Truist Financial Corp TFC:NYSE

Last Price$46.12NYSE Previous Close - Last Trade as of 7:00PM ET 5/16/22

Today's Change-0.19(0.41%)
Bid (Size)$46.12 (2)
Ask (Size)$46.20 (3)
Day Low / High$45.52 - 46.63
Volume7.8 M

Research Alert: CFRA Keeps Buy Opinion On Shares Of Truist Financial Corp.

11:10AM ET 1/18/2022 MT Newswires
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our target by $10 to $75, 13.3x our '23 EPS estimate, above TFC's five-year forward P/E avg. of 12.7x. We lift our '22 EPS estimate by $0.05 to $5.01 on a strong credit outlook and start '23's at $5.66 as cost saves remain on track. TFC posts adj. Q4 EPS of $1.38 vs. $1.18 a year ago, $0.12 above consensus on reserve releases of $103 million. Net interest income was relatively flat Q/Q, with loan balances stabilizing after five consecutive quarters of declining balances. Core NIM was 2.55%, -3bps Q/Q, but we think NIM may have bottomed, as we expect an improving rate environment in 2022, with loan growth in the mid/high single digits. In contrast to 2021, we expect loan growth in 2022 to likely benefit from improvements in auto dealer floor plans and CRE. Noninterest income decreased 2% Q/Q, although insurance income was up 3%. In 2022, we expect 3% growth in noninterest income with insurance income accounting for a majority of the growth.