Research Analysts Set Expectations for Truist Financial Co.’s Q2 2023 Earnings (NYSE:TFC)

Posted by Defense World Staff on Jul 16th, 2023

Truist Financial Co. (NYSE:TFC – Free Report) – Research analysts at Zacks Research cut their Q2 2023 earnings per share estimates for Truist Financial in a research report issued to clients and investors on Thursday, July 13th. Zacks Research analyst S. Shah now expects that the insurance provider will earn $0.98 per share for the quarter, down from their prior forecast of $1.04. The consensus estimate for Truist Financial’s current full-year earnings is $3.98 per share. Zacks Research also issued estimates for Truist Financial’s Q3 2023 earnings at $0.93 EPS, Q4 2023 earnings at $0.94 EPS, FY2023 earnings at $3.94 EPS, Q1 2024 earnings at $0.93 EPS, Q2 2024 earnings at $0.96 EPS, Q3 2024 earnings at $0.98 EPS, FY2024 earnings at $3.90 EPS, Q1 2025 earnings at $1.00 EPS, Q2 2025 earnings at $1.05 EPS and FY2025 earnings at $4.30 EPS.

Truist Financial (NYSE:TFC – Get Free Report) last released its quarterly earnings results on Thursday, April 20th. The insurance provider reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.04). The company had revenue of $6.15 billion during the quarter, compared to analysts’ expectations of $6.09 billion. Truist Financial had a net margin of 22.81% and a return on equity of 12.37%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.23 earnings per share.

A number of other equities research analysts have also commented on TFC. JPMorgan Chase & Co. lowered their price target on Truist Financial from $50.00 to $41.00 and set a “neutral” rating for the company in a research report on Monday, April 10th. StockNews.com lowered Truist Financial from a “hold” rating to a “sell” rating in a research report on Friday. The Goldman Sachs Group lowered their price target on Truist Financial from $55.00 to $39.00 and set a “buy” rating for the company in a research report on Thursday, March 30th. Piper Sandler decreased their target price on Truist Financial from $53.00 to $46.00 and set an “overweight” rating for the company in a research report on Friday, April 21st. Finally, Odeon Capital Group lowered Truist Financial from a “buy” rating to a “hold” rating and set a $32.75 target price for the company. in a research report on Friday, June 16th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $43.15.

Truist Financial Trading Down 1.5 %

NYSE TFC opened at $33.10 on Friday. The firm has a market capitalization of $44.09 billion, a P/E ratio of 7.37, a PEG ratio of 1.89 and a beta of 1.03. The business has a fifty day simple moving average of $30.87 and a 200 day simple moving average of $37.17. Truist Financial has a 12 month low of $25.56 and a 12 month high of $53.34. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.25.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 1st. Stockholders of record on Friday, May 12th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, May 11th. This represents a $2.08 annualized dividend and a dividend yield of 6.28%. Truist Financial’s payout ratio is 46.33%.

Insider Transactions at Truist Financial

In related news, Director Charles A. Patton bought 3,668 shares of the business’s stock in a transaction on Tuesday, May 2nd. The stock was acquired at an average price of $19.00 per share, for a total transaction of $69,692.00. Following the purchase, the director now directly owns 3,668 shares in the company, valued at $69,692. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.31% of the stock is owned by corporate insiders.

Institutional Trading of Truist Financial

A number of large investors have recently modified their holdings of TFC. Ronald Blue Trust Inc. raised its holdings in shares of Truist Financial by 41.4% during the 2nd quarter. Ronald Blue Trust Inc. now owns 49,199 shares of the insurance provider’s stock valued at $1,677,000 after buying an additional 14,409 shares in the last quarter. SeaCrest Wealth Management LLC raised its holdings in shares of Truist Financial by 42.0% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 48,406 shares of the insurance provider’s stock valued at $1,469,000 after buying an additional 14,320 shares in the last quarter. Patten & Patten Inc. TN raised its holdings in shares of Truist Financial by 2.4% during the 2nd quarter. Patten & Patten Inc. TN now owns 202,199 shares of the insurance provider’s stock valued at $6,137,000 after buying an additional 4,695 shares in the last quarter. Venture Visionary Partners LLC raised its holdings in shares of Truist Financial by 98.5% during the 2nd quarter. Venture Visionary Partners LLC now owns 160,852 shares of the insurance provider’s stock valued at $4,882,000 after buying an additional 79,802 shares in the last quarter. Finally, Park Avenue Securities LLC raised its holdings in shares of Truist Financial by 8.1% during the 2nd quarter. Park Avenue Securities LLC now owns 38,619 shares of the insurance provider’s stock valued at $1,172,000 after buying an additional 2,899 shares in the last quarter. Institutional investors own 71.49% of the company’s stock.

Truist Financial Company Profile

(Get Free Report)

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.