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Truist Financial’s (NYSE:TFC) board gave the green light for a $5B share buyback program through 2026 starting in Q3 2024, it said on Friday. The company, meantime, plans to maintain its current quarterly dividend of $0.52 per share.
After passing the Federal Reserve’s 2024 stress test, Truist’s (TFC) preliminary stress capital buffer stands at 2.8%. The final SCB requirement will be published on or before Aug. 31, 2024.
Once finalized, the new SCB requirement will be in effect from Oct. 1, 2024 to Sept. 30, 2025. The new SCB requirement does not include the impact of the sale of Truist Insurance Holdings or the balance sheet repositioning that occurred on May 6, 2024.