Earnings To Watch: Truist Financial (TFC) Reports Q3 Results Tomorrow
Financial services company Truist Financial (NYSE:TFC) will be reporting results this Friday before market hours. Here’s what investors should know.
Truist Financial beat analysts’ revenue expectations last quarter, reporting revenues of $5.31 billion, up 5.1% year on year. It was a mixed quarter for the company, with a beat of analysts’ EPS estimates but a miss of analysts’ net interest income estimates.
Is Truist Financial a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Truist Financial’s revenue to grow 2.3% year on year, in line with the 1.9% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Truist Financial has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Truist Financial’s peers in the diversified banks segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Citigroup delivered year-on-year revenue growth of 7.9%, beating analysts’ expectations by 0.6%, and Bank of America reported revenues up 3.2%, falling short of estimates by 1.4%. Citigroup traded down 7.1% following the results.
Read our full analysis of Citigroup’s results here and Bank of America’s results here.
Over the last year or so, investors’ attention has moved from one major market theme to the next, spanning AI disruption and surging infrastructure investment to geopolitical tensions, interest rates, and the health of the broader economy. While some of the diversified banks stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 8% on average over the last month. Truist Financial is down 9% during the same time and is heading into earnings with an average analyst price target of $54.03 (compared to the current share price of $45.93).
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