Truist Financial Co. (NYSE:TFC – Get Rating) announced a quarterly dividend on Tuesday, October 25th, RTT News reports. Stockholders of record on Thursday, November 10th will be given a dividend of 0.52 per share by the insurance provider on Thursday, December 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.74%.
Truist Financial has a dividend payout ratio of 59.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Truist Financial to earn $5.22 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 34.5%.
Truist Financial Stock Up 2.8 %
Shares of NYSE:TFC traded up $1.20 during trading on Tuesday, reaching $43.86. The stock had a trading volume of 485,083 shares, compared to its average volume of 7,359,503. Truist Financial has a one year low of $40.01 and a one year high of $68.95. The company has a market capitalization of $58.18 billion, a P/E ratio of 10.01, a PEG ratio of 1.05 and a beta of 1.09. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.58. The firm’s 50-day simple moving average is $46.12 and its 200 day simple moving average is $47.89.
Truist Financial (NYSE:TFC – Get Rating) last released its quarterly earnings results on Tuesday, October 18th. The insurance provider reported $1.24 earnings per share for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.05). The firm had revenue of $5.90 billion during the quarter, compared to the consensus estimate of $5.96 billion. Truist Financial had a net margin of 26.16% and a return on equity of 12.13%. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.42 earnings per share. As a group, research analysts expect that Truist Financial will post 4.95 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of analysts recently commented on TFC shares. Piper Sandler upgraded shares of Truist Financial from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $52.00 to $55.00 in a research note on Wednesday, September 28th. The Goldman Sachs Group lowered their target price on shares of Truist Financial from $57.00 to $51.00 and set a “buy” rating for the company in a research note on Friday, September 30th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Truist Financial from $70.00 to $61.00 and set a “buy” rating for the company in a research note on Monday, September 12th. Barclays decreased their price objective on shares of Truist Financial from $61.00 to $57.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 19th. Finally, StockNews.com cut shares of Truist Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, October 19th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $54.91.
Institutional Investors Weigh In On Truist Financial
A number of large investors have recently modified their holdings of TFC. Fairfield Bush & CO. acquired a new position in shares of Truist Financial during the 1st quarter valued at about $25,000. Covestor Ltd boosted its position in shares of Truist Financial by 56.2% during the 1st quarter. Covestor Ltd now owns 1,476 shares of the insurance provider’s stock valued at $84,000 after acquiring an additional 531 shares during the last quarter. Meridian Wealth Partners LLC acquired a new position in shares of Truist Financial during the 1st quarter valued at about $213,000. KCM Investment Advisors LLC acquired a new position in shares of Truist Financial during the 1st quarter valued at about $215,000. Finally, SVB Wealth LLC lifted its position in Truist Financial by 7.9% in the second quarter. SVB Wealth LLC now owns 4,568 shares of the insurance provider’s stock valued at $217,000 after buying an additional 335 shares during the last quarter. Hedge funds and other institutional investors own 73.31% of the company’s stock.
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.
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