Truist Financial Posts Strong Q3 Results; Shares Rise 1.2%

Shares of financial services company Truist Financial Corporation (TFC) gained 1.2% to close at $61.54 in Friday’s extended trading session after the company reported better-than-expected results for the third quarter ended September 30, 2021.

Truist Financial reported quarterly revenues of $5.6 billion, surpassing the Street’s estimate of $5.51 billion. The growth in revenues was primarily driven by a 7% year-over-year rise in noninterest income to $2.4 billion.

The company reported quarterly earnings of $1.42 per share, up 46.4% from the prior year’s figure of $0.97. Further, the EPS figure topped the consensus estimate of $1.20.

The CEO of Truist Financial, William H. Rogers Jr., said, “Truist produced solid results in the third quarter, driven by strong fee income from our diverse business mix – including wealth, insurance brokerage, investment banking, and positive trends in a number of other businesses given improving economic conditions. We also continue to deliver exceptional credit performance with net charge-offs at 19 basis points. The health of our clients remains strong and we delivered average loan growth of 2% annualized compared to the prior quarter, excluding PPP loans.” (See Truist Financial stock chart on TipRanks)

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Recently, Evercore ISI analyst John Pancari reiterated a Buy rating on the stock with a price target of $68, which implies upside potential of 10.9% from current levels.

The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 6 Buys, 4 Holds and 1 Sell. The average Truist Financial price target of $66.50 implies that the stock has upside potential of 8.4% from current levels.

Truist Financial scores a 7 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market expectations. Shares have gained 47.6% over the past year.

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