8/25/2023 0 Comments Truist online![]() ![]() Truist's balance-sheet remix is one part of an enterprise-wide effort to reduce expenses, increase efficiency, build more capital and simplify operations, executives said Thursday.Įxpense reduction is a large component of that plan. Cleveland-based Ke圜orp, the parent company of KeyBank, will shrink its balance sheet by eliminating so-called "standalone loans." Synovus Financial in Columbus, Georgia, said that it will sell a $1.3 billion medical office loan portfolio and use the proceeds to pay down higher-cost funding. Truist was one of a few banks that announced strategic business moves Thursday. At the same time, the $554 billion-asset company will "evaluate ways to increase the velocity overall" of its balance sheet, Rogers added. CNBC's Michael Bloom contributed to this report."Going forward, we'll continue to better focus our balance sheet on Truist clients who have broader relationships while limiting our exposure to single-product and indirect clients," CEO Bill Rogers told analysts during the call. McDonald's shares have advanced nearly 12% this year, underperforming the S & P 500. Of eight chains, data shows just two, Wendy's and Chipotle, could see slight misses on sales forecasts, he wrote. Bartlett said Truist data shows multiple other chains also beating expectations for sales in the latest quarter amid surging demand. One popular trend, taken up by both everyday users and well-known internet personalities such as Trisha Paytas, involves creators drinking the shake before pretending to be dead or injured with the liquid spewing out of their mouths. ![]() On TikTok, videos with the hashtags #Grimace and #Grimaceshake in the captions have each been seen a total of 2.7 billion times. "We believe MCD US SSS momentum is being driven by strong marketing (including the successful 'Grimace Birthday Meal' launched 6/12, which went viral on social media) and strong operations as staffing improves," Bartlett said. A highlight of the meal for customers - and the centerpiece of a social media craze - was a purple-colored, berry-flavored milkshake. That's due in part to the success of the Grimace meal, a limited-time menu item launched last month that centered around the fast-food chain's furry, purple monster, first introduced in the early 1970s. McDonald's is due to report results July 27. Bartlett's new target, issued in a note to clients Monday, implies the stock could rise almost 14% from Monday's close. Analyst Jake Bartlett raised his price target on McDonald's, which he rates a buy, to $335 from $327 previously. Truist anticipates system sales and same-store sales to come in higher than Wall Street's consensus. Credit card data from Truist pointed to a slight acceleration into the end of the second quarter and the potential to beat analyst sales and profit expectations. The social media success of the McDonald's Grimace-themed birthday meal could be good news for the fast-food chain's earnings and share price, according to Truist. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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