While Truist (NYSE:TFC)
shares were up some on the day of its earnings release on positive
investor sentiment on cost savings and credit costs, I walked away
feeling that Truist's performance was actually underwhelming relative to
its peers. It wasn't enough of a deviation for me to fundamentally
change my view of the company or the stock, but it adds a note of
caution going into what was already going to be a challenging second
half of the year.
Truist shares have actually done
pretty well over the last three months, beating most of its peers in
terms of market performance, and the trend over the past year hasn't
been bad either. I still believe that Truist can realize significant
cost synergies over the next few years and become a leading Southeastern
banking franchise with mid-single-digit, long-term core earnings
growth, but the shares aren't the biggest bargain in the space and I
think there are some arguments for caution given recent performance
trends.
Read more here:
Truist Posts Underwhelming Results As The Recession Takes Its Toll
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