Zacks Research Analysts Lower Earnings Estimates for Truist Financial Co. (NYSE:TFC)

Truist Financial Co. (NYSE:TFC) – Equities researchers at Zacks Research cut their Q1 2024 earnings per share estimates for shares of Truist Financial in a research note issued to investors on Thursday, November 2nd. Zacks Research analyst N. Kataruka now expects that the insurance provider will post earnings of $0.78 per share for the quarter, down from their previous estimate of $0.85. The consensus estimate for Truist Financial’s current full-year earnings is $3.75 per share. Zacks Research also issued estimates for Truist Financial’s Q3 2024 earnings at $0.78 EPS and Q4 2024 earnings at $0.77 EPS.

TFC has been the topic of several other research reports. Jefferies Financial Group lowered their price target on Truist Financial from $31.00 to $28.00 in a research report on Tuesday, October 10th. Keefe, Bruyette & Woods raised Truist Financial from a “market perform” rating to an “outperform” rating and decreased their target price for the stock from $37.00 to $36.00 in a report on Wednesday, September 20th. Morgan Stanley decreased their target price on Truist Financial from $41.00 to $40.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $40.00 target price on shares of Truist Financial in a report on Tuesday, September 12th. Finally, HSBC began coverage on Truist Financial in a report on Thursday, September 7th. They set a “hold” rating and a $29.00 target price on the stock. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $37.76.

Truist Financial Stock Up 4.1 %

NYSE:TFC opened at $31.19 on Friday. The firm has a market capitalization of $41.60 billion, a price-to-earnings ratio of 7.86, a price-to-earnings-growth ratio of 1.70 and a beta of 1.09. Truist Financial has a twelve month low of $25.56 and a twelve month high of $53.34. The stock’s 50 day moving average price is $28.76 and its two-hundred day moving average price is $30.33. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, October 19th. The insurance provider reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.82 by ($0.02). The company had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a return on equity of 10.74% and a net margin of 17.59%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period last year, the firm earned $1.24 EPS.

Institutional Trading of Truist Financial

A number of hedge funds have recently made changes to their positions in TFC. Moneta Group Investment Advisors LLC boosted its stake in shares of Truist Financial by 12,034.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock valued at $881,700,000 after purchasing an additional 20,321,500 shares in the last quarter. Norges Bank acquired a new stake in shares of Truist Financial during the fourth quarter valued at about $553,718,000. BlackRock Inc. boosted its stake in shares of Truist Financial by 8.3% during the first quarter. BlackRock Inc. now owns 100,042,278 shares of the insurance provider’s stock valued at $3,411,442,000 after purchasing an additional 7,651,641 shares in the last quarter. FMR LLC raised its position in shares of Truist Financial by 55.2% during the first quarter. FMR LLC now owns 21,461,191 shares of the insurance provider’s stock worth $731,827,000 after acquiring an additional 7,635,573 shares during the last quarter. Finally, Bank of Montreal Can bought a new position in shares of Truist Financial during the second quarter worth about $124,987,000. 71.11% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Truist Financial news, CEO William H. Rogers, Jr. acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, October 20th. The stock was acquired at an average cost of $28.05 per share, for a total transaction of $280,500.00. Following the transaction, the chief executive officer now directly owns 412,924 shares in the company, valued at $11,582,518.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.31% of the stock is owned by corporate insiders.

Truist Financial Announces Dividend

The firm also recently disclosed a special dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 10th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, November 9th. This represents a dividend yield of 7.4%. Truist Financial’s dividend payout ratio is currently 52.39%.

Truist Financial Company Profile

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.