Truist Financial Corporation is a financial services company that provides banking and trust services in the Southeastern and Mid-Atlantic United States. It operates through two segments: Consumer and Small Business Banking, and Wholesale Banking. Its offerings include deposit products such as checking, savings, money market accounts, certificates of deposit, and individual retirement accounts, along with lending, asset management, investment brokerage, mobile and online banking, payment solutions, and wealth management. The company was formerly known as BB&T Corporation and changed its name to Truist Financial Corporation in December 2019. It was founded in 1872 and is headquartered in Charlotte, North Carolina.
Truist beats Q2 but cuts 2026 outlook; new CEO takes over
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New CEO Mike Lyons to lead Truist Truist hired Fiserv CEO Mike Lyons as its next CEO, starting September 1. He has a turnaround background, which could improve operations and lift the stock if he delivers. Current CEO William Rogers becomes executive chair until retirement next April.
A new CEO is a major leadership change that can drive long-term performance and investor confidence.
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Q2 earnings beat estimates Truist reported Q2 earnings of $1.23 per share, beating the $1.08 consensus and up 36.7% from a year ago. Revenue also topped expectations. This shows the bank is more profitable than expected, which supports the stock price.
An earnings beat is a direct positive signal about current profitability and often boosts investor confidence.
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2026 revenue and net interest income outlook cut Truist lowered its 2026 revenue growth forecast to 3.5%-4% from 4% and net interest income growth to 1%-1.5% from 2%-3%. It cited portfolio exits and spread compression. Lower future growth expectations can weigh on the stock price.
Reduced guidance directly affects future earnings expectations and is a key reason the stock may face pressure.
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Net interest margin contraction and rising credit costs Net interest margin fell to 2.98%, and net charge-offs and non-performing assets rose. However, provisions for credit losses decreased. Margin pressure and worsening credit quality are concerns, but lower provisions and strong capital returns ($1.8B) provide some balance.
Margin and credit quality are core drivers of bank profitability and risk, directly impacting the stock's valuation.
Q3 2026
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Truist beats Q2 but cuts 2026 outlook; new CEO takes over
▲
New CEO Mike Lyons to lead Truist Truist hired Fiserv CEO Mike Lyons as its next CEO, starting September 1. He has a turnaround background, which could improve operations and lift the stock if he delivers. Current CEO William Rogers becomes executive chair until retirement next April.
A new CEO is a major leadership change that can drive long-term performance and investor confidence.
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Q2 earnings beat estimates Truist reported Q2 earnings of $1.23 per share, beating the $1.08 consensus and up 36.7% from a year ago. Revenue also topped expectations. This shows the bank is more profitable than expected, which supports the stock price.
An earnings beat is a direct positive signal about current profitability and often boosts investor confidence.
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2026 revenue and net interest income outlook cut Truist lowered its 2026 revenue growth forecast to 3.5%-4% from 4% and net interest income growth to 1%-1.5% from 2%-3%. It cited portfolio exits and spread compression. Lower future growth expectations can weigh on the stock price.
Reduced guidance directly affects future earnings expectations and is a key reason the stock may face pressure.
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Net interest margin contraction and rising credit costs Net interest margin fell to 2.98%, and net charge-offs and non-performing assets rose. However, provisions for credit losses decreased. Margin pressure and worsening credit quality are concerns, but lower provisions and strong capital returns ($1.8B) provide some balance.
Margin and credit quality are core drivers of bank profitability and risk, directly impacting the stock's valuation.
