Truist Financial
This company was created through a merger of SunTrust Bank and BB&T in 2019. Truist Financial Corp. (NYSE: TFC) provides banking and trust services in the southeastern and mid-Atlantic United States. Its deposit products include non-interest-bearing checking, interest-bearing checking, savings and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.
The company also provides funding; asset management; automobile lending; bankcard lending; consumer finance; home equity and mortgage lending; insurance, such as property and casualty, life, health, employee benefits, workers compensation and professional liability, surety coverage, title, and other insurance products; investment brokerage; mobile/online banking; and payment, lease financing, small business lending, and wealth management/private banking services.
In addition, Truist offers association, capital market, institutional trust, insurance premium and commercial finance, international banking, leasing, merchant, commercial deposit and treasury, government finance, commercial middle market lending, small business and student lending, floor plan and commercial mortgage lending, mortgage warehouse lending, private equity investment, real estate lending and supply chain financing services. It provides corporate and investment banking, retail and wholesale brokerage, securities underwriting and investment advisory services.
Shareholders receive a huge 6.39% dividend. The Goldman Sachs price target is $55, and the consensus target is $51.85. Truist Financial stock closed up over 3% on Wednesday at $34.47.
While it is possible some of these banks have to trim their dividends, since they exploded so high due to panic selling, even with a cut they still will be well above most companies. With earnings for the quarter coming in April, it may make sense to scale-buy shares over the next month to six weeks to not only see how they perform but to hear the commentary from bank executives on the path forward.
Originally published at 24/7 Wall St.
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