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Home » Truist Financial » CFRA Maintains Hold Opinion On Shares Of Truist Financial Corporation

CFRA Maintains Hold Opinion On Shares Of Truist Financial Corporation

Posted on October 20, 2023 By legume No Comments on CFRA Maintains Hold Opinion On Shares Of Truist Financial Corporation

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We decrease our 12-month target price by $1 to $30, 8.6x our 2024 EPS estimate, below TFC’s five-year forward P/E average of 11.0x, given weaker credit quality expectations. We raise our 2023 EPS estimate by $0.05 to $3.76 and increase 2024’s by $0.03 to $3.50. TFC posted adjusted Q3 EPS of $0.84 vs. $1.24 a year ago, $0.01 above consensus. Net interest income (-2% Q/Q) degradation slowed in the quarter as the bank saw 4 bps of improvement in its net interest margin. However, balance sheet optimization led to a 3% decline in loan balances as results reflect the sale of the bank’s student loan portfolio and a 6% drop in indirect auto. As a result, TFC saw a boost to its capital ratios (CET1 ratio +30 bps to 9.9%). After four straight quarters of deposit outflows, momentum reversed with modest 0.3% growth. Investment banking and trading income (-12%) continued to struggle, while wealth management rose 4%. Management did not give a meaningful update on the potential sale of its insurance business.

Financials Tags:Truist Financial

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