| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| HSA | 10 | $50.81 | $508 | 0.47% | $49.55 | $13 | +2.5% | — |
In short: Link's final trade — the second new-CEO bank turnaround of her show. "Truist Financial, another new CEO doing it." Wapner: "So we're going a little more regional. They're super regional, if you will." Same template as her Wells Fargo buy: management change plus operating leverage in a bank the market has not re-rated.
Truist is a large regional bank in the US Southeast. Link's pick follows the same pattern as her Wells Fargo buy: a bank with a new chief executive who is fixing the business, in a stock the market hasn't yet re-priced for the improvement.
In short: The buy side of Belsky's committee move: "we sold Qualcomm because from a dividend perspective — it's in our dividend growth portfolio — and we like financials a little bit more. So we did a one-for-one switch out of Qualcomm and into Truist." Asked whether he prefers financials to chips: "yes, we do. And we like the dividend growth in Truist in particular, and the yield relative to Qualcomm." He notes there are plenty of good technology companies in the dividend-growth universe, "but we want to be more concentrated in financials with the higher yield and the better dividend growth."
Brian Belsky swapped Qualcomm for Truist, one-for-one, in his dividend-growth portfolio. The reasoning is about the dividend, not the businesses: he prefers Truist's yield and, more importantly, its rate of dividend growth to Qualcomm's. He acknowledges there are good technology names available in the dividend universe, but wants the portfolio more concentrated in financials — a sector that has now risen for eleven straight weeks, its longest streak since at least 1989.
In short: Hired away Fiserv's CEO — "as its CEO resigned to become the CEO of Truist" — the reason Fiserv slumped.
14:33Fiserv was down 14%. As its CEO resigned to become the CEO of Truist, PayPal was down 6%. Just about every payment stock was down for the second quarter. Also, as Bitcoin and other digital currencies have corrected, financial companies devoted to the space suffered. Coinbase, for example, was down 14% for the quarter.
In short: Link bought more — 1× book, 4% yield; new CEO Michael Lyons (ex-Fiserv) a positive, last week's −4% a knee-jerk; ROTCE 12.7% → 15-16% by 2027 = operating leverage. Adding.
Truist is another regional bank, and Link is buying more. It trades at "one times book" — meaning the stock price equals the accounting value of the bank's net assets, which is cheap for a bank — and pays a 4% dividend. It dropped 4% last week when it named a new CEO, Michael Lyons, but Link thinks that reaction was a knee-jerk and that he's actually a positive (an experienced bank executive).
Her key metric is ROTCE — return on tangible common equity, basically how much profit the bank earns on shareholders' money. It was 12.7% last quarter and is expected to climb to 15-16% by 2027. Rising profitability on a steady cost base is "operating leverage" — earnings grow faster than the business — which is exactly what you want to see. The backdrop helps too: loan growth across banks just hit 8%, the best in three years, partly because lending is shifting back from private-credit funds to traditional banks.
In short: Hired Fiserv's Mike Lyons as CEO — pulling him out mid-turnaround (the reason Fiserv's stock fell 11%).
13:08The 2026 PE is six times. So clearly the market does not believe in the turnaround. This Monday morning, Fiserv announced that Lyons was leaving Fiserv to become, get this, the CEO of Truist Bank. Leaving in the midst of a turnaround is not very nice and the stock was down 11% on the news. I'll just reflag my views on the payment space.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.