Truist Financial (TFC) Set to Announce Quarterly Earnings on Monday

Truist Financial (NYSE:TFC) will be issuing its quarterly earnings data before the market opens on Monday, April 22nd. Analysts expect the company to announce earnings of $0.79 per share for the quarter. Truist Financial has set its Q1 2024 guidance at EPS and its FY 2024 guidance at EPS.Parties that are interested in registering for the company’s conference call can do so using this link.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.13. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. The firm had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter last year, the business posted $1.30 earnings per share. On average, analysts expect Truist Financial to post $3 EPS for the current fiscal year and $4 EPS for the next fiscal year.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $36.77 on Monday. Truist Financial has a fifty-two week low of $25.56 and a fifty-two week high of $39.29. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $49.07 billion, a P/E ratio of -34.05, a P/E/G ratio of 2.27 and a beta of 1.08. The company’s 50 day moving average price is $36.63 and its two-hundred day moving average price is $34.25.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 9th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.66%. The ex-dividend date of this dividend was Thursday, February 8th. Truist Financial’s payout ratio is currently -192.59%.

Insider Buying and Selling

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of the transaction, the director now owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.17% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Truist Financial

Several institutional investors and hedge funds have recently made changes to their positions in TFC. United Bank grew its holdings in Truist Financial by 1.0% in the 3rd quarter. United Bank now owns 71,961 shares of the insurance provider’s stock worth $2,059,000 after acquiring an additional 713 shares during the last quarter. Covestor Ltd grew its holdings in Truist Financial by 56.2% in the 1st quarter. Covestor Ltd now owns 1,476 shares of the insurance provider’s stock worth $84,000 after acquiring an additional 531 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in Truist Financial in the 4th quarter worth $81,000. Sunbelt Securities Inc. grew its holdings in Truist Financial by 16.1% in the 2nd quarter. Sunbelt Securities Inc. now owns 2,515 shares of the insurance provider’s stock worth $76,000 after acquiring an additional 348 shares during the last quarter. Finally, MayTech Global Investments LLC bought a new stake in Truist Financial in the 4th quarter worth $73,000. Institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on TFC. Stephens raised shares of Truist Financial from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $41.00 to $43.00 in a research note on Tuesday, March 19th. Jefferies Financial Group lifted their target price on shares of Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Morgan Stanley lifted their target price on shares of Truist Financial from $38.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 30th. Piper Sandler lifted their target price on shares of Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, January 19th. Finally, Royal Bank of Canada lifted their target price on shares of Truist Financial from $40.00 to $42.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $41.47.

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.