Research
Raymond James Downgrades Truist Financial to Market Perform From Outperform
Truist Financial (TFC) has an average rating of overweight and mean price target of $55.20, according to analysts polled by FactSet.
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Research
Citigroup Downgrades Truist Financial to Neutral From Buy, Adjusts Price Target to $54 From $63
Truist Financial (TFC) has an average rating of overweight and mean price target of $55.72, according to analysts polled by FactSet.
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US Markets
Fiserv CEO Change Timing Amid Ongoing Initiatives Triggers Concerns, Deutsche Bank Says
Fiserv (FISV) has now changed its leadership twice in a short period, with the latest transition coming at a time when the company is seeking to stabilize its core banking business and drive growth in its Clover platform, Deutsche Bank said Tuesday.On Monday, the financial technology and payments company said it appointed Takis Georgakopoulos as chief executive, replacing Mike Lyons, who stepped down to become CEO of Truist Financial (TFC). Fiserv had appointed Lyons as CEO in May 2025."Our primary concern is the timing, coming only a few weeks after the (company's) investor day, with (Fiserv) executing a significant transformation agenda across banking software modernization, platform modernization, Clover, and the One Fiserv operating model," Deutsche Bank analyst Nate Svensson said in a note to clients Tuesday.Clover is Fiserv's cloud-based point-of-sale and business management platform."With the company now seeking to stabilize its core banking business and drive growth in Clover by strengthening the product set and deepening its sales efforts, investors will be monitoring any potential disruption," Svensson said.Fiserv shares were up 3.4% in Tuesday afternoon trade. The stock has lost nearly 70% in value since Lyons' appointment as CEO, according to Deutsche Bank.The bulk of that slump reflected the "disclosure and rollback of aggressive, short-term oriented customer initiatives that predated his tenure and drove revenue and profitability erosion," Svensson said Tuesday."As a result of certain client actions taken over the last couple of years, including a move to consolidate from 16 to 5 (core banking platforms), we've suffered revenue attrition and lost some market share, which has been disappointing to us," Lyons said in May during the company's investor day, according to a FactSet transcript."Over the last six months, we've moved aggressively to reverse these trends, carefully reviewing all aspects of the business," Lyons said at the time. "Our work and lots of feedback from our clients has identified very addressable issues predominantly on the service and product delivery side, and less so on the technology side. And this assessment has been validated externally."Most recently, Georgakopoulos served as Fiserv's co-president leading technology and merchant solutions.Also on Monday, the company said it continues to expect full-year adjusted earnings of $8 to $8.30 a share and organic revenue growth of 1% to 3%. Analysts polled by FactSet are looking for non-GAAP EPS of $8.12.Price: $49.38, Change: $+1.47, Percent Change: +3.07%
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Sectors
Sector Update: Financial Stocks Advance Late Afternoon
Financial stocks were higher late Monday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 0.7%.The Philadelphia Housing Index was adding 0.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.9%.Bitcoin (BTC-USD) was increasing 1.3% to $66,541, and the yield for 10-year US Treasuries was down 1.8 basis points at 4.469%.In economic news, US industrial production increased less than estimated in May as nondurable manufacturing fell, while mining output increased, Federal Reserve data showed Monday. Industrial output inched up 0.1% last month following a 0.9% rise in April, the Fed said. The consensus was for a 0.3% increase in a survey compiled by Bloomberg.US homebuilder confidence declined this month as rising material costs and high mortgage rates stoked affordability concerns, the National Association of Home Builders and Wells Fargo said Monday. The housing market index, which covers new single-family homes, fell two points sequentially to 35 in June, compared to a 37 reading in a survey compiled by Bloomberg.In corporate news, Payoneer (PAYO) agreed to be acquired by Canada's Nuvei in an all-cash deal valued at about $2.75 billion. Payoneer shares gained 4.2%.eToro (ETOR) is pursuing acquisitions and considering an expansion into payments and banking services as the online trading platform looks to diversify its business, the Financial Times reported, citing CEO Yoni Assia. eToro shares rose 3.7%.Truist Financial (TFC) on Monday named Michael P. Lyons as its next president and chief executive officer, starting Sept. 1. Lyons, who most recently served as CEO of Fiserv (FISV), will succeed Bill Rogers at Truist. Rogers will become executive chair on Lyons' start date, Truist said. Truist shares were down 5.6%, and Fiserv fell past 10%.UWM (UWMC) said Monday that the board of Two Harbors Investment (TWO) has only been "pretending" to engage over its proposed takeover offer to convince shareholders their only option is to accept an "inferior" deal with CrossCountry Mortgage. UWM shares were down 1.1%, and Two Harbors shed 0.9%.
