Welcome to our dedicated page for Truist Financial Corporation news (Ticker: TFC), a resource for investors and traders seeking the latest updates and insights on Truist Financial Corporation stock.
Truist Financial Corporation (NYSE: TFC) is a leading U.S. commercial bank that was formed through the merger of BB&T and SunTrust in 2019. Headquartered in Charlotte, North Carolina, the company is committed to inspiring and building better lives and communities through a comprehensive range of financial services. With a rich history dating back 275 years from its legacy banks, Truist serves approximately 12 million households across high-growth markets in the country.
Truist offers a wide array of services including retail, small business, and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. As the sixth-largest commercial bank in the U.S., Truist is a key player in these sectors.
Recent Achievements and News:
- On March 7, 2024, Truist Securities announced the addition of highly ranked analyst Jamie Cook as a managing director, expanding its equity research coverage in the industrials sector.
- On March 28, 2024, Truist Financial Corporation announced it would report its first-quarter 2024 financial results before the market opens on April 22, 2024.
- On April 4, 2024, the Truist Foundation released its 2023 Impact Report, showcasing its efforts in building career pathways and strengthening small businesses for economic mobility.
- On April 8, 2024, Sheffield Financial, a division of Truist Bank, renewed its long-term retail financing agreement with BRP US Inc., reaffirming their commitment to providing competitive financing options.
- On May 7, 2024, Truist completed the sale of its remaining stake in Truist Insurance Holdings to an investor group led by private equity firms, significantly enhancing its financial profile.
Truist is focused on leveraging technology and innovation, as evidenced by its investment in new technologies and recent strategic partnerships. The company's robust financial condition has enabled it to make significant investments in its core banking businesses and community-driven initiatives.
With an emphasis on collaborative culture and client service, Truist continues to expand its expertise and capabilities, aiming to deliver differentiated content, execution, and value for its clients. For more information, visit Truist.com.
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.
On April 3, 2023, Truist (NYSE: TFC) completed the sale of a 20% stake in Truist Insurance Holdings to Stone Point Capital for $1.95 billion, valuing the subsidiary at $14.75 billion. This strategic move enhances Truist Insurance Holdings' growth potential while maintaining Truist's 80% majority stake. The transaction is expected to improve Truist's Common Equity Tier 1 ratio by approximately 30 basis points, with no significant impact on earnings per share projected. The partnership with Stone Point aims to bolster competitive positioning in the consolidating insurance industry.
Albany Community Together, Inc. received a $1 million grant from Truist Foundation to develop The Table of Southwest Georgia, a Community HUB aimed at addressing social determinants of health and enhancing economic prosperity. The initiative, in collaboration with the Southwest Georgia Project for Community Education and Phoebe Putney Memorial Health Systems, will support local entrepreneurs, particularly black and rural farmers, by providing access to capital and resources. This project aims to improve community health outcomes through a Health Equity Institute and expand local agriculture and food access.
Truist Financial Corporation (NYSE: TFC) is set to report its first-quarter 2023 financial results on April 20, 2023, before market opening. CEO Bill Rogers and CFO Mike Maguire will lead a conference call at 8 a.m. ET to discuss the earnings. Investors can access a live audio webcast of the call on the company’s investor relations website, with a replay available for 30 days. As of December 31, 2022, Truist held total assets of $555 billion, positioning itself as a top 10 U.S. commercial bank and maintaining leader status in several high-growth markets.
Truist Foundation announced a $1 million grant to Emory University Goizueta Business School's Start:ME Accelerator program, the largest in the program's history. The initiative, aimed at small businesses in underserved Atlanta communities, provides a 14-week training program. Start:ME has supported 351 businesses in the last decade, with 80% of this year's cohort being female-led and 87% consisting of people of color. Truist, a long-time partner of Start:ME, believes strengthening small businesses can enhance economic opportunities. The grant will aid existing programs and expansion efforts for micro-entrepreneurs.
Truist Foundation continues its Inspiring Conversations series with President Lynette Bell engaging with Alan Alvarez of the Miami Bayside Foundation. This woman-led community development institution focuses on empowering historically disadvantaged business owners through social media and technology training, a vital initiative particularly as BIPOC-owned businesses faced significant challenges during the Covid-19 pandemic. Truist Foundation, aligned with Truist Financial Corporation (TFC), aims to enhance community quality of life by investing in initiatives that foster economic mobility and support small businesses, enhancing opportunities for a diverse range of entrepreneurs.
Truist Financial Corporation (NYSE: TFC) has appointed Tom Hackett as chairman and chief executive officer of Truist Securities, effective March 31, 2023, succeeding John Gregg, who is retiring. Hackett, who has over 30 years of experience in corporate and investment banking, has been with Truist since 2008 and served as president and COO since 2020. Hackett aims to enhance client experience through a comprehensive range of banking services. His leadership is expected to continue driving growth and establishing Truist Securities as a leading investment bank.
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