Truist Financial Corporation - TFC STOCK NEWS

PGT Innovations announces a new exclusive consumer financing relationship with Service Finance Company, LLC, expected to drive future organic growth for PGT Innovations and expand the presence in the window and door industry for SFC.

Truist Foundation has committed $1.5 million to Accion Opportunity Fund to pilot a Down Payment Assistance Fund, aimed at helping Black and Latine individuals, as well as women, become first-time truck owners and entrepreneurs in Maryland and Georgia. The goal is to close gender and racial wealth gaps by investing in and supporting overlooked entrepreneurs. Accion Opportunity Fund has disbursed $113.2 million in capital to small businesses in the past year, primarily to entrepreneurs of color, women, and low-to-moderate-income entrepreneurs. The collaboration between Truist Foundation and Accion Opportunity Fund aims to provide equal opportunities and grow revenue for business owners of color.

The Board of Directors of Truist Financial Corporation (NYSE: TFC) announced a regular quarterly cash dividend of $0.52 per common share, payable on June 1, 2023. Shareholders must be on record by the close of business on May 12, 2023.

Dividends were also declared for various preferred stocks, including the Series I, J, L, M, O, P, and R, with payment dates generally set for June 15, 2023 or June 1, 2023 for specific series. The total asset value of Truist was $574 billion as of March 31, 2023.

Truist Foundation, aligned with Truist Financial Corporation (NYSE: TFC), is dedicated to fostering equitable development across the Carolinas. Under the leadership of Mark Little, NCGrowth collaborates with local businesses to create sustainable job opportunities. Recently, a century-old family farm, historically owned by descendants of enslaved individuals, benefitted from NCGrowth's efforts by connecting with a boutique grocer, enhancing distribution and market reach. Truist Foundation, established in 2020, focuses its investments on career mobility and small business growth, ensuring communities access improved quality of life. For more insights on their initiatives, you can listen to a discussion between Truist Foundation President Lynette Bell and Mark Little.

Truist Financial Corporation (NYSE: TFC) reported a net income of $1.4 billion, or $1.05 per diluted share for Q1 2023, reflecting a 47% increase in PPNR compared to Q1 2022. Key financial highlights include:

• Net interest income of $3.92 billion, down 2.8% from Q4 2022.
• Total revenue of $6.15 billion, a 15% increase year-over-year.
• Average loans rose 1.7%, while average deposits decreased 1.2%.

Capital and liquidity remain strong with a CET1 ratio of 9.1%. The sale of a 20% minority stake in Truist Insurance Holdings in April added approximately 30 basis points to capital ratios. Overall, the bank demonstrates resilience in a challenging market.

On April 17, 2023, Truist Financial Corporation (NYSE: TFC) announced a generous $5.05 million gift to the Atrium Health Foundation as part of their 'Giving Hope' campaign. This funding aims to enhance health equity and workforce development in underserved communities in Charlotte, North Carolina. A significant portion, $4.5 million over three years, will bolster initiatives such as the launch of two mobile primary care units, expansion of the community doulas program, and creation of a STEM learning laboratory. Additionally, $550,000 will support career pathways for justice-involved individuals through Atrium Health's programs. This partnership underlines Truist's commitment to improving health outcomes and economic mobility for vulnerable groups.

On April 3, 2023, the Editorial Advisory and Securities Review Committee of BetterInvesting Magazine highlighted United Parcel Service Inc. (NYSE: UPS) as its "Stock to Study" and Truist Financial Corp. (NYSE: TFC) as its "Undervalued Stock" for the June 2023 issue. The S&P 500 and Nasdaq Composite gained over 7% and 16%, respectively, in Q1 2023, illustrating the importance of long-term investing strategies. BetterInvesting encourages investors to use the Stock Selection Guide to evaluate investment opportunities and to learn about stock market principles for informed decision-making.