$ETOR$FISV$PAYO$TFC$TWO$UWMC
Sectors
Sector Update: Financial Stocks Advance in Afternoon Trading
Financial stocks were higher Monday afternoon trading, with the NYSE Financial Index rising 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 1%.The Philadelphia Housing Index was climbing 1.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.5%.Bitcoin (BTC-USD) was increasing 4.8% to $66,834, and the yield for 10-year US Treasuries was down 1.8 basis points at 4.47%.In economic news, US industrial production increased less than estimated in May as nondurable manufacturing fell, while mining output increased, Federal Reserve data showed Monday. Industrial output inched up 0.1% last month following a 0.9% rise in April, the Fed said. The consensus was for a 0.3% increase in a survey compiled by Bloomberg.US homebuilder confidence declined this month as rising material costs and high mortgage rates stoked affordability concerns, the National Association of Home Builders and Wells Fargo said Monday. The housing market index, which covers new single-family homes, fell two points sequentially to 35 in June, compared to a 37 reading in a survey compiled by Bloomberg.In corporate news, Payoneer (PAYO) agreed to be acquired by Canada's Nuvei in an all-cash deal valued at about $2.75 billion. Payoneer shares gained 4%.Truist Financial (TFC) on Monday named Michael P. Lyons as its next president and chief executive officer, starting Sept. 1. Lyons, who most recently served as CEO of Fiserv (FISV), will succeed Bill Rogers at Truist. Rogers will become executive chair on Lyons' start date, Truist said. Truist shares were down 4.3%, and Fiserv fell 10%.Runway Growth Finance (RWAY) shares fell 5.6% after BofA Securities downgraded the company to underperform from neutral.
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Wire
Top Midday Stories: Fox to Acquire Roku for $22 Billion; Truist Names Former Fiserv CEO Lyons as New CEO
All three major US stock indexes were up in late-morning trading Monday, after President Donald Trump said on Sunday that a deal has been signed to end the war between the US and Iran.In company news, Fox (FOX) said Monday it has agreed to acquire Roku (ROKU) in a cash-and-stock deal valued at $22 billion. Under the terms of the deal, Fox will pay $160 per share for Roku, comprised of $96 in cash and 0.9693 shares of Fox stock, the company said. The transaction is expected to close in H1 2027, subject to shareholder and regulatory approvals, but both boards have unanimously approved the deal, Fox said. Shares of Fox were down 15.5% around midday, while Roku shares were down 1.0%.Truist Financial (TFC) on Monday named Michael P. Lyons as its next president and chief executive officer, starting Sept. 1. Lyons, who most recently served as CEO of Fiserv (FISV), will succeed Bill Rogers at Truist. Rogers will become executive chair on Lyons' start date, Truist said. Truist shares were down 3.6%, while Fiserv shares were down 8.1%.SpaceX (SPCX) revenue could surpass $1 trillion by 2031, Chief Executive Elon Musk said Sunday on X, days after the company's noteworthy debut on the Nasdaq Composite. SpaceX shares were up 7.5%.Nvidia (NVDA) is looking to raise at least $20 billion from its first corporate bond sale since 2021, Bloomberg reported Monday, citing people with direct knowledge of the matter. The company is marketing bonds in seven tranches with maturities ranging from two to 30 years, the report said, citing a person with knowledge of the