Truist Financial Corp

Truist Financial Corporation has named Shirley Morejon as regional president of Tennessee, a fast-growing and increasingly competitive market. Morejon replaces Johnny Moore, who was recently named head of commercial banking integration. She brings more than 20 years of banking leadership across commercial banking, treasury management and relationship management, and was previously Bank of America's market executive for the mid-South region. Morejon will grow and deepen client relationships in Tennessee while supporting teammates and communities across the state.

Virtu Financial has launched new notional order execution capabilities for 10b-18 corporate buyback programs, allowing clients to specify purchases by dollar value instead of a fixed number of shares. The feature can calculate trading value with or without commission, helping issuers and broker-dealers manage the exact amount allocated to repurchases. Virtu supports notional instructions across VWAP/TWAP, POV, FAN Aggressive and Passive, and Covert Aggressive algorithms, and says only a handful of financial companies offer this capability. Truist Bank is among Virtu's sell-side partners using the new offering, with its internal analysis showing Virtu's notional execution beating a competing provider on both benchmark performance and total notional value executed. The company generated $360.6 million in Execution Services revenues in the first half of 2026, up 1.4% year over year, and higher adoption could increase volumes and revenues without a comparable increase in overhead.

Citigroup reported second-quarter revenues of $24.79 billion, up 14.3% year over year and 4.5% above analyst expectations, making it the best performer among seven diversified banks tracked. Wells Fargo posted revenues of $22.7 billion, up 8.6% and beating estimates by 3.9%, while U.S. Bancorp reported $7.76 billion, up 9.9% and exceeding estimates by 2.1%. PNC Financial Services Group delivered $6.68 billion, up 17.5% and surpassing estimates by 3.8%, and Truist Financial recorded $5.31 billion, up 5.1% and beating estimates by 1.5%. As a group, the seven banks beat consensus revenue estimates by 4.6%, and their shares are up 3% on average since reporting.

PulteGroup's mortgage unit has entered into a master repurchase agreement to finance the origination of mortgage loans by Pulte Mortgage. The agreement provides for a maximum aggregate commitment of $625 million and expires on August 10, 2027, or earlier if buyers' commitments are terminated. Truist Bank is acting as agent for buyers, and each buyer agrees to make revolving purchases of eligible loans up to the maximum aggregate purchase price. Truist is also a buyer and a swing line facility buyer. PulteGroup stock rose 0.3% in after-hours trading.

The seven diversified banks stocks tracked by this publication reported a strong second quarter, with revenues beating analysts' consensus estimates by 4.6%. Wells Fargo posted revenues of $22.7 billion, up 8.6% year on year and exceeding expectations by 3.9%, while Citigroup delivered the best performance with revenues of $24.79 billion, a 14.3% increase that beat estimates by 4.5%. U.S. Bancorp was the weakest, with revenues of $7.76 billion up 9.9% but a miss on tangible book value per share. Bank of America reported revenues of $31.78 billion, up 15% and beating estimates by 3.3%, and Truist Financial had the slowest revenue growth at 5.1% to $5.31 billion. Despite the strong results, the group's share prices have collectively declined 1.2% on average since the latest earnings.

Truist Financial Corporation declared a regular quarterly cash dividend of $0.52 per common share, payable on September 1, 2026, to shareholders of record on August 14, 2026. The board also declared regular cash dividends on seven series of preferred stock, with record dates of August 14 or August 17 and payment dates of September 1 or September 15, 2026. The preferred dividends include Series I at $0.28469 per depositary share, Series J at $11.68134, Series N at $33.345, Series O at $0.328125, Series Q at $25.50, Series R at $0.296875, and Series S at $20.83333. Truist is a top-10 commercial bank with total assets of $556 billion as of June 30, 2026.

Truist Financial Corporation has appointed John Stucker as Middle Market Sales Leader, a newly created role aimed at driving growth and sales execution in its middle market banking business. Stucker joins from JPMorgan Chase, where he spent more than 25 years in commercial banking leadership, most recently as managing director and national head of multinational corporations. The appointment comes as Truist reported 12% year-over-year growth in middle market deposits during its second quarter, with 9% growth in legacy markets and 27% growth in expansion markets such as Texas, Pennsylvania, and Ohio. In his new role, Stucker will lead the middle market growth strategy, focusing on accelerating performance, deepening client relationships, and increasing market penetration. Truist's middle market banking is part of its Wholesale Banking segment, serving commercial, corporate, institutional, and high-net-worth clients across the U.S.

Truist Securities has appointed Craig Mineard as Managing Director and Co-Head of Technology, Media, and Telecom Investment Banking. Mineard joins Co-Head Thomas Wilson in leading the firm's industry coverage team, strengthening its position in the sector. He brings more than 25 years of experience, most recently serving as Global Joint Head of Media, Communications, and Information Services Investment Banking at Jefferies. Wilson, who joined Truist Securities as Co-Head of TMT in May, also previously held leadership roles at Jefferies. The appointments are part of Truist Securities' effort to expand its talent base amid infrastructure expansion, artificial intelligence integration, and cross-sector convergence.

