CHARLOTTE, N.C. - Truist Financial Corporation (NYSE: NYSE:TFC) has announced the declaration of a regular quarterly cash dividend for its common and various series of preferred stock. Shareholders of common stock are set to receive a dividend of $0.52 per share on September 3, 2024, with the record date being August 9, 2024.
In addition to the common stock dividend, Truist's Board of Directors declared dividends on several series of preferred stock, each with their respective record and payment dates. Notably, the Series I, Series J, and Series L Non-Cumulative Perpetual Preferred Stocks will have dividends paid on September 16, following the August 9 record date.
The dividend per share for these series is detailed in the press release, with Series I at approximately $1,549.74, Series J at about $1,578.81, and Series L at nearly $2,199.88.
Furthermore, Series N and Series Q Fixed Rate Reset Non-Cumulative Perpetual Preferred Stocks, alongside Series O and Series R Non-Cumulative Perpetual Preferred Stock, will have dividends issued on September 3. These series also share the August 9 record date, with Series N and Series Q dividends being declared and paid semiannually.
The specific dividend amounts for each preferred stock series, including the dividend per depositary share, are rounded to the hundred-thousandths for clarity.
Truist Financial Corporation, a leading U.S. commercial bank with $520 billion in total assets as of June 30, 2024, is known for its wide range of financial products and services. The bank's offerings span across consumer and small business banking, commercial banking, corporate and investment banking, wealth management, payments, and specialized lending.
This dividend declaration is part of Truist's commitment to providing value to its shareholders and is based on a press release statement from the company.
In other recent news, Truist Financial has demonstrated strong financial performance with robust earnings and revenue results. The company outperformed expectations with a $0.06 per share beat on pre-provision net revenue (PPNR), attributed to stronger net interest income and reduced expenses. Truist Financial also reported a healthy Common Equity Tier 1 (CET1) capital ratio of 11.6% and an increase in tangible book value.
Keefe, Bruyette & Woods upgraded their price target for Truist Financial to $48.00, up from the previous target of $46.00, maintaining an Outperform rating. The firm highlighted Truist Financial's appealing stock due to its balance sheet flexibility, excess liquidity, and capital, along with a modestly liability-sensitive balance sheet.
In terms of company news, Truist Financial reported a robust second quarter in 2024, characterized by growth and a digital push. The company posted adjusted earnings of $1.2 billion, translating to $0.91 per share, and a 3% rise in adjusted revenue. Moreover, Truist completed the sale of its stake in Truist Insurance Holdings and authorized a $5 billion share repurchase program.
These recent developments also include Truist's expectations for loan balances to stabilize in the third quarter and plans to repurchase $500 million of shares per quarter. Lastly, Truist expects revenue to increase and expenses to grow by 3% due to strategic investments in the third quarter of 2024.
InvestingPro Insights
As Truist Financial Corporation (NYSE: TFC) continues to demonstrate its commitment to shareholder value through regular dividend payments, a closer look at some key metrics and tips from InvestingPro can provide investors with a deeper understanding of the company's financial health and future prospects.
InvestingPro data reveals that Truist has a market capitalization of $59.0 billion, indicating its significant presence in the banking sector. The company's Price to Earnings (P/E) ratio stands at -27.12, reflecting current market sentiment. However, looking ahead, the P/E ratio is expected to improve significantly, with a projected adjusted P/E of 4.36 for the last twelve months as of Q2 2024. Moreover, Truist's dividend yield is robust at 4.75%, which is particularly appealing to income-focused investors.
Two InvestingPro Tips highlight the company's performance and outlook. Truist has not only raised its dividend for 9 consecutive years, but it has also maintained dividend payments for an impressive 52 consecutive years, showcasing its reliability and commitment to returning value to shareholders. Analysts have revised their earnings upwards for the upcoming period, which could signal confidence in the bank's ability to grow its net income this year.
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