Truist Financial (NYSE:TFC) Issues Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Truist Financial (NYSE:TFC) released its earnings results on Monday. The insurance provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.12, RTT News reports. The firm had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $5.70 billion. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.09 earnings per share.

Truist Financial Trading Up 3.1 %

NYSE:TFC opened at $36.80 on Monday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.74. The business’s 50 day moving average is $36.64 and its two-hundred day moving average is $34.54. Truist Financial has a 52 week low of $25.56 and a 52 week high of $39.29. The company has a market cap of $49.11 billion, a PE ratio of -34.07, a P/E/G ratio of 2.27 and a beta of 1.08.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 9th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.65%. The ex-dividend date of this dividend was Thursday, February 8th. Truist Financial’s dividend payout ratio is presently -192.59%.

Analyst Ratings Changes

TFC has been the subject of several research analyst reports. UBS Group upped their price target on Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Morgan Stanley increased their target price on Truist Financial from $38.00 to $43.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 30th. Keefe, Bruyette & Woods increased their target price on Truist Financial from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, April 5th. Wells Fargo & Company increased their target price on Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Finally, Royal Bank of Canada increased their target price on Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $41.56.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the transaction, the director now owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.17% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Moneta Group Investment Advisors LLC lifted its holdings in shares of Truist Financial by 12,034.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock worth $881,700,000 after purchasing an additional 20,321,500 shares during the last quarter. Norges Bank acquired a new stake in Truist Financial in the 4th quarter valued at approximately $553,718,000. Morgan Stanley increased its position in Truist Financial by 32.6% in the 4th quarter. Morgan Stanley now owns 15,511,098 shares of the insurance provider’s stock valued at $667,443,000 after acquiring an additional 3,813,439 shares during the period. Arrowstreet Capital Limited Partnership increased its position in Truist Financial by 65.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,592,182 shares of the insurance provider’s stock valued at $258,893,000 after acquiring an additional 2,992,820 shares during the period. Finally, Imprint Wealth LLC increased its position in Truist Financial by 3,152.2% in the 2nd quarter. Imprint Wealth LLC now owns 2,726,575 shares of the insurance provider’s stock valued at $272,658,000 after acquiring an additional 2,642,737 shares during the period. Institutional investors own 71.28% of the company’s stock.

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.