Truist Financial Corporation (TFC) Outpaces Stock Market Gains: What You Should Know
Truist Financial Corporation (TFC) closed at $37.24 in the latest trading session, marking a +0.35% move from the prior day. The stock's change was more than the S&P 500's daily gain of 0.14%. At the same time, the Dow added 0.3%, and the tech-heavy Nasdaq gained 0.16%.
Heading into today, shares of the company had gained 17.59% over the past month, outpacing the Finance sector's gain of 7.7% and the S&P 500's gain of 4.89% in that time.
Market participants will be closely following the financial results of Truist Financial Corporation in its upcoming release. The company plans to announce its earnings on January 18, 2024. The company's upcoming EPS is projected at $0.88, signifying a 32.31% drop compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $5.63 billion, showing a 9.29% drop compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates project earnings of $3.76 per share and a revenue of $23.35 billion, demonstrating changes of -24.19% and +1.38%, respectively, from the preceding year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Truist Financial Corporation. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Truist Financial Corporation is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Truist Financial Corporation is currently trading at a Forward P/E ratio of 9.87. This signifies a discount in comparison to the average Forward P/E of 10.22 for its industry.
It's also important to note that TFC currently trades at a PEG ratio of 2.21. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As the market closed yesterday, the Banks - Major Regional industry was having an average PEG ratio of 1.55.
The Banks - Major Regional industry is part of the Finance sector. With its current Zacks Industry Rank of 162, this industry ranks in the bottom 36% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Truist Financial Corporation (TFC) : Free Stock Analysis Report
