Truist Financial (NYSE:TFC) Posts Quarterly Earnings Results

Truist Financial (NYSE:TFC - Get Free Report) released its quarterly earnings results on Friday. The insurance provider reported $1.16 earnings per share for the quarter, missing analysts' consensus estimates of $1.17 by ($0.01), FiscalAI reports. The business had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.36 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The business's quarterly revenue was up 1.3% on a year-over-year basis. During the same period last year, the firm posted $1.04 EPS.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $46.56 on Friday. The stock's fifty day simple moving average is $49.27 and its 200 day simple moving average is $49.63. The stock has a market capitalization of $56.88 billion, a price-to-earnings ratio of 10.68, a PEG ratio of 1.01 and a beta of 0.92. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial has a 52-week low of $40.78 and a 52-week high of $56.19.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. Truist Financial's dividend payout ratio (DPR) is currently 47.71%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TFC. TD Cowen initiated coverage on shares of Truist Financial in a research note on Thursday, October 8th. They set a "hold" rating and a $52.00 price objective on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Truist Financial in a report on Wednesday, July 29th. HSBC began coverage on shares of Truist Financial in a research report on Monday, September 28th. They issued a "buy" rating and a $61.00 target price for the company. Morgan Stanley reissued an "equal weight" rating and set a $54.00 target price (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Truist Financial from $53.00 to $55.00 and gave the stock a "market perform" rating in a research report on Monday, July 20th. Seven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $54.39.

Insider Buying and Selling

In related news, Director K. Boyer, Jr. sold 3,986 shares of Truist Financial stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the transaction, the director owned 10,270 shares of the company's stock, valued at approximately $520,689. This trade represents a 27.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the firm's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the transaction, the insider owned 56,009 shares of the company's stock, valued at approximately $2,904,066.65. The trade was a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 30,516 shares of company stock worth $1,584,428. Company insiders own 0.15% of the company's stock.

About Truist Financial

Truist Financial Corporation NYSE: TFC is a financial services company headquartered in Charlotte, North Carolina. Through its principal banking subsidiary, Truist Bank, the company provides a broad range of financial products and services to consumers, small businesses, commercial clients, and institutional customers.

Its offerings include deposit accounts, consumer and small-business lending, mortgages, credit cards, payments, treasury management, commercial and corporate banking, investment banking, wealth management, and asset management.