# Truist (TFC): The New CEO Bought About $2.2 Million of Stock. Is the Insider Buy a Signal?

> Truist CEO Michael Lyons bought 25,000 shares on October 28, 2026, his second open-market purchase since taking over in September. One activist-focused investor sees a new CEO, rare insider buying and a peer discount; a skeptic says about $2.2 million is small and points to his Fiserv record. We check the filings, the third quarter and the valuation.

By MCAFax · Published November 4, 2026
Section: Markets & Main Street › From Wall Street · Series: Market Calls, Investigated (https://mcafax.com/notebook/series/market-calls-investigated)
Canonical: https://mcafax.com/notebook/tfc-truist-new-ceo-insider-buying
Source: MCAFax, The Broker's Notebook (https://mcafax.com/notebook). MCAFax is not a lender or a law firm.

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Truist Financial (NYSE: TFC) chief executive Michael Lyons bought 25,000 shares on October 28, 2026 at about $48.36, his second open-market purchase since taking over on September 1. Activist-focused investor Colin King flagged the buy as a reason to watch the bank, citing a new CEO, rare insider buying and a discount to peers. A skeptic replied that roughly $2.2 million of stock is small for an executive whose last job ended badly.

*This is journalism and commentary, not investment advice. We hold no position unless stated.*

## Key facts

- **Ticker:** TFC on the New York Stock Exchange; situation type is a new-CEO turnaround with insider buying.
- **The call:** Colin King called the buy "interesting" and listed the reasons; no position stated. We log it as a watchlist call.
- **Price:** $49.32 at the October 29, 2026 close, the last close before his post; $49.41 at the November 3 close.
- **The buys:** 25,000 shares on October 28 at about $48.36 (about $1.21 million) and 21,000 shares on September 17 at about $48.36 (about $1.02 million), or about $2.2 million in total, per [SEC Form 4 filings](https://www.sec.gov/Archives/edgar/data/92230/000153457426000018/0001534574-26-000018-index.html). Lyons now holds 46,000 shares directly.
- **Valuation:** about 1.55 times tangible book value of $31.90 a share, by our math at $49.41.
- **Dividend:** $0.52 a quarter, a yield of about 4.2% at $49.41.
- **52-Week range:** $43.13 to $56.20.
- **Next event:** chief financial officer Mike Maguire speaks at the BancAnalysts Association of Boston conference on November 5, per [Truist](https://ir.truist.com/2026-10-20-Truist-to-speak-at-BancAnalysts-Association-of-Boston-Conference).

## Is TFC a good bet right now?

It depends on whether you read the CEO's purchases as a signal or a gesture. The bank's core numbers improved in the third quarter, but the headline result was hit by a balance sheet repositioning, and the new CEO's prior record is the main point of debate.

## Why are investors bullish on Truist?

- **Insider buying.** Lyons bought twice in six weeks with his own money, at nearly the same price both times.
- **Earnings ex-items rose.** Third-quarter adjusted EPS was $1.16, up 12% from a year earlier, per the [company release](https://www.sec.gov/Archives/edgar/data/92230/000009223026000108/ex991-3q26.htm).
- **Capital return.** Truist bought back $1.2 billion of stock in the quarter and kept a common equity tier 1 ratio of 10.7%.
- **Simplification.** It completed the sale of its RAC business and agreed on October 14 to sell $7.7 billion of LightStream consumer loans to Carlyle.
- **Returns.** Adjusted return on tangible common equity was 14.6% and the net interest margin was 3.00%.

## Who's making this call and why?

Colin King runs an account focused on activist and special situation ideas. He [posted](https://x.com/valuedontlie/status/2116229734162174006) on October 30: "New CEO, first bout of insider buying in years, discount to bank peers, etc." The peer-discount and "first in years" points are his; we did not independently rank Truist against peer multiples.

**Track record.** In our tracking, King is 11-8 (a .579 win rate) on 19 calls scored at 180 days against the S&P 500, ranked 5th. His average edge is +35.1 points, lifted by one large winner; his median is +4.2 and his last 10 scored calls went 4-6. See the [scoreboard](https://mcafax.com/notebook/market-calls-scoreboard).

## Who disagrees?

Guinea Value Investments, a small value account, [replied](https://x.com/jszhang0912/status/2116487087369212302): "Nah, a 2.3 million purchase is nothing compared to what he got from his previous jobs." The reply pointed to Lyons' record at Fiserv. King [answered](https://x.com/valuedontlie/status/2116507617904509001): "I view it differently, but I hear you."