News & notes movingTFC
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NexPoint Residential Trust Fair Value Cut 13% to US$26.50 After Analyst Target Reductions
The fair value estimate for NexPoint Residential Trust has been revised down from US$30.40 to US$26.50, a reduction of about 13% in the updated model. The revision follows analyst target cuts, with Truist lowering its price target to US$18 from US$26 and Deutsche Bank reducing its target to US$23 from US$27, while both firms maintain Hold ratings on the stock. Truist said its 2027 NFFO estimate was reduced by 24% after a 21% trim a quarter earlier due to higher interest rates, and pointed to net debt or EBITDA near 12x and 86% of debt unhedged at floating rates as of 1 September 2026. Deutsche Bank moved the broader multifamily real estate investment trust sector to a Neutral rating and flagged earnings pressure from interest rates. In the revised valuation framework, the revenue growth assumption moved from 1.48% to 3.10%, the net profit margin assumption shifted from 14.98% to 16.41%, the future P/E multiple was reduced from 25.61x to 20.55x, and the discount rate increased from 9.92% to 10.60%.
DBK.XETRA · Capital · Negative Deutsche Bank lowered its NexPoint Residential Trust target to US$23 from US$27 and moved the multifamily REIT sector to Neutral on interest-rate earnings pressure.
TFC · Capital · Negative Truist cut its NexPoint Residential Trust price target to US$18 from US$26 and trimmed its 2027 NFFO estimate by 24% on higher interest rates.
Cintas Posts Record $3.01 Billion Quarter, Raises Fiscal 2027 Guidance
Cintas Corporation reported record quarterly revenue of $3.01 billion, up 10.9%, with organic growth accelerating to 8.9%, adjusted EPS rising 15.8% to $1.39, and adjusted operating margin reaching 23.6%. The company raised its fiscal 2027 revenue guidance to $12.15 billion-$12.27 billion and adjusted EPS guidance to $5.45-$5.54. Truist raised its price target to $230 from $225 with a Buy rating, and UBS raised its target to $235 from $230, though the shares initially fell about 3%. First Aid and Safety posted organic growth of 14.2% while Uniform Rental and Facility Services grew 8%, and gross margin hit an all-time high of 51.5%, up 120 basis points. Cintas is targeting approximately $375 million of operating cost synergies from its $5.5 billion UniFirst acquisition, which it expects to close before the end of calendar 2026 and which is excluded from the fiscal 2027 guidance.
Truist Financial Q2 Revenue Rises 5.1% to $5.31 Billion, Missing Net Interest Income Estimates
Truist Financial reported second-quarter revenues of $5.31 billion, up 5.1% year on year and 1.5% above analysts' expectations, though the bank missed analysts' net interest income estimates even as it beat EPS estimates. Among the 7 diversified banks stocks tracked, the group's revenues beat consensus by 4.6%, yet share prices have fallen 5.5% on average since the latest earnings results. Truist delivered the weakest performance against analyst estimates and the slowest revenue growth among its peers, and its stock is down 10.3% since reporting, trading at $47.79. Citigroup posted the best quarter in the group with revenues of $24.79 billion, up 14.3% year on year and 4.5% above expectations, while U.S. Bancorp reported the weakest quarter with revenues of $7.76 billion, up 9.9% and 2.1% above estimates but a miss on tangible book value per share. Bank of America reported revenues of $31.78 billion, up 15% year on year and 3.3% above expectations, and Wells Fargo reported revenues of $22.7 billion, up 8.6% and 3.9% above expectations.
TFC · Capital · Negative Truist missed net interest income estimates and delivered the weakest performance against analyst estimates and slowest revenue growth among peers.
C · Capital · Positive Citigroup posted the best quarter in the group with revenues of $24.79 billion, up 14.3% year on year and 4.5% above expectations.
BAC · Capital · Positive Bank of America reported revenues of $31.78 billion, up 15% year on year and 3.3% above expectations.
USB · Capital · Negative U.S. Bancorp reported the weakest quarter in the group with a miss on tangible book value per share.
WFC · Capital · Positive Wells Fargo reported revenues of $22.7 billion, up 8.6% year on year and 3.9% above expectations.
