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Truist Financial Corporation (TFC), headquartered in Charlotte, North Carolina, is a financial services company that provides banking and trust services in the Southeastern and Mid-Atlantic United States. Valued at $52.52 billion by market cap, the company offers a wide range of products and services through its wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, wealth management, payments, and specialized lending businesses. The regional banking major is expected to announce its fiscal second-quarter earnings for 2024 before the market opens on Monday, July 22.
Ahead of the event, analysts expect TFC to report a profit of $0.77 per share on a diluted basis, down 19% from $0.95 per share in the year-ago quarter. The company beat the consensus estimates in two of the last four quarters while missing on two other occasions. During the previous quarter, TFC grappled with muted loan demand amid a high interest-rate environment, leading to a fall in revenue.
For fiscal 2024, analysts expect TFC to report EPS of $3.36, down 6.4% from $3.59 in fiscal 2023.
TFC stock has outperformed the S&P 500’s ($SPX) 23.8% gains over the past 52 weeks, with shares up 30.4% during this period. Similarly, it outshined the US Regional Banks iShares ETF’s (IAT) 24.1% gains over the same time frame.
On Apr. 22, TFC shares closed up more than 3% after the company reported its Q1 results. Its adjusted EPS of $0.90 surpassed the consensus estimates of $0.81.
Analysts’ consensus opinion on TFC stock is bullish, with a “Moderate Buy” rating overall. Out of 21 analysts covering the stock, 10 advise a “Strong Buy” rating, three have a “Moderate Buy” rating, and eight suggest a “Hold.” The average analyst price target for TFC is $43.52, indicating a 10% potential upside from the current levels.
On the date of publication, Dipanjan Banchur did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
