Key Points
- CEO Michael Lyons purchased 25,000 Truist Financial shares at an average price of $48.36, investing approximately $1.21 million and more than doubling his stake to 46,000 shares.
- Truist reported quarterly EPS of $1.16, slightly below the $1.17 analyst consensus, while revenue of $5.30 billion increased 1.3% year over year. The stock was trading up 1.7% at $49.27.
- The company declared a quarterly dividend of $0.52 per share, equivalent to a 4.2% yield, while analysts maintained a consensus “Hold” rating with an average price target of $53.76.
Truist Financial Corporation (NYSE:TFC - Get Free Report) CEO Michael Lyons purchased 25,000 shares of Truist Financial stock in a transaction dated Wednesday, October 28th. The stock was bought at an average cost of $48.36 per share, with a total value of $1,209,000.00. Following the completion of the purchase, the chief executive officer owned 46,000 shares in the company, valued at approximately $2,224,560. This trade represents a 119.05% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website.
Truist Financial Trading Up 1.7%
Truist Financial stock opened at $49.27 on Friday. The firm has a 50 day simple moving average of $48.43 and a 200-day simple moving average of $49.50. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market capitalization of $60.18 billion, a PE ratio of 10.53, a price-to-earnings-growth ratio of 1.06 and a beta of 0.92. Truist Financial Corporation has a 12-month low of $43.13 and a 12-month high of $56.19.
Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing analysts' consensus estimates of $1.17 by ($0.01). Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The company had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same quarter in the prior year, the business earned $1.04 EPS. Truist Financial's revenue was up 1.3% compared to the same quarter last year. As a group, equities research analysts expect that Truist Financial Corporation will post 4.71 EPS for the current fiscal year.
Truist Financial Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, November 13th. This represents a $2.08 annualized dividend and a dividend yield of 4.2%. Truist Financial's dividend payout ratio (DPR) is 53.61%.
Institutional Investors Weigh In On Truist Financial
Several hedge funds have recently made changes to their positions in the company. PCB Capital LLC raised its stake in Truist Financial by 3.0% during the 1st quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider's stock valued at $310,000 after purchasing an additional 198 shares during the period. First Dallas Securities Inc. lifted its holdings in shares of Truist Financial by 1.5% in the first quarter. First Dallas Securities Inc. now owns 14,659 shares of the insurance provider's stock valued at $674,000 after purchasing an additional 211 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Truist Financial by 4.0% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,456 shares of the insurance provider's stock worth $272,000 after buying an additional 211 shares during the period. Csenge Advisory Group boosted its position in shares of Truist Financial by 0.3% in the second quarter. Csenge Advisory Group now owns 69,426 shares of the insurance provider's stock worth $3,459,000 after buying an additional 227 shares during the period. Finally, Apella Capital LLC boosted its position in shares of Truist Financial by 0.5% in the second quarter. Apella Capital LLC now owns 43,030 shares of the insurance provider's stock worth $2,210,000 after buying an additional 232 shares during the period. Hedge funds and other institutional investors own 71.28% of the company's stock.
Wall Street Analysts Forecast Growth
TFC has been the subject of several research reports. HSBC started coverage on Truist Financial in a research note on Monday, September 28th. They set a "buy" rating and a $61.00 price objective for the company. Keefe, Bruyette & Woods cut their target price on Truist Financial from $55.00 to $54.00 and set a "market perform" rating on the stock in a research report on Monday, October 19th. Robert W. Baird upped their target price on Truist Financial from $55.00 to $56.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Citigroup decreased their price target on Truist Financial from $54.00 to $50.00 and set a "neutral" rating for the company in a research report on Wednesday, October 21st. Finally, Wall Street Zen raised Truist Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Truist Financial currently has a consensus rating of "Hold" and an average target price of $53.76.
View Our Latest Stock Analysis on TFC
Truist Financial Company Profile
(
Get Free Report)
Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.
Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.
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