Costco Beats Q4 Estimates as Eight Analysts Cut Price Targets
Costco Wholesale Corporation reported fourth-quarter results on September 24 that beat expectations, with net sales up 11.2% to $93.9 billion and earnings of $6.75 a share, and the stock rose 2.93% to close at $922.77. Comparable sales rose 9.4% companywide and 10.7% in the United States, while digitally enabled sales grew 19.5%, the fastest-moving part of the business. The sixteen-week quarter closed a fiscal year in which net sales reached $297.2 billion, and Costco finished the year operating 939 warehouses worldwide. Earnings included a non-recurring benefit of $0.15 a share from tariff refunds, so excluding that the quarter was still ahead of expectations but by less than the headline suggests. At least eight research firms lowered their price targets the following day, led by Truist, which cut its target to $955 from $1,011 while keeping a Hold rating, and Bernstein, which trimmed its target by a single dollar to $1,143 from $1,144 while keeping an Outperform rating; JPMorgan cut to $1,015 from $1,100 and stayed Overweight. The cuts centered on slowing membership growth rather than the quarter itself, and the day was not one-directional, as HSBC upgraded the stock to Buy and DA Davidson raised its target to $1,040. Costco earned $20.76 a share across the fiscal year, leaving the stock trading near 44 times what the business actually produced, with the average Wall Street target still above $1,045.
COST · Capital · Positive Costco beat Q4 estimates with net sales up 11.2% to $93.9B and EPS of $6.75, though eight analysts cut price targets on slowing membership growth.
HSBA.LSE · Capital · Neutral HSBC upgraded Costco to Buy, one of the non-one-directional analyst moves.
JPM · Capital · Neutral JPMorgan cut its Costco price target to $1,015 from $1,100 while staying Overweight.
TFC · Capital · Neutral Truist led the price-target cuts, lowering its Costco target to $955 from $1,011 while keeping a Hold rating.
Bernstein (Societe Generale / AllianceBernstein JV) · Capital · Neutral Bernstein trimmed its Costco price target by a dollar to $1,143 while keeping an Outperform rating.
Fed Weighs Raising Bank Asset Thresholds Toward $1 Trillion
The Federal Reserve is reportedly preparing to raise the asset thresholds that trigger stricter regulatory requirements for U.S. banks, a move aimed at reflecting inflation and broader economic growth. The thresholds currently step up at $100 billion, $250 billion and $700 billion in assets, and raising them could reduce compliance costs and give regional lenders more room to expand. U.S. Bancorp, Capital One Financial, PNC Financial and Truist Financial, each clustered near the $700-billion mark, could be among the key beneficiaries if the threshold rises toward $1 trillion, while Western Alliance Bancorporation and Zions Bancorporation could gain more room to cross $100 billion in assets without immediately facing all the rules triggered at that level. Federal Reserve vice chairman for Supervision Michelle Bowman has argued that fixed thresholds become increasingly restrictive over time because they do not adjust for inflation or economic expansion, and in January she suggested indexing them to nominal gross domestic product. Reuters reported that the incremental costs of crossing the $100-billion level can run into tens of millions of dollars annually, and the added regulatory headroom could also make mergers and acquisitions more attractive for mid-sized and regional banks.
0M3L.LSE · Regulation · Positive Raising the $100-billion asset threshold would let Zions Bancorp N.A. cross that level without immediately facing all the stricter rules and their tens-of-millions in annual compliance costs.
COF · Regulation · Positive Capital One sits near the $700B threshold and would benefit from reduced compliance costs if the Fed raises it toward $1 trillion.
PNC · Regulation · Positive PNC is clustered near the $700B mark and could gain regulatory headroom and lower compliance costs under the higher threshold.
TFC · Regulation · Positive Truist is near the $700B threshold and would be a key beneficiary of the Fed raising asset thresholds toward $1 trillion.
USB · Regulation · Positive U.S. Bancorp is clustered near the $700B mark and would benefit from reduced stricter-rule triggers under the raised threshold.
ZION · Regulation · Positive Raising the $100-billion asset threshold would let Zions cross that level without immediately facing all the stricter rules and their tens-of-millions in annual compliance costs.
