Q3 2024 EPS Estimates for Truist Financial Co. Raised by Zacks Research (NYSE:TFC)

Truist Financial Co. (NYSE:TFC) – Equities researchers at Zacks Research lifted their Q3 2024 earnings per share (EPS) estimates for shares of Truist Financial in a research note issued on Tuesday, September 24th. Zacks Research analyst R. Department now anticipates that the insurance provider will post earnings per share of $0.87 for the quarter, up from their previous forecast of $0.85. The consensus estimate for Truist Financial’s current full-year earnings is $3.55 per share. Zacks Research also issued estimates for Truist Financial’s Q4 2024 earnings at $0.87 EPS, FY2024 earnings at $3.55 EPS, Q1 2025 earnings at $0.86 EPS, Q3 2025 earnings at $0.97 EPS and FY2025 earnings at $3.80 EPS.

Truist Financial (NYSE:TFC) last issued its earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.84 by $0.07. The company had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business’s revenue was down 15.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.95 EPS.

Several other research firms also recently issued reports on TFC. Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price target for the company. in a research note on Wednesday, July 17th. Argus upped their price target on shares of Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Bank of America upped their target price on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Finally, Keefe, Bruyette & Woods raised their price target on Truist Financial from $46.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $45.45.

Truist Financial Stock Performance

Shares of TFC stock opened at $42.52 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market cap of $56.94 billion, a PE ratio of -32.21, a P/E/G ratio of 1.93 and a beta of 1.06. Truist Financial has a 1 year low of $26.57 and a 1 year high of $45.31. The stock has a fifty day moving average price of $42.79 and a 200 day moving average price of $39.66.

Institutional Trading of Truist Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital International Investors grew its holdings in Truist Financial by 93.7% during the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after acquiring an additional 5,632,493 shares in the last quarter. Legal & General Group Plc grew its stake in Truist Financial by 1.0% in the second quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock worth $401,663,000 after purchasing an additional 103,565 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Truist Financial by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock valued at $346,957,000 after buying an additional 299,196 shares during the last quarter. Truist Financial Corp raised its stake in Truist Financial by 6.7% during the second quarter. Truist Financial Corp now owns 4,931,783 shares of the insurance provider’s stock valued at $191,600,000 after buying an additional 311,523 shares in the last quarter. Finally, Jennison Associates LLC lifted its holdings in Truist Financial by 48.9% during the 1st quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock worth $149,698,000 after buying an additional 1,261,598 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Insider Activity at Truist Financial

In other news, CEO William H. Rogers, Jr. bought 57,300 shares of Truist Financial stock in a transaction dated Tuesday, July 23rd. The shares were acquired at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the transaction, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Truist Financial news, CEO William H. Rogers, Jr. bought 57,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were acquired at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the transaction, the chief executive officer now owns 569,271 shares in the company, valued at $25,025,153.16. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The disclosure for this sale can be found here. Company insiders own 0.17% of the company’s stock.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.89%. Truist Financial’s dividend payout ratio (DPR) is currently -157.58%.

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.