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

Truist Financial (NYSE:TFC) announced its quarterly earnings data on Monday. The insurance provider reported $0.91 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter last year, the business earned $0.95 earnings per share. The business’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 Stock Up 0.9 %

Shares of NYSE:TFC opened at $44.18 on Wednesday. The stock has a 50-day simple moving average of $38.57 and a 200-day simple moving average of $37.62. The stock has a market capitalization of $59.12 billion, a P/E ratio of -33.47, a PEG ratio of 2.15 and a beta of 1.07. 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 quick ratio of 0.82 and a current ratio of 0.86.

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 issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.71%. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

Analyst Ratings Changes

A number of research firms recently weighed in on TFC. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price target on the stock. in a report on Wednesday, July 17th. Royal Bank of Canada upped their target price on Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday. Stephens lifted their price target on Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, May 16th. Baird R W cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Finally, Morgan Stanley raised their target price on shares of Truist Financial from $44.00 to $46.00 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 given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target 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.