UPDATE 2-Truist sells nearly $28 bln of low-yield investments [Yahoo! Finance]
Truist Financial Corporation (TFC)
Last truist financial corporation earnings: 4/20 05:45 am
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Source: Yahoo! Finance
May 7 (Reuters) - U.S. lender Truist Financial has sold $27.7 billion of low-yielding investments to focus on better alternatives that offer higher rates of interest, the bank said on Tuesday. The sale would result in an after-tax loss of $5.1 billion in the second quarter, the bank said. Lenders that bought bonds during the near zero-interest rate era have been looking to offload those securities and reinvest the proceeds into higher-yielding alternatives. Rate hikes by the Federal Reserve have also created an incentive for banks to reposition the balance sheet. Truist's transaction, along with the sale of its insurance brokerage unit, left the lender with $39.4 billion in capital to deploy for investment. The lender had invested nearly $18.7 billion of the total in short-duration securities, while the remaining would be held as cash, it said. The repositioning would generate 5.27% in yield for Truist, much higher than the 2.80% the offloaded investments would have offer
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TFC
News
- Truist Financial Co. (NYSE: TFC) had its price target raised by analysts at Stephens from $43.00 to $47.00. They now have an "overweight" rating on the stock.MarketBeat
- Truist Chairman & CEO to speak at the Bernstein Strategic Decisions Conference [Yahoo! Finance]Yahoo! Finance
- Truist Chairman & CEO to speak at the Bernstein Strategic Decisions ConferencePR Newswire
- Truist Financial Co. (NYSE: TFC) is now covered by analysts at Barclays PLC. They set an "equal weight" rating and a $43.00 price target on the stock.MarketBeat
- Truist Financial Co. (NYSE: TFC) had its price target raised by analysts at Piper Sandler from $38.00 to $41.00. They now have a "neutral" rating on the stock.MarketBeat
TFC
Earnings
- 4/22/24 - Beat
TFC
Sec Filings
- 5/13/24 - Form 13F-HR
- 5/10/24 - Form 8-K
- 5/10/24 - Form 8-K
- TFC's page on the SEC website