Avantus has brought its Aratina 1 solar-plus-storage project into commercial operation in Kern County, California. The 200-MW solar facility paired with 500 MWh of battery storage has long-term power purchase agreements with community choice aggregators Central Coast Community Energy and Silicon Valley Clean Energy. A consortium of lenders including Sumitomo Mitsui Banking Corp., Truist Securities, ING Capital, and Mizuho provided more than $500 million in financing, while Truist Bank committed $300 million in tax equity. The project marks a milestone in Avantus's expansion from a clean energy developer to an independent power producer, with the company holding a controlling stake and operating the facility. The adjacent second phase, Aratina 2, is under construction with over $525 million in financing and is expected online by year-end, bringing the combined Aratina Solar Center to 350 MW of solar and 952 MWh of storage.

Truist Financial reported stronger second-quarter 2026 results, with net income rising to US$1,553 million and diluted earnings per share from continuing operations increasing to US$1.23. The bank executed US$1,200 million of share repurchases, retiring about 1.96% of its shares during the quarter as part of a broader US$5 billion buyback plan. Truist also announced a deliberate shift toward higher-quality commercial lending while winding down select consumer loan portfolios, aiming to improve profitability and capital efficiency ahead of a CEO transition in September.

Netflix dropped more than 10% in premarket trading after its second-quarter results failed to impress investors, while Intuitive Surgical fell more than 11% despite beating estimates. Netflix earned 80 cents per share on revenue of $12.56 billion, compared to analyst expectations of 79 cents per share on $12.59 billion, and said it would reduce the frequency of its engagement reports. Intuitive Surgical posted adjusted earnings of $2.80 per share on $2.89 billion in revenue, above forecasts of $2.50 per share on $2.82 billion, but maintained its full-year procedure growth outlook of around 14%. Alphabet slid 1.5%, extending Thursday's 4.5% drop after a report that Google is months behind on its latest Gemini AI model. SpaceX fell more than 3.5% after aborting a Starship launch due to engine issues, with CEO Elon Musk saying another attempt would come in days. Verizon Communications rose 1% on plans to sell 274 retail stores and cut about 500 jobs as part of restructuring. BP and ConocoPhillips each gained more than 1% on news they will announce billions of dollars in new Iraq investments. Truist Financial added 1.4% after beating earnings estimates with $1.23 per share versus the $1.08 consensus. Alcoa slipped 0.5% despite topping forecasts with adjusted earnings of $2.12 per share on $3.97 billion in revenue, while lowering its 2026 alumina production outlook. Software stocks broadly declined, with the iShares Expanded Tech-Software Sector ETF down more than 1.5% and names like Salesforce, Palantir, ServiceNow, and Microsoft all lower. Memory stocks continued to unwind, as the Roundhill Memory ETF fell more than 3% and was on track for a 19% weekly loss, with Western Digital, Micron, and Seagate all declining. Fifth Third Bancorp edged higher even after a slight earnings miss, as net interest income rose 48% year-over-year and met expectations.

Truist Financial Corporation reported a higher profit for its second quarter. The company's bottom line totaled $1.519 billion, or $1.23 per share, compared with $1.180 billion, or $0.90 per share, in the same period last year. Revenue for the period rose 5.4% to $5.31 billion from $5.04 billion a year earlier. The company provided guidance for the next quarter's revenue growth of 1% and full-year revenue growth of 3.5% to 4%.

Truist Financial Corporation announced in late June 2026 that former Fiserv CEO Mike Lyons will lead the bank. The company also released its latest Dodd-Frank company-run stress test results and was added to the Russell 1000 Defensive and Russell 1000 Value-Defensive Indexes. The stress test outcomes provide updated information on how the balance sheet might perform under adverse scenarios, which is particularly relevant given Truist's above-average exposure to commercial real estate. The leadership change and index inclusions sit alongside the stress test results when assessing the bank's current risk-reward profile.

Truist Financial stock appears 33.2% undervalued based on an Excess Returns model, even after an 85.2% total return over three years. The model uses a book value of $47.60 per share and a stable EPS estimate of $5.13 per share to derive an intrinsic value of $74.61 per share, well above the recent price around $49.82. On a price-to-earnings basis, Truist trades at about 12.0 times earnings, slightly below the banks industry average of 12.3 times and a tailored fair P/E of 13.1 times. The surprise CEO transition to Michael P. Lyons introduces uncertainty that may explain why the market prices the stock below the Excess Returns estimate, though broader checks show Truist screens as undervalued in five of six areas.

Truist Financial Corporation announced the release of its annual company-run stress test results on June 26, 2026. The test was conducted in accordance with Dodd-Frank Act regulations issued by the Federal Reserve and the FDIC. Separately, Fiserv announced that Takis Georgakopoulos was appointed CEO and joined the board of directors, effective immediately. Georgakopoulos succeeds Mike Lyons, who stepped down as Fiserv CEO and board member to return to banking and become CEO of Truist Financial.

