Truist Financial (NYSE:TFC) Releases Earnings Results, Misses Estimates By $0.02 EPS

Truist Financial (NYSE:TFC - Get Free Report) released its earnings results on Friday. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02), Zacks reports. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. The company had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same period in the prior year, the business posted $0.91 earnings per share. Truist Financial's revenue was down 406.0% on a year-over-year basis.

Truist Financial Stock Performance

Shares of TFC traded down $0.70 on Friday, reaching $44.31. 13,738,714 shares of the company's stock traded hands, compared to its average volume of 8,360,087. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. The stock has a market cap of $58.03 billion, a PE ratio of 12.07, a PEG ratio of 1.66 and a beta of 0.85. The stock's 50 day simple moving average is $41.67 and its two-hundred day simple moving average is $42.05. Truist Financial has a 52-week low of $33.56 and a 52-week high of $49.06.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.69%. The ex-dividend date was Friday, May 9th. Truist Financial's payout ratio is 56.68%.

Analyst Ratings Changes

TFC has been the topic of a number of recent research reports. Barclays reduced their price target on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Argus set a $43.00 price target on shares of Truist Financial in a research note on Monday, April 21st. JPMorgan Chase & Co. dropped their price target on shares of Truist Financial from $48.00 to $42.00 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Finally, Stephens dropped their price target on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Eight equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.44.

Institutional Trading of Truist Financial

An institutional investor recently raised its position in Truist Financial stock. Brighton Jones LLC raised its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 148.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,581 shares of the insurance provider's stock after buying an additional 14,093 shares during the quarter. Brighton Jones LLC's holdings in Truist Financial were worth $1,023,000 as of its most recent filing with the Securities & Exchange Commission. 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.