Truist Financial Co. (NYSE:TFC) Declares Quarterly Dividend of $0.52

Truist Financial Co. (NYSE:TFC) announced a quarterly dividend on Tuesday, October 22nd, RTT News reports. Stockholders of record on Friday, November 8th will be given a dividend of 0.52 per share by the insurance provider on Monday, December 2nd. This represents a $2.08 annualized dividend and a dividend yield of 4.79%.

Truist Financial has increased its dividend by an average of 4.9% per year over the last three years and has increased its dividend every year for the last 13 years. Truist Financial has a payout ratio of 52.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Truist Financial to earn $3.92 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 53.1%.

Truist Financial Trading Up 2.3 %

NYSE:TFC traded up $0.96 during midday trading on Tuesday, hitting $43.39. 13,316,058 shares of the company traded hands, compared to its average volume of 8,321,262. The firm has a market capitalization of $58.06 billion, a P/E ratio of -32.77, a P/E/G ratio of 1.83 and a beta of 1.05. The firm’s fifty day moving average is $42.70 and its 200-day moving average is $40.35. Truist Financial has a 12-month low of $26.95 and a 12-month high of $45.31. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.62.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.07. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The business had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. During the same quarter in the prior year, the firm posted $0.95 earnings per share. The business’s revenue for the quarter was down 15.9% on a year-over-year basis. On average, sell-side analysts predict that Truist Financial will post 3.57 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on TFC. Barclays raised their price objective on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective for the company. in a report on Wednesday, July 17th. Bank of America increased their target price on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Compass Point boosted their target price on shares of Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. Finally, Stephens restated an “overweight” rating and issued a $50.00 price target on shares of Truist Financial in a report on Tuesday, September 10th. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $46.02.

Insider Activity at Truist Financial

In other news, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is owned by insiders.

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.