Share Repurchase Program Authorized by Truist Financial (NYSE:TFC)

Truist Financial (NYSE:TFC) declared that its board has initiated a stock repurchase plan on Tuesday, December 16th, RTT News reports. The company plans to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the insurance provider to repurchase up to 15.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Truist Financial Stock Down 0.4%

TFC opened at $49.95 on Friday. The firm’s 50 day simple moving average is $45.54 and its two-hundred day simple moving average is $44.58. The company has a market capitalization of $63.90 billion, a PE ratio of 13.43, a PEG ratio of 1.09 and a beta of 0.90. Truist Financial has a 1-year low of $33.56 and a 1-year high of $50.50. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, October 17th. The insurance provider reported $1.04 EPS for the quarter, topping the consensus estimate of $0.99 by $0.05. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The firm had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.20 billion. During the same period in the prior year, the business posted $0.97 EPS. Truist Financial’s revenue was up 1.9% on a year-over-year basis. As a group, equities analysts forecast that Truist Financial will post 4 EPS for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, November 14th. Truist Financial’s payout ratio is presently 55.91%.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Evercore ISI lifted their target price on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Raymond James Financial reaffirmed an “outperform” rating on shares of Truist Financial in a research report on Tuesday, October 7th. UBS Group set a $55.00 price objective on Truist Financial in a report on Tuesday, October 21st. Robert W. Baird restated a “neutral” rating and set a $52.00 target price on shares of Truist Financial in a research note on Thursday, December 11th. Finally, Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $49.93.

Insider Activity

In related 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 value of $239,682.00. Following the completion of the sale, the director directly owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. This represents a 33.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company 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.