inflows and Outflows

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

Wall Street Analyst Weigh In

TFC has been the subject of a number of analyst reports. Evercore restated an “outperform” rating and issued a $57.00 price target on shares of Truist Financial in a research report on Monday, July 6th. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a research report on Friday, May 1st. Bank of America reissued a “neutral” rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Jefferies Financial Group restated a “mixed” rating and set a $45.00 target price on shares of Truist Financial in a research note on Friday, April 17th. Finally, Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Monday, June 29th. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $54.47.

About Truist Financial

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.