Key Points
- CEO William Rogers, Jr. sold 13,250 Truist Financial shares at an average price of $52.36, for total proceeds of approximately $693,770.
- Truist reported quarterly earnings of $1.23 per share, beating estimates by $0.15, while revenue rose 5.6% year over year to $5.31 billion. The company also declared a quarterly dividend of $0.52 per share, yielding about 3.9% annually.
- Analysts maintain a consensus “Hold” rating with an average price target of $54.61, while institutional investors own approximately 71.28% of the company’s shares.
Truist Financial Corporation (NYSE:TFC - Get Free Report) Director K. David Jr. Boyer sold 3,986 shares of the business's stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of the transaction, the director owned 10,270 shares in the company, valued at approximately $520,689. The trade was a 27.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Truist Financial Stock Performance
Shares of TFC opened at $53.02 on Wednesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm's fifty day simple moving average is $50.04 and its two-hundred day simple moving average is $49.58. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The stock has a market capitalization of $66.06 billion, a P/E ratio of 12.16, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89.
Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. During the same period last year, the company posted $0.91 EPS. The business's quarterly revenue was up 5.6% on a year-over-year basis. As a group, analysts predict that Truist Financial Corporation will post 4.59 EPS for the current year.
Truist Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 3.9%. Truist Financial's dividend payout ratio (DPR) is currently 47.71%.
Institutional Investors Weigh In On Truist Financial
A number of hedge funds have recently added to or reduced their stakes in the company. Merit Financial Group LLC raised its position in shares of Truist Financial by 10.9% during the second quarter. Merit Financial Group LLC now owns 98,933 shares of the insurance provider's stock worth $4,929,000 after purchasing an additional 9,749 shares during the period. Intergy Private Wealth LLC acquired a new stake in Truist Financial in the 2nd quarter valued at $222,000. Diversified Trust Co. grew its position in Truist Financial by 1.0% in the 2nd quarter. Diversified Trust Co. now owns 169,518 shares of the insurance provider's stock valued at $8,445,000 after purchasing an additional 1,703 shares during the period. Farther Finance Advisors LLC increased its stake in Truist Financial by 14.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 58,090 shares of the insurance provider's stock valued at $2,896,000 after purchasing an additional 7,191 shares in the last quarter. Finally, Cidel Asset Management Inc. increased its stake in Truist Financial by 2.0% during the 2nd quarter. Cidel Asset Management Inc. now owns 14,423 shares of the insurance provider's stock valued at $719,000 after purchasing an additional 288 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.
Analysts Set New Price Targets
Several equities analysts have issued reports on the company. JPMorgan Chase & Co. reissued an "underweight" rating and issued a $53.00 price target (down from $53.50) on shares of Truist Financial in a research note on Monday, July 20th. Jefferies Financial Group reiterated a "mixed" rating and issued a $45.00 price objective on shares of Truist Financial in a research note on Friday, April 17th. Wall Street Zen downgraded shares of Truist Financial from a "hold" rating to a "sell" rating in a research report on Monday, June 29th. Stephens cut their target price on shares of Truist Financial from $59.00 to $57.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 21st. Finally, Weiss Ratings raised shares of Truist Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 1st. Seven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $54.61.
View Our Latest Stock Analysis on Truist Financial
About Truist Financial
(
Get Free Report)
Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.
Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.
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