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

Truist Financial (NYSE:TFC) posted its quarterly earnings data 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. The firm had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. Truist Financial’s quarterly revenue was down 15.9% on a year-over-year basis. During the same period last year, the firm posted $0.95 EPS. Truist Financial updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Truist Financial Stock Up 0.1 %

Truist Financial stock traded up $0.05 during midday trading on Wednesday, hitting $44.20. 2,178,959 shares of the stock were exchanged, compared to its average volume of 8,495,391. Truist Financial has a 1 year low of $26.57 and a 1 year high of $44.38. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.82. The firm has a market cap of $59.14 billion, a P/E ratio of -33.48, a P/E/G ratio of 2.15 and a beta of 1.07. The company has a 50 day moving average price of $38.57 and a two-hundred day moving average price of $37.62.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.71%. Truist Financial’s dividend payout ratio is currently -157.58%.

Analyst Ratings Changes

Several brokerages have recently weighed in on TFC. Wells Fargo & Company lifted their target price on shares of Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Compass Point raised Truist Financial from a “neutral” rating to a “buy” rating and increased their target price for the stock from $34.00 to $42.00 in a research note on Tuesday, April 23rd. Stephens lifted their price target on Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, May 16th. Baird R W lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Barclays raised their target price on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target 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.