Truist Financial Co. (NYSE:TFC) to Post Q3 2024 Earnings of $0.85 Per Share, Zacks Research Forecasts

Truist Financial Co. (NYSE:TFC - Free Report) - Analysts at Zacks Research increased their Q3 2024 EPS estimates for Truist Financial in a research note issued to investors on Monday, August 12th. Zacks Research analyst R. Department now anticipates that the insurance provider will post earnings of $0.85 per share for the quarter, up from their prior forecast of $0.80. 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 $0.86 EPS, FY2024 earnings at $3.52 EPS, Q2 2025 earnings at $0.95 EPS, Q3 2025 earnings at $0.96 EPS, Q4 2025 earnings at $1.03 EPS, FY2025 earnings at $3.79 EPS, Q1 2026 earnings at $1.00 EPS, Q2 2026 earnings at $1.08 EPS and FY2026 earnings at $4.40 EPS.

Several other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of Truist Financial from $39.50 to $40.50 and gave the company a "neutral" rating in a report on Wednesday, May 1st. Bank of America boosted their target price on shares of Truist Financial from $45.00 to $50.00 and gave the company a "buy" rating in a report on Tuesday, July 23rd. HSBC boosted their target price on shares of Truist Financial from $40.00 to $41.00 and gave the company a "hold" rating in a report on Wednesday, May 8th. StockNews.com lowered shares of Truist Financial from a "hold" rating to a "sell" rating in a report on Tuesday, July 23rd. Finally, Stephens boosted their price target on shares of Truist Financial from $43.00 to $47.00 and gave the company an "overweight" rating in a research note on Thursday, May 16th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $45.30.

Truist Financial Price Performance

TFC traded up $0.47 on Thursday, reaching $42.37. 6,418,208 shares of the company's stock were exchanged, compared to its average volume of 8,408,732. The stock has a market cap of $56.70 billion, a PE ratio of -32.10, a P/E/G ratio of 1.95 and a beta of 1.06. Truist Financial has a twelve month low of $26.57 and a twelve month high of $45.31. The stock's fifty day moving average price is $40.11 and its 200-day moving average price is $38.27. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86.

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

Hedge Funds Weigh In On Truist Financial

Large investors have recently made changes to their positions in the stock. Crewe Advisors LLC purchased a new position in shares of Truist Financial in the 1st quarter valued at about $27,000. Opal Wealth Advisors LLC purchased a new position in Truist Financial during the 1st quarter valued at about $29,000. MFA Wealth Advisors LLC purchased a new position in Truist Financial during the 2nd quarter valued at about $30,000. Y.D. More Investments Ltd purchased a new position in Truist Financial during the 2nd quarter valued at about $31,000. Finally, Missouri Trust & Investment Co increased its holdings in Truist Financial by 227.2% during the 4th quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider's stock valued at $32,000 after acquiring an additional 593 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Insider Buying and Selling

In related news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the company's stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of the business's stock in a transaction on Tuesday, July 23rd. The shares were purchased at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the transaction, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is owned by company insiders.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.91%. The ex-dividend date is Friday, August 9th. Truist Financial's dividend payout ratio 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.