I’ve written more than once that Truist (NYSE:TFC) tends to be a bank stock that zigs when others zag, and that has been at least partially true again since my last update on the bank. Since then the shares have outperformed the S&P 500 by over 10%, while also outperforming the banking sector by over 5%.
Although I don’t think Truist is remarkably cheap right now, I do think it checks some thematic boxes – at a time when several large banks have spooked the Street with expense guidance, Truist delivered better-than-expected positive leverage in the quarter and the outlook for expense leverage is improving as the SunTrust merger integration proceeds. What’s more, I believe Truist management gets that they need to change with the times – embracing not only digital offerings, but customer-friendly policies that will help them better compete with fintech alternatives.
Read the full article here:
Truist Leveraged To Higher Rates, Improving Loan Demand, And Positive Operating Leverage