ABM Industries Posts Record $2.3 Billion Quarter, Raises Guidance as Analysts Lift Targets but Hold Ratings
ABM Industries reported record fiscal third-quarter revenue of $2.3 billion, up 4.2% from a year earlier, with adjusted earnings per diluted share rising 27% to $1.04, and raised the midpoint of its full-year adjusted earnings guidance to a range of $3.95 to $4.10 per share. Nine-month free cash flow reached $199.6 million versus $42.4 million a year earlier, and the company lifted its full-year free cash flow forecast to approximately $210 million. Revenue tied to semiconductor facilities, microgrids, and data centers totaled close to $775 million over the first nine months of the fiscal year, now topping 11% of total revenue, with organic growth in the semiconductor business alone running at 65%. Deutsche Bank, Baird, and Truist each raised their price targets on the stock, to $54, $53, and $49 respectively, but all three maintained Hold or Neutral ratings, with Truist citing a light catalyst path. Weighing on results, Business and Industry revenue declined 2.6% amid the departure of a large United Kingdom client and weakness in Northern California commercial real estate, aviation operating margin fell to 5.6% from 6.8%, and Technical Solutions revenue grew just 4% after roughly $15 million in project delays.
ABM · Capital · Positive ABM posted record $2.3B quarterly revenue, 27% EPS growth, raised full-year guidance and free cash flow forecast.
ABM · Demand · Positive Revenue tied to semiconductor facilities, microgrids and data centers reached ~$775M, over 11% of total, with 65% organic growth in semiconductors.
DBK.XETRA · Capital · Neutral Deutsche Bank raised its ABM price target to $54 while maintaining a Hold rating.
TFC · Capital · Neutral Truist raised its ABM price target to $49 but maintained a Neutral rating, citing a light catalyst path.
Robert W. Baird & Co. Incorporated · Capital · Neutral Baird raised its ABM price target to $53 while maintaining a Hold rating.
Truist CEO Michael Lyons Buys 21,000 Shares for $1.0 Million
Truist Financial Corporation President and CEO Michael P. Lyons purchased 21,000 shares of common stock for $1.0 million, according to an SEC Form 4 filing. The shares were acquired on Sept. 17, 2026, at a weighted-average price of $48.36, slightly below the $48.45 market close that day. Because no prior direct holdings were reported in the filing, the transaction establishes a new direct common stock position of 21,000 shares, valued at $1.02 million after the close. Lyons also holds a larger position in derivative securities, specifically 266,990 restricted stock units that vest in installments through 2030. Truist, a regional bank with $60.4 billion in market capitalization and $30.5 billion in trailing-twelve-month revenue, has an insider ownership percentage of 0.0017%.
Truist Sells $5.5 Billion of Auto Loans in Lending Strategy Shift
Truist Financial Corporation is selling $5.5 billion of auto loans as part of CEO Mike Lyons' broader effort to reshape the bank around businesses that generate stronger and more consistent returns. The sale follows Truist's decision to reduce auto lending and exit certain other consumer-loan categories it considers less strategic or less profitable, and the bank intends to redirect the released capital toward wealth, investment banking, and other fee-generating activities. Management says the move could improve earnings quality and free up capital for shareholder returns, though giving up an established source of interest income creates a near-term revenue trade-off. The financial impact will depend less on the size of the loan sale itself and more on whether Truist can convert the released capital into sustainably higher returns.
TFC · Capital · Neutral Truist is selling $5.5B of auto loans and redirecting capital to wealth/IB/fee businesses, a strategic shift with a near-term revenue trade-off and uncertain return benefit.
