Truist Financial Corporation (NYSE:TFC) Stock to Pay Quarterly Dividend of $0.52

Key Points

• Truist Financial declared a quarterly dividend of $0.52 per share, payable December 1 to shareholders of record November 13. The annualized dividend is $2.08, yielding approximately 4.3%.
• The dividend appears well covered, with a current payout ratio of 46.5% and an expected forward payout ratio of 42.6% based on projected earnings.
• Truist’s latest quarterly earnings slightly missed analyst expectations, while analysts maintain a consensus “Hold” rating and an average price target of $53.76.

Truist Financial Corporation (NYSE:TFC - Get Free Report) declared a quarterly dividend on Tuesday, October 27th. Investors of record on Friday, November 13th will be paid a dividend of $0.52 per share by the insurance provider on Tuesday, December 1st. This represents a $2.08 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Friday, November 13th.

Truist Financial has a payout ratio of 46.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Truist Financial to earn $4.88 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 42.6%.

Truist Financial Trading Down 0.6%

Shares of TFC opened at $48.59 on Wednesday. The firm's fifty day simple moving average is $48.54 and its two-hundred day simple moving average is $49.52. Truist Financial has a 12 month low of $43.13 and a 12 month high of $56.19. The stock has a market capitalization of $59.36 billion, a P/E ratio of 12.52 and a beta of 0.92.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.01). The firm had revenue of $5.30 billion during the quarter, compared to analysts' expectations of $5.35 billion. The company's quarterly revenue was up 1.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.04 earnings per share. As a group, research analysts predict that Truist Financial will post 4.66 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on TFC. Wolfe Research assumed coverage on Truist Financial in a research note on Tuesday. They set a "peer perform" rating for the company. HSBC initiated coverage on Truist Financial in a research note on Monday, September 28th. They issued a "buy" rating and a $61.00 price target on the stock. Bank of America restated a "neutral" rating and set a $56.00 price target (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Keefe, Bruyette & Woods cut their price target on Truist Financial from $55.00 to $54.00 and set a "market perform" rating on the stock in a report on Monday, October 19th. Finally, Evercore reaffirmed an "outperform" rating and set a $55.00 price objective on shares of Truist Financial in a research report on Tuesday. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $53.76.

Truist Financial Company Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.

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