Analysts Anticipate Truist Financial Co. (NYSE:TFC) Will Post Quarterly Sales of $5.63 Billion

Equities research analysts expect Truist Financial Co. (NYSE:TFCGet Rating) to report sales of $5.63 billion for the current fiscal quarter, according to Zacks Investment Research. Six analysts have made estimates for Truist Financial’s earnings. The highest sales estimate is $5.71 billion and the lowest is $5.52 billion. Truist Financial posted sales of $5.65 billion in the same quarter last year, which suggests a negative year over year growth rate of 0.4%. The firm is expected to issue its next earnings report before the market opens on Monday, January 1st.

According to Zacks, analysts expect that Truist Financial will report full-year sales of $22.80 billion for the current year, with estimates ranging from $22.67 billion to $23.05 billion. For the next financial year, analysts expect that the business will report sales of $24.50 billion, with estimates ranging from $24.05 billion to $24.83 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Truist Financial.

Truist Financial (NYSE:TFCGet Rating) last issued its earnings results on Tuesday, April 19th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.11. Truist Financial had a return on equity of 12.70% and a net margin of 27.89%. The firm had revenue of $5.33 billion for the quarter, compared to analysts’ expectations of $5.48 billion. During the same period in the previous year, the firm posted $1.18 earnings per share. The business’s revenue was down 2.9% compared to the same quarter last year.

Several brokerages have weighed in on TFC. Stephens boosted their price objective on Truist Financial from $72.00 to $73.50 and gave the stock an “overweight” rating in a research note on Wednesday, January 19th. UBS Group raised Truist Financial from a “neutral” rating to a “buy” rating and upped their target price for the company from $63.00 to $77.00 in a research note on Wednesday, January 19th. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and cut their target price for the company from $75.00 to $58.00 in a research note on Monday, April 11th. Bank of America cut Truist Financial from a “buy” rating to a “neutral” rating and set a $58.00 target price on the stock. in a research note on Friday, April 8th. Finally, Credit Suisse Group upped their target price on Truist Financial from $62.00 to $63.00 and gave the company a “neutral” rating in a research note on Monday, January 24th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Truist Financial has an average rating of “Hold” and a consensus price target of $65.38.

Shares of TFC stock opened at $46.31 on Monday. Truist Financial has a 12-month low of $45.51 and a 12-month high of $68.95. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.58. The stock’s 50-day moving average price is $53.96 and its 200-day moving average price is $59.14. The stock has a market capitalization of $61.66 billion, a price-to-earnings ratio of 10.34, a price-to-earnings-growth ratio of 1.72 and a beta of 1.18.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 1st. Investors of record on Friday, May 13th will be issued a $0.48 dividend. The ex-dividend date is Thursday, May 12th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.15%. Truist Financial’s payout ratio is 42.86%.

In related news, Director Steven C. Voorhees bought 20,000 shares of the stock in a transaction on Wednesday, May 4th. The stock was bought at an average price of $49.82 per share, for a total transaction of $996,400.00. Following the completion of the acquisition, the director now directly owns 60,873 shares in the company, valued at $3,032,692.86. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven C. Voorhees bought 10,000 shares of the stock in a transaction on Friday, March 4th. The shares were bought at an average price of $59.21 per share, with a total value of $592,100.00. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the company. Smithfield Trust Co lifted its position in shares of Truist Financial by 2.3% during the 3rd quarter. Smithfield Trust Co now owns 7,031 shares of the insurance provider’s stock worth $414,000 after purchasing an additional 160 shares during the last quarter. Fort Sheridan Advisors LLC lifted its position in shares of Truist Financial by 1.1% during the 3rd quarter. Fort Sheridan Advisors LLC now owns 14,549 shares of the insurance provider’s stock worth $853,000 after purchasing an additional 160 shares during the last quarter. Centaurus Financial Inc. lifted its position in shares of Truist Financial by 2.7% during the 3rd quarter. Centaurus Financial Inc. now owns 6,069 shares of the insurance provider’s stock worth $356,000 after purchasing an additional 162 shares during the last quarter. Monument Capital Management lifted its position in shares of Truist Financial by 0.4% during the 4th quarter. Monument Capital Management now owns 40,839 shares of the insurance provider’s stock worth $2,391,000 after purchasing an additional 163 shares during the last quarter. Finally, WealthShield Partners LLC lifted its position in shares of Truist Financial by 0.5% during the 4th quarter. WealthShield Partners LLC now owns 30,950 shares of the insurance provider’s stock worth $1,812,000 after purchasing an additional 163 shares during the last quarter. 72.79% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Company Profile (Get Rating)

Truist Financial Corporation, a holding 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.

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Earnings History and Estimates for Truist Financial (NYSE:TFC)

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