Truist to Redeem $850 Million of Subordinated Notes Due October 2026
Truist Bank will redeem all $850,000,000 principal amount outstanding of its fixed rate subordinated notes due Oct. 30, 2026, on a redemption date of Sept. 30, 2026. The notes carry CUSIP 07330MAA5. The redemption price will equal 100% of the principal amount plus accrued and unpaid interest to, but excluding, the redemption date, and interest on the notes will cease to accrue on and after that date. Payment of the redemption price will be made through the facilities of The Depository Trust Company. Truist Financial Corporation, headquartered in Charlotte, North Carolina, is a top-10 commercial bank with total assets of $556 billion as of June 30, 2026.
Fluor Shares Rise 6.1% After Q2 Earnings Beat and Analyst Target Hikes
Fluor shares rose 6.1% in pre-market trading to $57.52, putting the engineering and construction company's stock close to its 52-week high of $58.35. The advance followed Fluor's second-quarter 2026 financial results, when the company reported adjusted earnings per share of $0.91 against an analyst consensus estimate of $0.71, on quarterly revenue of $4.33 billion. Truist raised its price target on Fluor to $71 from $64 on August 10, while UBS initiated coverage with a Buy rating and a $66 price target. Fluor reported $6.1 billion of new awards during the second quarter, bringing its backlog to $26.9 billion at the end of the period, and investors have also been assessing the company's exposure to nuclear energy and data-centre projects as part of its broader project pipeline. The gain came during a weaker session for major US equity indices, with the S&P 500 down 0.7%, the Dow Jones down 0.2% and the Nasdaq down 1.7%, and no new company-specific announcement was identified to account for the move.
Merrill Lynch Adds UBS Team With $1.2 Billion in New Mexico
Bank of America's Merrill Lynch wealth management team has recruited advisors John Vazquez and Manuel Monasterio in Santa Fe, New Mexico, along with $1.2 billion in client assets. The duo, plus four support staff, left UBS, where Vazquez had worked since 1999 and Monasterio since 2008, according to BrokerCheck. The team was producing about $4.7 million in revenue and will be based in Merrill's Desert Mountain Market under Market Executive Elaine Darnell. The move adds to the advisors overseeing a combined $1.8 billion that Merrill said earlier this week had joined from Morgan Stanley, Truist and Wells Fargo. Merrill has reportedly seen the largest net advisor losses among firms this year through Aug. 13 at 552, according to Wolfe Research, while UBS ranks sixth with net advisor losses of 190 after changing its compensation structure in 2025.
BAC · Demand · Positive Merrill Lynch recruited a UBS team with $1.2B in client assets, adding to $1.8B that joined from Morgan Stanley, Truist and Wells Fargo.
UBSG.SW · Competition · Negative UBS lost advisors Vazquez and Monasterio and $1.2B in client assets to Merrill Lynch, and ranks sixth in net advisor losses.
MS · Competition · Negative Merrill said advisors overseeing $1.8B had joined from Morgan Stanley, Truist and Wells Fargo, implying asset loss to a rival.
TFC · Competition · Negative Merrill said advisors overseeing $1.8B had joined from Morgan Stanley, Truist and Wells Fargo, implying asset loss to a rival.
WFC · Competition · Negative Merrill said advisors overseeing $1.8B had joined from Morgan Stanley, Truist and Wells Fargo, implying asset loss to a rival.
Truist fully deploys AI Call Summaries across care centers
Truist Financial Corp. announced the full deployment of AI Call Summaries across its care centers, using generative AI to automatically convert client conversations into concise, structured summaries within seconds. Since its implementation in the third quarter of 2025, the capability has generated more than 4.5 million summaries in the second quarter of 2026 alone, supporting over 70% of care center inbound client interactions. Based on average time savings of approximately 30 seconds per call, the technology saved teammates more than 36,000 hours in the second quarter of 2026. Truist leaders Sherry Graziano and Kimberly Dorsett highlighted the technology's role in enabling more personalized service and preparing teammates for follow-up conversations. The bank plans to extend the capability to additional areas, reflecting its commitment to scaling AI responsibly.
