Truist Plans to Buy Back Up to $10 Billion of Its Own Stock (1)

Truist Financial Corp. said it would repurchase as much as $10 billion of stock under a new program.

The authorization is effective immediately and doesn’t have an expiration date, according to a statement Tuesday. The bank’s latest buyback plan had about $1.5 billion remaining.

Lenders including Ally Financial Inc. and Commerce Bancshares Inc. have announced repurchase programs in recent months. Truist’s stock has climbed this year, rising about 14% since the end of 2024, compared with the 13% advance for the S&P 500 Financials Index.

The buyback program reflects Truist’s “ongoing commitment to delivering long-term value to shareholders while maintaining ...