matter. price talk is for a spread of about 0.9 percentage points above Treasuries for the longest tenor, the report said, citing one of the people. Nvidia shares were up 2.8%.Amazon (AMZN) CEO Andy Jassy raised concerns to the Trump administration about security risks that Anthropic's most advanced models pose before the president imposed export restrictions on those models, The Information reported Saturday, citing two people familiar with the conversations. Separately, the request by Amazon's Whole Foods for a review of the January 2025 vote by workers at a Philadelphia store location to unionize was denied Monday by the US National Labor Relations Board. Amazon shares were up 3.2%.Payoneer Global (PAYO) and Nuvei said Monday they have entered into a definitive agreement under which Nuvei will acquire Payoneer for $7.40 per share in cash, representing a total deal equity value of about $2.75 billion. The transaction, which has been approved by the boards of both companies, is expected to close in mid-2027, the companies said. Payoneer shares were up 4.1%.Price: $50.25, Change: $-8.67, Percent Change: -14.71%
$AMZN$FOX$NVDA$PAYO$ROKU$SPCX$TFC
Sectors
Sector Update: Financial Stocks Advance Late Afternoon
Financial stocks were higher in late Tuesday afternoon trading, with the NYSE Financial Index increasing 0.9% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.6%.The Philadelphia Housing Index climbed 3.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 2.1%.Bitcoin (BTC-USD) was falling 2.3% to $61,906.8, and the yield for 10-year US Treasuries was decreasing 2.2 basis points to 4.53%.In economic news, the US trade deficit narrowed in April as export growth outpaced an increase in imports, government data showed Tuesday. The goods and services deficit narrowed $700 million to $55.9 billion in April from March on a seasonally adjusted basis, the US Census Bureau and the Bureau of Economic Analysis said. The consensus was for a deficit of $56.1 billion in a Bloomberg survey.The pace of US existing home sales rose by 3.2% to a 4.17 million seasonally adjusted annual rate in May from 4.04 million in April, compared with a smaller expected increase to a 4.07 million rate in a survey compiled by Bloomberg, data from the National Association of Realtors showed.Redbook US same-store sales rose by 9.1% from a year earlier in the week ended June 6 after a 9.0% year-over-year increase in the previous week, with seasonal buying accounting for a smaller share of activity than in recent weeks.In corporate news, Payoneer Global (PAYO) shares surged 25% after Reuters reported the company is in advanced talks to be acquired by Canadian payments firm Nuvei for about $2.7 billion, including Payoneer's cash, which implies an enterprise value of about $2.3 billion.JPMorgan Chase (JPM) plans to launch AI agents later this year that are capable of working autonomously for far longer than current versions, CNBC reported, citing an interview with Chief Analytics Officer Derek Waldron. JPMorgan shares rose 0.3%.Truist Financial (TFC) is preparing to expand its presence in the $1.8 trillion commercial mortgage-backed securities servicing market, with its Grandbridge Real Estate Capital unit planning to bid for master-servicer roles in upcoming transactions, Bloomberg reported. Truist shares added 0.8%.Klarna (KLAR) has introduced US savings accounts with FDIC insurance, no minimum balance or fees, and interest rates above 3% annual percentage yield. Klarna shares were 0.2% lower.