Truist's NII Growth Outlook Moderated to 1-1.5% for 2026
Truist Financial's net interest income growth is expected to moderate in 2026, with management guiding to a 1-1.5% increase, reflecting portfolio optimization and lower loan spreads. In the first half of 2026, NII rose 1.8% year over year to $7.22 billion, supported by higher earning assets and loan growth, though partially offset by lower loan spreads and fixed-rate debt repricing. Average loans grew 6.3% to $330.4 billion, while deposits increased 1.5% to $5.9 billion, with stable deposit costs at 1.56%. Net interest margin declined 2 basis points to 3.00% in the same period. For the third quarter, Truist expects NII to rise approximately 1.5% sequentially. The company's shares have underperformed the industry over the past six months, rising 0.3% versus 17.8% for the industry. Truist currently carries a Zacks Rank #3 (Hold). Peers BNY and KeyCorp have raised their 2026 NII outlooks to 12-13% and 9-11% growth, respectively.
TFC · Capital · Negative Truist guided 2026 NII growth to a moderated 1-1.5% with lower loan spreads and a 2bp NIM decline, and its shares have badly underperformed the industry.
Truist Financial has appointed Harold Ford Jr. as vice chair in its Wholesale Banking business and Shirley Morejon as Tennessee regional president, both aimed at accelerating growth and deepening client relationships. Ford Jr., whose start date is August 31, 2026, will oversee commercial, corporate, institutional, and wealth clients, while Morejon will lead regional efforts in Tennessee. These moves signal continuity in Truist's strategy of relationship-driven commercial banking and expansion in high-growth Sunbelt markets. Investors will watch the next earnings update for metrics on wholesale client wins and cross-sell activity tied to these leadership changes.
Truist and Fifth Third pause Delaware Life products amid probe
Truist Financial and Fifth Third Bancorp have paused distribution of products tied to billionaire Mark Walter's Delaware Life Insurance as a U.S. federal investigation intensifies, Bloomberg reported Friday. The probe has also delayed a planned $10 billion investment in Walter's TWG Global led by Abu Dhabi sovereign wealth fund Mubadala Investment Co. The Securities and Exchange Commission and Department of Justice are examining Walter's insurers and Guggenheim Partners, focusing on more than $20 billion of loans on the insurers' balance sheets that should have been classified as affiliated but were not until this year. Truist and Fifth Third suspended their roles as distribution channels for Delaware Life amid concerns about the insurer's credit ratings, which were lowered by S&P Global Ratings, AM Best, and Fitch Ratings in July. TWG has denied wrongdoing, stating that no one has been harmed, and has submitted a plan to regulators to eliminate affiliate exposure, which the Delaware Department of Insurance is reviewing. The Mubadala-led investment remains incomplete about 15 months after announcement, part of a broader $15 billion equity raise, while Walter has agreed to sell the Los Angeles Lakers at a $12.5 billion valuation.
Delaware Life Insurance · Regulation · Negative Delaware Life is under SEC/DOJ examination over misclassified affiliated loans and saw its credit ratings cut.
FITB · Regulation · Negative Fifth Third paused distribution of Delaware Life products amid SEC/DOJ probe and credit-rating downgrades.
TFC · Regulation · Negative Truist suspended its role as a distribution channel for Delaware Life amid the federal investigation.
TWG Global · Regulation · Negative TWG Global's $10B Mubadala-led investment is delayed amid the probe, though it denies wrongdoing.
Guggenheim Partners · Regulation · Negative Guggenheim Partners is being examined by the SEC and DOJ alongside Walter's insurers.
