CHARLOTTE, N.C.—Boyer K. David Jr., a director at Truist Financial Corp (NYSE:TFC), a $62.6 billion financial services company that has maintained dividend payments for 52 consecutive years, recently sold 4,966 shares of the company's common stock. The shares were sold at an average price of $46.203, totaling approximately $229,444. Following this transaction, Boyer retains direct ownership of 11,245 shares. Additionally, he holds 4,071 shares indirectly through a trust. The transaction details were disclosed in a recent SEC filing. The stock, which currently offers a 4.41% dividend yield, has delivered a 50% return over the past year and trades near its 52-week high of $49.05. InvestingPro subscribers can access detailed insider trading patterns and comprehensive financial analysis in the Pro Research Report.
In other recent news, Truist Financial Corporation has undergone significant leadership changes with the retirement of Clarke R. Starnes III, the vice chair and chief risk officer, and the appointment of Brad Bender as his successor. Kerry Jessani has also been appointed as head of mid-corporate banking, a move designed to enhance the company's commercial banking business. These are among the latest developments at Truist Financial Corporation.
The company reported strong financial results for the third quarter of 2024, with a GAAP net income of $1.3 billion or $0.99 per share and adjusted earnings per share of $0.97. This reflects a 2.4% increase in adjusted revenue, primarily driven by investment banking and trading. Truist has also declared dividends for its common and various series of preferred stock, demonstrating its commitment to returning value to shareholders.
RBC Capital Markets has reiterated an Outperform rating on Truist Financial, following these robust results. The company has also launched a significant stock repurchase program, with $500 million worth of shares already repurchased in the third quarter and plans for an additional $500 million in repurchases in the fourth quarter.
Other recent developments include a $25 million loan loss provision related to Hurricane Helene and a projected 1.5% decrease in revenue for Q4 2024 due to lower commercial loan balances. Truist is focusing on expanding client relationships post-merger and plans to maintain an elevated level of $500 million in buybacks for the foreseeable future. The company is also increasing investments in risk infrastructure, particularly in cyber and data management.
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