{"id":1994,"date":"2023-10-15T15:54:00","date_gmt":"2023-10-15T15:54:00","guid":{"rendered":"https:\/\/infundpros.com\/investment\/truist-financial-may-be-its-own-activist\/"},"modified":"2023-10-15T15:54:01","modified_gmt":"2023-10-15T15:54:01","slug":"truist-financial-may-be-its-own-activist","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=1994","title":{"rendered":"Truist Financial May Be Its Own Activist"},"content":{"rendered":"
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\n Truist Financial
\n is acting as if a traditional activist investor is nipping at its heels\u2014even though one hasn\u2019t appeared.<\/p>\n

The bank (ticker: TFC) is reportedly planning to sell its remaining 80% stake in an insurance-brokerage business to private-equity firm Stone Point Capital for $10 billion. Stone Point bought a 20% stake in the insurance business in February for $1.95 billion.<\/p>\n

\n

The reported sale comes roughly a week after Truist revealed in a filing a classic activist move: rethink the board. Eight of Truist\u2019s directors will be stepping down at year end\u2014four as they reach mandatory retirement age and the others moving on. That will bring the board to 13 directors\u201412 of them independent\u2014from 21.<\/p>\n

Trust declined to comment.<\/p>\n

Truist is the product of the 2019 merger of SunTrust Bank and BB&T. Despite promises of synergies, the postmerger bank has missed estimates in 11 of 20 quarters.<\/p>\n

Because of the turnaround potential, Truist was a Barron\u2019s<\/em> stock pick last month, and the choice of a few bulls on Wall Street, too. Wells Fargo Securities analyst Mike Mayo rates Truist stock at Overweight, and has said the company is \u201cprimed for an activist.\u201d While one has yet to materialize, Mayo has been encouraged by recent changes.<\/p>\n

\u201cIt is up to Truist to take strong restructuring moves or risk changes to management near term or independence longer term\u2014i.e., it seems that Truist is less tone deaf to investor concerns,\u201d Mayo wrote this week.<\/p>\n

Truist reports third-quarter results on Oct. 19. <\/p>\n

Write to <\/strong>Carleton English at carleton.english@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Truist Financial is acting as if a traditional activist investor is nipping at its heels\u2014even though one hasn\u2019t appeared. The bank (ticker:…<\/p>\n","protected":false},"author":1,"featured_media":1995,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-1994","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment"},"yoast_head":"\nTruist Financial May Be Its Own Activist | inFundPros<\/title>\n<meta name=\"description\" content=\"Truist Financial is acting as if a traditional activist investor is nipping at its heels\u2014even though one hasn\u2019t appeared. 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