Intuit Q4 earnings preview sees EPS of $3.59 on $4.27B revenue
Intuit is scheduled to report fiscal fourth-quarter earnings on Tuesday, August 25th, after market close, with Wall Street expecting EPS of $3.59, up 30.5% year-over-year, on revenue of $4.27 billion, up 11.5%. The company previously delivered better-than-expected fiscal third-quarter results and raised its full-year guidance, now anticipating non-GAAP EPS of $23.80 to $23.85 on revenue of $21.341 billion to $21.374 billion. Earlier this month, Truist downgraded Intuit to Hold, citing a softening growth outlook and lack of near-term catalysts, while Seeking Alpha's Quant rating is Hold and Wall Street analysts rate the stock a Buy. Over the last two years, Intuit has beaten EPS and revenue estimates 100% of the time, and over the last three months EPS estimates have seen eight upward revisions versus three downward, with revenue estimates seeing nine upward revisions versus two downward. Since the start of the year, Intuit shares have fallen 44%, compared to a 12% rise in the S&P 500.
Truist names Shirley Morejon Tennessee regional president
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 Launches Notional Order Execution for Buybacks
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 enters $625M repurchase pact to finance mortgage originations
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.
Wells Fargo and Diversified Banks Stocks Report Strong Q2 Earnings
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 Declares Dividends as Valuation Debate Intensifies
Truist Financial declared regular cash dividends on its common and multiple preferred stock series, with ex-dividend dates in mid-August and payments in early September. The stock recently closed at $52.99, and a narrative fair value estimate of $55.88 suggests it may be about 5.2% undervalued. The company reported a 17% year-over-year increase in digital account production, which could support margin expansion and client acquisition. However, exposure to branch and commercial real estate, along with potential merger integration or credit issues, poses risks to the upbeat outlook.
Truist declares $0.52 quarterly common dividend and preferred stock dividends
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 names John Stucker as Middle Market Sales Leader
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 names Craig Mineard Co-Head of TMT Investment Banking
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 brings 200-MW Aratina 1 solar-plus-storage project online in California
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.
Energy Transition & Power Demand › Energy Storage & Grid Flexibility ▲Supply
Avantus · Technology · Positive Avantus brought its 200-MW Aratina 1 solar-plus-storage project online, marking its expansion to an independent power producer.
TFC · Capital · Positive Truist Bank committed $300 million in tax equity and Truist Securities was part of the lending consortium for the project.
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.
Truist sees 2026 revenue up 3.5% to 4% and targets $5B of buybacks as it expects ROTCE above 14%
Truist Financial now expects full-year 2026 revenue to increase 3.5% to 4%, down from its prior outlook of 4% growth, while targeting approximately $5 billion of share buybacks and a return on tangible common equity above 14%. CFO Michael Maguire said net interest income growth is now seen at 1% to 1.5%, reduced from the previous 2% to 3%, citing portfolio exits, spread compression, and a less favorable deposit mix. The bank discontinued marine and recreational vehicle lending and sharply cut originations in other consumer units, moves expected to reduce 2026 loan production in those portfolios by about 40% from 2025 levels. Noninterest income growth was raised to roughly 10%, helped by a 72% jump in investment banking and trading revenue. The company also announced that Mike Lyons will become CEO on September 1, with current CEO William Rogers transitioning to executive chair until his planned retirement next April.
TFC · Capital · Negative Truist lowered 2026 revenue growth outlook to 3.5%-4% from 4%, and NII growth to 1%-1.5% from 2%-3%, citing portfolio exits and spread compression.
Netflix and Intuitive Surgical lead premarket declines after quarterly results
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 second-quarter profit rises to $1.519 billion
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 reported its second quarter 2026 results today. The company announced that investors can access the live earnings call at 8 a.m. ET via webcast or dial-in. Truist, a top-10 commercial bank, had total assets of $556 billion as of June 30, 2026. The earnings release and related materials are available on the company's Investor Relations website.
Truist Financial to Report Earnings Friday, Revenue Growth Expected
Truist Financial will announce its earnings results this Friday morning. Analysts expect the company's revenue to grow 3.6% year over year, an improvement from flat revenue in the same quarter last year. Last quarter, Truist reported revenues of $5.20 billion, up 5% year on year, meeting analyst expectations on revenue but delivering a mixed quarter with an EPS beat and a slight miss on net interest income. The company has missed Wall Street revenue estimates multiple times over the last two years, though analyst estimates have been generally reconfirmed over the last 30 days. Truist Financial shares are up 7.1% over the last month, heading into earnings with an average analyst price target of $55.10 compared to the current share price of $52.60.
