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

Truist Financial (NYSE:TFC) issued its earnings results on Monday. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.07, RTT News reports. The company 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%. The company’s revenue for the quarter was down 15.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.95 EPS. Truist Financial updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Truist Financial Stock Down 1.4 %

TFC stock traded down $0.62 during mid-day trading on Wednesday, hitting $43.53. 3,996,292 shares of the company were exchanged, compared to its average volume of 8,508,279. 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 has a 1-year low of $26.57 and a 1-year high of $44.38. The firm has a market cap of $58.25 billion, a P/E ratio of -33.48, a P/E/G ratio of 2.15 and a beta of 1.07. The firm’s 50 day simple moving average is $38.57 and its 200 day simple moving average is $37.62.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.78%. Truist Financial’s dividend payout ratio (DPR) is currently -157.58%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TFC. Compass Point raised shares of Truist Financial from a “neutral” rating to a “buy” rating and raised their target price for the company from $34.00 to $42.00 in a research note on Tuesday, April 23rd. Stephens raised their target price on shares of Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, May 16th. HSBC raised their target price on shares of Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, May 8th. Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $45.00 to $47.00 in a research note on Wednesday. Finally, Bank of America lifted their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $45.05.

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.