Financial services company Truist Financial (NYSE: TFC) will be announcing earnings results this Friday before the bell. Here’s what to look for.
Truist Financial met analysts’ revenue expectations last quarter, reporting revenues of $5.30 billion, up 3.6% year on year. It was a slower quarter for the company, with a slight miss of analysts’ net interest income estimates and a narrow beat of analysts’ EPS 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 4.6% year on year, improving from the 1.6% 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 to 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 Q1 results, giving us a hint as to what we can expect. Citigroup delivered year-on-year revenue growth of 14.1%, beating analysts’ expectations by 5.1%, and PNC Financial Services Group reported revenues up 13%, falling short of estimates by 1.1%. Citigroup traded up 4.2% following the results.
Read our full analysis of Citigroup’s results here and PNC Financial Services Group’s results here.
There has been positive sentiment among investors in the diversified banks segment, with share prices up 9.1% on average over the last month. Truist Financial is up 12% during the same time and is heading into earnings with an average analyst price target of $54.13 (compared to the current share price of $49.92).
ONE MORE THING: The $21 AI Application Stock Wall Street Forgot. While Wall Street obsesses over who’s building AI, one company is already using it to print money. And nobody’s paying attention.
AI chip stocks trade at ridiculous valuations. This company processes a trillion consumer signals monthly using AI and trades at a third of the price. The gap won’t last. The institutions will figure it out. You need to see this first. Read the FREE Report Before They Notice.
