Truist Financial Corporation (NYSE:TFC) Plans $0.52 Quarterly Dividend

Key Points

• Truist Financial Corporation announced a quarterly dividend of $0.52 per share, which translates to an annual dividend of $2.08 and a dividend yield of 4.65% for stockholders of record.
• The company reported earnings per share (EPS) of $0.91 for the last quarter, which was below the consensus estimate of $0.93, with a revenue of $5.04 billion.
• Truist's stock has experienced a minor decrease of 0.8%, trading at $44.75, with a market capitalization of $58.60 billion and a PE ratio of 12.19.

Truist Financial Corporation (NYSE:TFC - Get Free Report) declared a quarterly dividend on Tuesday, July 29th, RTT News reports. Stockholders of record on Friday, August 8th will be given a dividend of 0.52 per share by the insurance provider on Tuesday, September 2nd. This represents a $2.08 annualized dividend and a dividend yield of 4.65%.

Truist Financial has a payout ratio of 46.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Truist Financial to earn $4.55 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 45.7%.

Truist Financial Stock Down 0.8%

Shares of TFC traded down $0.34 during mid-day trading on Tuesday, hitting $44.75. 5,089,195 shares of the company traded hands, compared to its average volume of 8,760,492. Truist Financial has a 1-year low of $33.56 and a 1-year high of $49.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $58.60 billion, a PE ratio of 12.19, a price-to-earnings-growth ratio of 1.70 and a beta of 0.85. The business has a 50 day moving average of $42.16 and a 200 day moving average of $42.10.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business's revenue was down 406.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.91 EPS. Equities research analysts anticipate that Truist Financial will post 4 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on TFC shares. Argus set a $43.00 target price on Truist Financial in a research report on Monday, April 21st. Stephens dropped their target price on Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Raymond James Financial upgraded Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price on the stock in a research report on Tuesday, July 8th. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and upped their target price for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Finally, JPMorgan Chase & Co. dropped their target price on Truist Financial from $48.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.65.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.17% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Truist Financial stock. Brighton Jones LLC increased its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 148.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,581 shares of the insurance provider's stock after buying an additional 14,093 shares during the period. Brighton Jones LLC's holdings in Truist Financial were worth $1,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 71.28% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.