Truist Financial (NYSE:TFC) Shares Gap Up Following Earnings Beat

Truist Financial Co. (NYSE:TFC) shares gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $44.98, but opened at $47.02. Truist Financial shares last traded at $47.04, with a volume of 3,518,564 shares.

The insurance provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The company had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5,047,370 billion. During the same quarter in the previous year, the firm earned $0.81 earnings per share. Truist Financial’s revenue was up 3.4% on a year-over-year basis.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 8th were given a $0.52 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.37%. Truist Financial’s dividend payout ratio (DPR) is presently -145.45%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on TFC shares. Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday. Piper Sandler upped their target price on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. lifted their price target on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Finally, Compass Point boosted their price objective on shares of Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Eleven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Truist Financial currently has an average rating of “Moderate Buy” and a consensus target price of $49.95.

Insider Activity at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. bought 34,180 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was bought at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now directly owns 691,451 shares in the company, valued at $33,576,860.56. The trade was a 5.20 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the completion of the sale, the director now owns 11,246 shares in the company, valued at approximately $519,565.20. This trade represents a 30.63 % decrease in their position. The disclosure for this sale can be found here. 0.17% of the stock is owned by company insiders.

Hedge Funds Weigh In On Truist Financial

A number of institutional investors have recently bought and sold shares of the stock. Bangor Savings Bank grew its holdings in shares of Truist Financial by 92.5% during the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 272 shares during the period. Valley Wealth Managers Inc. purchased a new stake in Truist Financial in the third quarter worth $26,000. MidAtlantic Capital Management Inc. bought a new position in Truist Financial in the third quarter worth $32,000. Fortitude Family Office LLC lifted its position in Truist Financial by 376.7% during the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after buying an additional 678 shares during the period. Finally, Ashton Thomas Securities LLC bought a new stake in shares of Truist Financial during the 3rd quarter valued at $45,000. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Up 5.9 %

The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. The stock’s 50-day moving average price is $45.36 and its two-hundred day moving average price is $43.48. The stock has a market capitalization of $63.23 billion, a PE ratio of -33.31, a P/E/G ratio of 1.67 and a beta of 1.08.

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.