San Mateo Midstream has agreed to acquire the operating subsidiaries of Cardinal Midstream Partners for $752 million in cash. The deal, expected to close by July 31, 2026, will add a cryogenic natural gas processing plant in Loving County, Texas with 320 million cubic feet per day of capacity and about 145 miles of gathering pipelines. The acquisition is projected to boost San Mateo's total processing capacity to over one billion cubic feet per day and expand its pipeline network to more than 800 miles. San Mateo expects the Cardinal assets to be immediately accretive to Adjusted EBITDA and cash flows, with annualized Adjusted EBITDA from the assets potentially reaching $110 million by 2028. The purchase will be financed partly through a new $650 million term loan led by PNC Bank and Truist Bank, with the remainder from cash on hand, existing credit facility borrowings, and partner capital contributions.

Stephens resumed coverage of Truist Financial Corporation with an Overweight rating and a $59 price target on June 15. The firm also resumed coverage of eight other super-regional banks, expressing a broadly constructive outlook on the group, noting improved operating leverage over the past year and forecasting 2026 capital return at levels not seen since 2019, with potential acceleration pending Basel 3 Endgame proposals. Separately, Baird downgraded Truist Financial to Neutral from Outperform on May 1, keeping its price target at $55, citing valuation after a 17% share price increase from March lows and pointing to other banks with better pre-provision net revenue growth and earnings potential.

Newly amended index inclusion rules allowing megacap IPOs like SpaceX, Anthropic, and OpenAI to enter major indexes within days could threaten the Trump bull market. Nasdaq Global Indexes now permits non-financial companies ranking in the top 40 market cap of the Nasdaq-100 to be added after just 15 trading days, while FTSE Russell adds eligible megacap IPOs to the Russell 1000 and Russell 3000 after only five trading sessions. Historically, the hottest tech IPOs have suffered an average year-one drawdown of 55%, according to Truist Financial, and investors consistently overestimate the optimization rate of innovations like artificial intelligence. With these three AI-driven companies commanding massive valuations and poised for significant index weightings, their potential post-IPO declines could drag down the broader market.

Lancaster Avenue 21st Century Business Association Community Development Corporation has received grant support from Truist Foundation to expand its Small Business Sustainability Initiative. The program helps Philadelphia entrepreneurs strengthen their businesses through strategic planning, technical assistance, coaching, capital readiness support, and practical applications of artificial intelligence. Truist Pennsylvania and New Jersey Regional President Lindsey Stampone said the partnership aims to help small businesses build capacity and create lasting opportunities. LA21-CDC President and CEO Kwaku Boateng noted the initiative combines proven business development methods with AI tools to improve productivity and decision-making. Participating businesses will receive support in areas such as business planning, financial management, marketing, and digital presence.

Truist Financial Corporation announced the release of its 2026 company-run stress test results under the Dodd-Frank Act. Chairman and CEO Bill Rogers stated that the results reaffirm the benefits of the company's diverse business mix and disciplined risk management culture. Truist's current stress capital buffer requirement of 2.5 percent will remain in effect until September 30, 2027, consistent with the Federal Reserve's February 4, 2026 announcement. The results are available on Truist's investor relations website.

CIM Group's Permanent Power Company has closed an approximately $600 million construction financing facility for its Grape solar and energy storage project in California. The financing package includes an approximately $372.3 million construction-to-term loan, an approximately $166.7 million tax credit transfer bridge loan, and an approximately $61.3 million letter of credit facility, with Truist as administrative agent and Wells Fargo as collateral agent. Grape is a 246.4 MWac solar photovoltaic project with 150 MWac, or 600 MWh, of battery energy storage systems located in Westlands Solar Park, one of the largest permitted solar parks in the U.S. The project is fully contracted under a long-term power purchase agreement with an investment-grade, regulated energy service provider and is expected to support more than 400 construction jobs while generating enough clean energy to power over 86,000 California homes annually. Upon completion, Grape will contribute to a broader portfolio expected to comprise approximately 1,200 MWac of solar PV and 690 MWac, or 2,760 MWh, of battery energy storage systems.

Fiserv CEO Mike Lyons has resigned to become the next CEO of Truist, a super-regional bank with roughly $549 billion in assets. Lyons joined Fiserv at the beginning of 2025 and was leading a turnaround effort after the company missed third-quarter earnings estimates by about 23% and cut its full-year forecast by about 16%, sending the stock down more than 70% over the past year. His departure raises questions about the turnaround, especially since a significant part of his $70 million pay package was tied to performance stock units based on metrics like total shareholder return and organic revenue growth. Fiserv named Takis Georgakopoulos, a former JPMorgan Chase payments executive, as its new CEO. The article suggests investors should reevaluate their thesis given the leadership change.

Truist reported a 63% increase in patent application filings over the past year, with nearly half of those filings incorporating an AI or machine learning component. The growth earned Truist a spot on the Patent 300 list, which recognizes top corporate innovators in the United States. Teammate participation in the patent program rose 58% year over year, reflecting a broader push to scale ideas from across the enterprise. Since the program began, Truist has secured over 1,200 patents and patent applications, including an in-house AI tool called Truist Client Pulse that turns millions of client conversations into actionable insights.