Truist Financial (NYSE:TFC) Issues Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Truist Financial (NYSE:TFC) released its earnings results on Monday. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07, RTT News reports. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $4.83 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The firm’s revenue for the quarter was down 15.9% compared to the same quarter last year. Truist Financial updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Truist Financial Trading Down 1.2 %

Shares of Truist Financial stock opened at $43.61 on Thursday. Truist Financial has a 52-week low of $26.57 and a 52-week high of $44.38. The stock has a market cap of $58.35 billion, a PE ratio of -33.04, a PEG ratio of 2.11 and a beta of 1.07. The firm has a 50-day moving average of $38.64 and a 200-day moving average of $37.66. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.86.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.77%. The ex-dividend date of this dividend is Friday, August 9th. Truist Financial’s dividend payout ratio is currently -157.58%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on TFC shares. Argus raised their price objective on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday. UBS Group boosted their price target on Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Bank of America upped their price objective on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. raised their target price on shares of Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Finally, Baird R W lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $45.05.

About Truist Financial

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.