Financial services company Truist Financial (NYSE: TFC) will be announcing earnings results this Friday morning. Here’s what you need to know.
Truist Financial met analysts’ revenue expectations last quarter, reporting revenues of $5.20 billion, up 5% year on year. It was a mixed quarter for the company, with a beat of analysts’ EPS estimates but a slight 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 3.6% year on year, improving from its flat revenue 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 Q2 results, giving us a hint as to what we can expect. Citigroup delivered year-on-year revenue growth of 14.3%, beating analysts’ expectations by 4.5%, and Wells Fargo reported revenues up 8.6%, topping estimates by 3.9%. Citigroup traded down 4.1% following the results while Wells Fargo’s stock price was unchanged.
Read our full analysis of Citigroup’s results here and Wells Fargo’s results here.
There has been positive sentiment among investors in the diversified banks segment, with share prices up 4.8% on average over the last month. Truist Financial is up 7.1% during the same time and is heading into earnings with an average analyst price target of $55.10 (compared to the current share price of $52.60).
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