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Truist Financial Corp - Stock Quote TFC

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Morningstar's Truist Financial Corp Stock Analysis

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Similar to Peers, Fees Coming in Light for Truist in Q1, but Fundamentals Still on Right Track

Eric Compton, CFA Senior Equity Analyst

Analyst Note

| Eric Compton, CFA |

Narrow-moat-rated Truist reported first-quarter earnings of $0.99 per share, beating the Factset consensus of $0.93. Top-line revenue of $5.4 billion was essentially in line with consensus of $5.48 billion. Similar to peers, pressure on fees emerged, and as a result revenue was down 4% sequentially rather than the original guide of 1%-2%. This was primarily driven by mortgage-related fees dropping to a new postpandemic low, while investment banking fees were also down substantially. Adjusted expenses came in better than expectations, being roughly flat sequentially rather than increasing. Adjusted ROTCE, excluding reserve releases, was roughly 20%, essentially already hitting the post-merger target of low-20s.

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Truist Financial Corp's Company Profile

Business Description

Based in Charlotte, North Carolina, Truist is the combination of BB&T and SunTrust. Truist is a regional bank with a presence primarily in the Southeastern United States. In addition to commercial banking, retail banking, and investment banking operations, the company operates several nonbank segments, the primary one being its insurance brokerage business.

214 North Tryon Street
Charlotte, NC, 28202
T +1 336 733-2000
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 52,641

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