$JPM$KLAR$PAYO$TFC
Sectors
Sector Update: Financial Stocks Advance Tuesday Afternoon
Financial stocks were higher in Tuesday afternoon trading, with the NYSE Financial Index increasing 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.6%.The Philadelphia Housing Index was rising 2.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) climbed 1.9%.Bitcoin (BTC-USD) was falling 2.7% to $61,381, and the yield for 10-year US Treasuries was decreasing 1 basis point to 4.542%.In economic news, the US trade deficit narrowed in April as export growth outpaced an increase in imports, government data showed Tuesday. The goods and services deficit narrowed $700 million to $55.9 billion in April from March on a seasonally adjusted basis, the US Census Bureau and the Bureau of Economic Analysis said. The consensus was for a deficit of $56.1 billion in a Bloomberg survey.The pace of US existing home sales rose by 3.2% to a 4.17 million seasonally adjusted annual rate in May from 4.04 million in April, compared with a smaller expected increase to a 4.07 million rate in a survey compiled by Bloomberg, data from the National Association of Realtors showed.Redbook US same-store sales rose by 9.1% from a year earlier in the week ended June 6 after a 9.0% year-over-year increase in the previous week, with seasonal buying accounting for a smaller share of activity than in recent weeks.In corporate news, Payoneer Global (PAYO) shares surged 27% after Reuters reported the company is in advanced talks to be acquired by Canadian payments firm Nuvei for about $2.7 billion, including Payoneers cash, which implies an enterprise value of about $2.3 billion.JPMorgan Chase (JPM) plans to launch AI agents later this year that are capable of working autonomously for far longer than current versions, CNBC reported, citing an interview with Chief Analytics Officer Derek Waldron. JPMorgan shares rose 0.3%.Truist Financial (TFC) is preparing to expand its presence in the $1.8 trillion commercial mortgage-backed securities servicing market, with its Grandbridge Real Estate Capital unit planning to bid for master-servicer roles in upcoming transactions, Bloomberg reported. Truist shares added 1.2%.
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Treasury
Truist Financial to Redeem Senior Notes due 2027
Truist Financial (TFC) said late Wednesday it will redeem all $1.50 billion of its fixed-to-floating rate senior notes due June 8, 2027, on the redemption date of June 8, 2026.The redemption price will be equal to 100% of the principal amount, the company said.
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Wire
UBS Adjusts Truist Financial Price Target to $58 From $57
UBS Adjusts Truist Financial Price Target to $58 From $57
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Research
Baird Downgrades Truist Financial to Neutral From Outperform, Price Target is $55
Truist Financial (TFC) has an average rating of overweight and mean price target of $55.37, according to analysts polled by FactSet.
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Wire
Morgan Stanley Trims Truist Financial Price Target to $62 From $63, Maintains Overweight Rating
Truist Financial (TFC) has an average rating of overweight and mean price target of $55.21, according to analysts polled by FactSet.Price: $51.39, Change: $+0.16, Percent Change: +0.30%
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Wire
Evercore ISI Adjusts Price Target on Truist Financial to $58 From $55, Maintains Outperform Rating
Truist Financial (TFC) has an average rating of overweight and mean price target of $55.21, according to analysts polled by FactSet.Price: $51.57, Change: $+0.61, Percent Change: +1.21%
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Wire
Truist Financial Strong Q1 Points to Better Outlook, RBC Says
Truist Financial (TFC) delivered strong Q1 results that are laying the foundation for better profitability ahead, RBC Capital Markets said in a Friday note.The company is focused on raising shareholder value by increasing its return on tangible common equity to 16% to 18% and returning about 80% of earnings with stock buybacks and dividends in 2026, the report said.The note also said its 2026 outlook was generally in-line with RBC expectations, led by moderate net interest income and fee revenue growth, which combined with strong repurchase activity, will likely lead to double-digit EPS growth in 2026.RBC maintained its outperform rating on the stock while raising its price target to $53 from $51.Price: $50.98, Change: $+0.41, Percent Change: +0.82%
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Sectors
Sector Update: Financial Stocks Higher Late Afternoon
Financial stocks were advancing in late Friday afternoon trading, with the NYSE Financial Index rising 1.3% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.9%.The Philadelphia Housing Index popped 3.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 1.6%.Bitcoin (BTC-USD) rose 2.8% to $77,288, and the yield for 10-year US Treasuries dropped 6.3 basis points to 4.246%.In sector news, JPMorgan Chase (JPM) and Barclays (BCS) are among the Wall Street banks that recently started trading credit default swaps against flagship private credit funds run by Blackstone (BX), Apollo Global Management (APO) and Ares Management (ARES), the Financial Times reported.In corporate news, Ally Financial (ALLY) shares jumped past 8%. The company reported Q1 adjusted earnings of $1.11 per diluted share, up from $0.58 a year earlier, and above the FactSet consensus estimate of $0.93.Fifth Third Bancorp (FITB) shares rose 1.7% after it reported a surprise Q1 profit on Friday.Truist Financial (TFC) reported Q1 earnings of $1.09 per diluted share, up from $0.87 a year earlier. Analysts polled by FactSet expected $1. Truist shares gained 2.4%.Deutsche Bank (DB) has notified Germany's central bank, Bundesbank, that it may have violated sanctions that limit deposits of Russian individuals to less than 100,000 euros ($118,000), multiple media outlets reported Friday. Deutsche shares were up 2.7%.