The bear points are concrete:
- **The Fiserv record.** Lyons was Fiserv's CEO when the payments company cut its Outlook in October 2025; its shares fell about 44% on October 29, 2025, [CNBC reported](https://www.cnbc.com/2025/10/29/fiserv-stock-guidance-earnings.html).
- **Reported earnings were weak.** Diluted EPS was $0.56 in the third quarter after a $1.4 billion pre-tax loss on securities sold, about $0.90 a share.
- **Shared leadership.** Former CEO Bill Rogers stays as executive chair until April 2027, per the [June announcement](https://ir.truist.com/2026-06-15-Truist-announces-Michael-P-Lyons-as-incoming-CEO), so strategy changes may take time.
- **Not deep value.** At about 1.55 times tangible book, Truist is not priced like a distressed bank.

## What are the key facts to verify?

- The Form 4 filings for each purchase, including price and shares held after the trade.
- Third-quarter adjusted versus reported EPS and the securities loss in the company release.
- How Truist's price to tangible book compares with regional bank peers you follow.
- Any new targets Lyons sets for efficiency or returns on the next earnings call.

## What would prove it right or wrong?

Signals the insider buy was a good tell:
- More open-market buying by Lyons or other directors.
- Adjusted EPS growth continuing while buybacks reduce the share count.
- Clear medium-term targets that the market rewards.

Signals it was a gesture:
- Another guidance cut or surprise charge.
- Deposit outflows or margin pressure that erase the adjusted gains.
- Executive selling after the buys.

*This is journalism and commentary, not investment advice. We hold no position unless stated.*

## Questions readers ask

**Is Truist (TFC) stock a good bet after the CEO's insider buying?**

It depends on how much weight you give the purchases. Truist CEO Michael Lyons bought 25,000 shares on October 28, 2026 at about $48.36 and 21,000 shares on September 17 at about the same price, about $2.2 million in total, per SEC Form 4 filings. Supporters read that as a new leader backing his own plan. Third-quarter adjusted EPS rose 12% to $1.16, and the bank bought back $1.2 billion of stock. Skeptics note the amount is small next to his past pay and that Fiserv shares fell about 44% in one day in October 2025 while he was its CEO. At the November 3, 2026 close of $49.41, Truist traded at about 1.55 times tangible book value.

**How much Truist stock did Michael Lyons buy?**

Per SEC Form 4 filings, Lyons bought 21,000 shares on September 17, 2026 at about $48.36 (about $1.02 million) and 25,000 shares on October 28, 2026 at about $48.36 (about $1.21 million). He held 46,000 shares directly after the second purchase.

**When did Michael Lyons become Truist's CEO?**

Truist announced on June 15, 2026 that Lyons would become CEO, and he took over on September 1, 2026. Former CEO Bill Rogers stays as executive chair until April 2027.

**What happened at Fiserv under Michael Lyons?**

Lyons was Fiserv's CEO when the payments company cut its Outlook in October 2025. Fiserv shares fell about 44% on October 29, 2025, CNBC reported. Skeptics of the Truist insider buy point to that record.

**How did Truist do in the third quarter of 2026?**

Truist reported diluted EPS of $0.56 and adjusted EPS of $1.16, up 12% from a year earlier. The gap came mainly from a $1.4 billion pre-tax loss on securities sold, about $0.90 a share. Adjusted return on tangible common equity was 14.6% and the net interest margin was 3.00%.

**What is Truist's tangible book value?**

Truist reported tangible book value of $31.90 a share and book value of $46.78 a share at the end of the third quarter of 2026. At the November 3 close of $49.41, the stock traded at about 1.55 times tangible book, by our math.

**What is Truist's dividend yield?**

Truist pays $0.52 a share each quarter, or $2.08 a year. That is a yield of about 4.2% at the November 3, 2026 close of $49.41.

**Is Truist buying back stock?**

Yes. Truist repurchased $1.2 billion of its stock in the third quarter of 2026 while keeping a common equity tier 1 ratio of 10.7%.

**What is Truist selling?**

Truist completed the sale of its RAC business and agreed on October 14, 2026 to sell $7.7 billion of LightStream consumer loans to Carlyle, part of a push to simplify the bank.

**Who is Colin King?**

Colin King posts activist and special situation ideas on X. In our tracking he is 11-8 on 19 calls scored at 180 days against the S&P 500, with a median edge of +4.2 points. He called Truist interesting but stated no position.

**What would show the insider buy was a good signal?**

More open-market buying by Lyons or directors, continued adjusted EPS growth with a falling share count, and clear medium-term targets. Another guidance cut, a surprise charge or insider selling would undercut it.