TD Cowen Initiates BILL Holdings With Buy Rating and $43 Price Target
TD Cowen initiated coverage of BILL Holdings with a Buy rating and a $43 price target on June 22, 2026. The firm views the company as a leading vendor of accounting management solutions for small businesses, including accounts payable, accounts receivable, and expense management. TD Cowen expects improving fundamentals and execution to drive multiple expansion and steadier upward momentum for the shares, overcoming muted investor sentiment after a 40% year-to-date decline. Earlier this month, Truist downgraded BILL Holdings from Buy to Hold with a $35 price target, citing AI-driven uncertainty making an acquisition less likely and core revenue growth expected to decline to low-teens next year amid intensifying competition.
BILL · Capital · Positive TD Cowen initiated coverage with Buy rating and $43 price target, citing improving fundamentals and execution.
TFC · Capital · Negative Truist downgraded BILL Holdings from Buy to Hold with $35 price target, but the news is about Truist's analyst action, not Truist Financial itself.
Citi Downgrades Truist Financial to Neutral, Cuts Price Target to $54
Citi analyst Benjamin Gerlinger downgraded Truist Financial from Buy to Neutral and lowered the price target from $63 to $54, citing uncertainty around the upcoming leadership change. Michael P. Lyons is set to become president and CEO on September 1, and Citi does not expect positive earnings revisions or multiple re-ratings until investors gain clarity on the long-term outlook. The new target still implies a 6% upside from current levels ahead of the company's second-quarter earnings report on July 17. Truist recently raised its 2026 net interest income growth guidance to 2% to 3% and expects full-year GAAP noninterest expense to increase about 1.75%.
Truist Financial names Mike Lyons as new CEO, releases stress test results, and joins defensive indexes
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 Stock Still Looks Undervalued After CEO Change
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 releases annual stress test results
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.
Fed Stress Tests Passed, Most Top US Banks Raise Dividends
The Federal Reserve's annual stress test found that all 32 of the largest U.S. banks have sufficient capital to withstand a severe recession, with the aggregate common equity tier 1 capital ratio falling from an actual 12.8% to a low of 11.2% but remaining above regulatory minimums. Because the Fed kept stress capital buffers unchanged from last year, eight of the ten largest banks—JPMorgan Chase, Goldman Sachs, Wells Fargo, Morgan Stanley, Citigroup, PNC, U.S. Bancorp, and BNY Mellon—immediately raised their dividends. Bank of America and Truist have not yet announced increases, though Bank of America is expected to do so when it reports second-quarter results on July 14. JPMorgan Chase also initiated a $50 million share buyback, Morgan Stanley launched a $20 million repurchase plan, and both Bank of America and Citigroup said they will continue multibillion-dollar repurchase plans. Bank stocks appear attractively valued, with several trading below 15 times earnings and others below 20 times earnings, and the second quarter looks strong for the sector.
San Mateo Midstream to acquire Cardinal Midstream for $752 million
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.
Cardinal Midstream Partners · Capital · Positive Acquired at a premium, providing exit for investors.
San Mateo Midstream · Capital · Positive Acquisition expected to be immediately accretive to Adjusted EBITDA and cash flows.
PNC · Capital · Positive PNC Bank is leading a $650 million term loan to finance the acquisition, generating fee income.
TFC · Capital · Positive Truist Bank is co-leading a $650 million term loan to finance the acquisition, generating fee income.
MTDR · Demand · Positive Matador Resources is a customer of San Mateo Midstream; expanded processing capacity benefits Matador's natural gas production.
Stephens Resumes Coverage of Truist Financial with Overweight Rating
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.
TFC · Capital · Positive Stephens resumed coverage with Overweight rating and $59 price target, citing improved operating leverage and expected capital return.
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