Truist Financial Corporation (TFC): $47.68
Market Cap: $63.30B
There was a period in early 2023 where for months, we would see cluster after cluster of bank insiders purchase shares. Granted, this was during the mini-banking crisis where bank stocks across the board took a nosedive following Silicon Valley Bank’s failure (a company we covered just two months before its failure in an Insider Weekends article). There were times when going through form 4 filings for the Daily Event Driven Monitor we would see upwards of 80 insider purchases that met our criteria, and roughly 75% of those purchases would be by bank insiders. As such, we covered many different banks and financial institutions in the past such as The PNC Financial Services Group (PNC), First Citizens BancShares (FCNCA), and more recently, NB Bancorp (NBBK).
We haven’t seen the 2023 levels of insider purchases by bank executives this year but several small regional banks often make an appearance on our Event Driven Monitor. The recent insider purchase by William “Bill” Rogers, Chairman and CEO of Truist Financial Corporation stood out to us. Truist is one of the largest bank holding companies and financial institutions in the U.S., also known as a “super-regional” bank.
Headquartered in Charlotte, North Carolina, Truist was created through the 2019 merger of two massive banks – BB&T Corporation (previously known as the Branch Banking and Trust Company) and SunTrust Banks. As it stands today, Truist has over 15 million clients and nearly 2,000 branches spanning 17 states and the District of Columbia. As of September 30, 2024, Truist had total assets of $523 billion, $304 billion in total loans, and $388 billion in total deposits.