BUZZ-Truist Financial shares rise after third-quarter earnings exceed expectations

October 16 - ** Shares of US lender Truist Financial (TFC.N) rose 2.6% to 47.85 USD

** The company reported third-quarter adjusted earnings per share of 1.16 USD, beating analysts’ expectations of 1.11 USD — LSEG data.

** However, adjusted revenue was 5.3 billion USD, missing the expected 5.35 billion USD.

** The company also lost 1.4 billion USD from the sale of some bonds and lost 66 million USD from selling part of its subprime loans through its auto lending unit Regional Acceptance Corporation.

** The current share price translates to a forward 12-month price-to-earnings (P/E) ratio of 9.48, below the industry median of 10.18.

** Of 22 brokerages, 6 have a “buy” or higher rating, 12 have a “hold” rating, and 4 have a “sell” rating. The median price target is 54.50 USD — LSEG data.

** Including the day’s gain, TFC shares are down nearly 3% year-to-date.

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