Truist Financial (NYSE:TFC) Board Declares Stock Repurchase Plan

Truist Financial (NYSE:TFC) announced that its board has initiated a share buyback program on Tuesday, December 16th, RTT News reports. The company plans to buyback $10.00 billion in shares. This buyback authorization allows the insurance provider to reacquire up to 15.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

TFC has been the topic of several research reports. Piper Sandler set a $48.00 price target on shares of Truist Financial in a research note on Monday, October 20th. Evercore ISI raised their target price on shares of Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. UBS Group set a $55.00 price target on Truist Financial in a research report on Tuesday, October 21st. Baird R W cut Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Finally, Weiss Ratings lowered Truist Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $49.93.

Truist Financial Trading Up 0.9%

Shares of NYSE TFC traded up $0.44 during mid-day trading on Wednesday, reaching $50.15. 8,856,290 shares of the company’s stock were exchanged, compared to its average volume of 7,331,427. The company’s 50-day moving average is $45.42 and its 200-day moving average is $44.54. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market capitalization of $64.16 billion, a price-to-earnings ratio of 13.48, a PEG ratio of 1.08 and a beta of 0.90. Truist Financial has a 52-week low of $33.56 and a 52-week high of $50.43.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, October 17th. The insurance provider reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The company had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.20 billion. During the same quarter in the prior year, the company posted $0.97 earnings per share. Truist Financial’s revenue for the quarter was up 1.9% compared to the same quarter last year. Analysts expect that Truist Financial will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Friday, November 14th. Truist Financial’s payout ratio is currently 55.91%.

Insider Transactions at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the sale, the director directly owned 10,153 shares in the company, valued at $471,606.85. This represents a 33.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.17% of the company’s stock.

Truist Financial Company Profile

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.