Truist Financial Prepares for Q4 Earnings Report with Positive Analyst Outlook
Truist Financial Corporation (TFC), based in Charlotte, NC, is a notable $57.6 billion financial services provider. The company offers banking, investment, wealth management, and specialized lending across the Southeastern and Mid-Atlantic United States. TFC is set to release its fiscal fourth-quarter earnings for 2024 on Thursday, Jan. 16, before the market opens.
In advance of the earnings announcement, analysts predict that TFC will report a profit of $0.88 per share on a diluted basis. This represents an 8.6% increase from $0.81 per share in the same quarter last year. TFC has outperformed analysts’ expectations in three of the past four quarters, notably exceeding consensus estimates by 9% in the most recent quarter.
Fiscal 2024 Earnings Predictions
Looking ahead, analysts forecast that TFC will generate earnings per share (EPS) of $3.71 for fiscal 2024, marking a 3.3% increase from the $3.59 EPS reported in fiscal 2023.
Stock Performance Compared to Indices
Over the past year, TFC stock has appreciated by 17.5%. However, this figure falls short when compared to the S&P 500, which has risen by 23.8%, and the US Regional Banks iShares ETF, which has gained 20.4% during the same period.
Strong Q3 Results and Analyst Sentiment
TFC’s third-quarter earnings report, released on October 17, showed earnings of $0.97 per share accompanied by revenue of $5.14 billion, both surpassing analyst expectations. Following this report, TFC’s stock rose by 1.7% in the subsequent trading session.
The overall consensus among analysts regarding TFC stock is relatively optimistic, reflected in a “Moderate Buy” rating. Among the 21 analysts covering the stock, eight recommend a “Strong Buy,” three advocate for a “Moderate Buy,” and ten suggest a “Hold.” The average price target for TFC is set at $50.12, indicating a potential upside of 15.5% from current stock prices.
On the date of publication, Kritika Sarmah did not hold positions in any of the securities mentioned in this article. All information provided in this article serves solely for informational purposes. For more details, please refer to the Barchart Disclosure Policy here.
The views expressed in this article are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
