Jefferies Financial Group Equities Analysts Reduce Earnings Estimates for Truist Financial Co. (NYSE:TFC)

Truist Financial Co. (NYSE:TFC – Get Rating) – Research analysts at Jefferies Financial Group decreased their Q3 2022 earnings per share (EPS) estimates for Truist Financial in a report issued on Wednesday, July 20th. Jefferies Financial Group analyst K. Usdin now forecasts that the insurance provider will post earnings of $1.30 per share for the quarter, down from their prior estimate of $1.33. The consensus estimate for Truist Financial’s current full-year earnings is $4.93 per share. Jefferies Financial Group also issued estimates for Truist Financial’s Q1 2023 earnings at $1.33 EPS, Q2 2023 earnings at $1.35 EPS, Q3 2023 earnings at $1.36 EPS and FY2023 earnings at $5.45 EPS.

Truist Financial (NYSE:TFC – Get Rating) last announced its earnings results on Tuesday, July 19th. The insurance provider reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.03. The business had revenue of $5.66 billion during the quarter, compared to the consensus estimate of $5.65 billion. Truist Financial had a return on equity of 12.14% and a net margin of 27.25%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the prior year, the company posted $1.55 EPS.

Several other research analysts also recently weighed in on TFC. Bank of America downgraded Truist Financial from a “buy” rating to a “neutral” rating and set a $58.00 target price for the company. in a research note on Friday, April 8th. Wells Fargo & Company reduced their target price on Truist Financial from $69.00 to $59.00 and set an “overweight” rating for the company in a research note on Friday, July 1st. Barclays reduced their target price on Truist Financial to $61.00 in a research note on Friday. Stephens dropped their price target on Truist Financial from $74.00 to $64.00 and set an “overweight” rating for the company in a research report on Tuesday, June 7th. Finally, Credit Suisse Group dropped their price target on Truist Financial to $52.00 in a research report on Friday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $57.58.

Truist Financial Trading Down 0.4 %

Shares of TFC stock opened at $48.14 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.76 and a quick ratio of 0.75. The company has a market cap of $64.09 billion, a price-to-earnings ratio of 10.92, a PEG ratio of 1.22 and a beta of 1.14. The stock has a 50 day simple moving average of $47.63 and a 200-day simple moving average of $54.60. Truist Financial has a 1-year low of $44.68 and a 1-year high of $68.95.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 1st. Shareholders of record on Friday, May 13th were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 3.99%. The ex-dividend date of this dividend was Thursday, May 12th. Truist Financial’s payout ratio is currently 43.54%.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, Director Steven C. Voorhees purchased 20,000 shares of the stock in a transaction dated Wednesday, May 4th. The stock was acquired at an average cost of $49.82 per share, for a total transaction of $996,400.00. Following the acquisition, the director now owns 60,873 shares in the company, valued at approximately $3,032,692.86. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO William H. Rogers, Jr. sold 142,606 shares of the stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $47.78, for a total transaction of $6,813,714.68. Following the completion of the transaction, the chief executive officer now directly owns 862,590 shares in the company, valued at approximately $41,214,550.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Steven C. Voorhees purchased 20,000 shares of the stock in a transaction dated Wednesday, May 4th. The shares were acquired at an average price of $49.82 per share, with a total value of $996,400.00. Following the completion of the acquisition, the director now owns 60,873 shares in the company, valued at approximately $3,032,692.86. The disclosure for this purchase can be found here. 0.31% of the stock is owned by company insiders.

Hedge Funds Weigh In On Truist Financial

A number of hedge funds have recently modified their holdings of the business. Elmwood Wealth Management Inc. acquired a new position in Truist Financial during the 4th quarter worth about $25,000. Fairfield Bush & CO. acquired a new position in Truist Financial during the 1st quarter worth about $25,000. Carolina Wealth Advisors LLC acquired a new position in Truist Financial during the 1st quarter worth about $26,000. Cyrus J. Lawrence LLC acquired a new position in Truist Financial during the 1st quarter worth about $27,000. Finally, Swaine & Leidel Wealth Services LLC acquired a new position in Truist Financial during the 1st quarter worth about $27,000. 72.79% of the stock is currently owned by hedge funds and other institutional investors.

About Truist Financial

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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.