Jefferies Financial Group Weighs in on Truist Financial Co.’s FY2021 Earnings (NYSE:TFC)

Truist Financial Co. (NYSE:TFC) – Equities research analysts at Jefferies Financial Group raised their FY2021 earnings estimates for shares of Truist Financial in a report released on Monday, October 18th. Jefferies Financial Group analyst K. Usdin now forecasts that the insurance provider will post earnings of $5.43 per share for the year, up from their previous forecast of $5.17. Jefferies Financial Group has a “Hold” rating and a $66.00 price objective on the stock. Jefferies Financial Group also issued estimates for Truist Financial’s Q4 2021 earnings at $1.27 EPS and Q4 2022 earnings at $1.30 EPS.

Several other brokerages have also commented on TFC. Odeon Capital Group lowered shares of Truist Financial from a “buy” rating to a “hold” rating in a research report on Monday, July 19th. Wolfe Research lowered shares of Truist Financial from an “outperform” rating to an “underperform” rating and lowered their price objective for the stock from $71.00 to $64.00 in a research report on Tuesday, October 5th. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $63.00 to $72.00 in a research report on Friday, October 1st. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research note on Thursday, July 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Truist Financial has an average rating of “Hold” and a consensus price target of $62.20.

TFC opened at $63.88 on Thursday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.78 and a quick ratio of 0.78. The company’s 50-day moving average is $57.55 and its 200 day moving average is $57.59. Truist Financial has a fifty-two week low of $40.05 and a fifty-two week high of $63.89. The firm has a market capitalization of $85.91 billion, a P/E ratio of 16.68, a PEG ratio of 1.13 and a beta of 1.34.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Thursday, October 14th. The insurance provider reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.22. Truist Financial had a net margin of 23.46% and a return on equity of 11.13%. The company had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.53 billion. During the same period last year, the firm earned $0.97 earnings per share. The firm’s revenue was down .9% on a year-over-year basis.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Friday, August 13th were given a dividend of $0.48 per share. This is an increase from Truist Financial’s previous quarterly dividend of $0.45. This represents a $1.92 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date was Thursday, August 12th. Truist Financial’s payout ratio is presently 50.53%.

In other Truist Financial news, CEO William H. Rogers, Jr. bought 67,000 shares of Truist Financial stock in a transaction dated Monday, October 18th. The shares were purchased at an average cost of $61.85 per share, with a total value of $4,143,950.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kelly S. King sold 71,611 shares of Truist Financial stock in a transaction dated Monday, October 18th. The stock was sold at an average price of $61.98, for a total transaction of $4,438,449.78. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,903 shares of company stock worth $11,466,799. Insiders own 0.37% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wallington Asset Management LLC raised its holdings in shares of Truist Financial by 2.6% during the second quarter. Wallington Asset Management LLC now owns 174,089 shares of the insurance provider’s stock valued at $9,662,000 after purchasing an additional 4,410 shares during the last quarter. Systematic Alpha Investments LLC grew its position in Truist Financial by 6.7% during the second quarter. Systematic Alpha Investments LLC now owns 234,093 shares of the insurance provider’s stock valued at $13,568,000 after buying an additional 14,735 shares during the period. California State Teachers Retirement System grew its position in Truist Financial by 1.1% during the first quarter. California State Teachers Retirement System now owns 2,461,311 shares of the insurance provider’s stock valued at $143,544,000 after buying an additional 27,294 shares during the period. Trexquant Investment LP boosted its position in shares of Truist Financial by 114.7% in the first quarter. Trexquant Investment LP now owns 23,585 shares of the insurance provider’s stock worth $1,375,000 after purchasing an additional 12,599 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Truist Financial by 167.9% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 328,167 shares of the insurance provider’s stock worth $19,139,000 after purchasing an additional 205,653 shares during the period. 70.76% of the stock is owned by hedge funds and other institutional investors.

About Truist Financial

Truist Financial Corp. operates as a financial holding company, which engages in the provision of banking services to individuals, businesses and municipalities. The firm offers a variety of loans and lease financing to individuals and entities, including insurance premium financing, permanent commercial real estate financing arrangements, loan servicing for third-party investors, direct consumer finance loans to individuals, credit card lending, automobile financing and equipment financing.

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Earnings History and Estimates for Truist Financial (NYSE:TFC)

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