$ALLY$APO$ARES$BCS$BX$DB$FITB$JPM$TFC
Wire
Raymond James Raises Price Target on Truist Financial to $56 From $53, Keeps Outperform Rating
Truist Financial (TFC) has an average rating of overweight and mean price target of $54.36, according to analysts polled by FactSet.Price: $50.46, Change: $+1.03, Percent Change: +2.07%
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Wire
Piper Sandler Adjusts Truist Financial Price Target to $56 From $53, Maintains Neutral Rating
Truist Financial (TFC) has an average rating of overweight and mean price target of $54.36, according to analysts polled by FactSet.Price: $50.46, Change: $+1.03, Percent Change: +2.07%
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Wire
Jefferies Adjusts Price Target on Truist Financial to $45 From $42, Maintains Underperform Rating
Truist Financial (TFC) has an average rating of overweight and mean price target of $54.36, according to analysts polled by FactSet.Price: $50.46, Change: $+1.03, Percent Change: +2.07%
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Research
Research Alert: CFRA Keeps Hold Recommendation On Shares Of Truist Financial Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our 12-month target price at $56, based on 10.8x our 2027 EPS estimate, a premium to TFC's five-year forward P/E average of 10.5x given an improving regulatory environment, an uptick in capital return, and improving efficiency. We raise our 2026 EPS view by $0.02 to $4.59 and keep 2027's at $5.18. We maintain a Hold rating on the stock, as the bank tends to take three steps forward then two steps back. This quarter, we were encouraged by strong fee income performance, with Investment Banking and Trading delivering their highest quarterly revenue since 2021. This is a trend we expect to continue as geopolitical conflicts appear to be subsiding. However, net interest income disappointed in Q1 and balance sheet growth remains inconsistent. On a positive note, TFC has become more optimistic and established a new long-term return on tangible common equity (ROTCE) target of 16%-18%. While this is encouraging, TFC has considerable work ahead as its ROTCE has not exceeded 14% for eight consecutive quarters.
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Sectors
Sector Update: Financial Stocks Rise Friday Afternoon
Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index gaining 1.9% and the State Street Financial Select Sector SPDR ETF (XLF) climbing 1.8%.The Philadelphia Housing Index jumped 5.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 1.6%.Bitcoin (BTC-USD) popped 3.7% to $77,919, and the yield for 10-year US Treasuries dropped 7.7 basis points to 4.23%.In sector news, JPMorgan Chase (JPM) and Barclays (BCS) are among the Wall Street banks that recently started trading credit default swaps against flagship private credit funds run by Blackstone (BX), Apollo Global Management (APO) and Ares Management (ARES), the Financial Times reported.In corporate news, Fifth Third Bancorp (FITB) shares gained 2.2% after it reported a surprise Q1 profit on Friday.Truist Financial (TFC) reported Q1 earnings of $1.09 per diluted share, up from $0.87 a year earlier. Analysts polled by FactSet expected $1. Truist shares rose 3%.Deutsche Bank (DB) has notified Germany's central bank, Bundesbank, that it may have violated sanctions that limit deposits of Russian individuals to less than 100,000 euros ($118,000), multiple media outlets reported Friday. Deutsche shares were up 3.3%.
$APO$ARES$BCS$BX$DB$FITB$JPM$TFC
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