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.
Kensington Vanguard National Land Services has announced the hiring of industry veterans Steve LaForgia and James Cosolito as senior executive vice presidents, bringing nearly 40 years of combined experience to the company. Their return to KV is seen as a significant move to enhance the Business Development team, aiming to improve client services.
LaForgia emphasized the opportunity for business expansion, while Cosolito described the move as a homecoming, highlighting KV’s impressive growth trajectory since their departure. In 2022, KV was acquired by Truist Financial Corporation (TFC), indicating a robust consolidation strategy in the title insurance sector.
Truist Financial Corporation (NYSE:TFC) has pledged $15 million to the GoATL initiative, which is designed to enhance affordable housing and support small businesses in Atlanta. This includes a lead investment of $14 million in the new GoATL Affordable Housing Fund, part of a larger $75 million effort to address housing gaps, along with a $1 million grant for the GoATL Economic Inclusion Fund. Truist aims to foster economic mobility and bridge the racial wealth gap, particularly in a city marked by significant income disparity. This marks the second impact investment by Truist in affordable housing in partnership with the Community Foundation for Greater Atlanta.
Truist Foundation has launched a $22 million initiative named Where It Starts to bolster small businesses and create career pathways for BIPOC individuals across the U.S. This multi-year program includes grants awarded to three anchor partners: CAEL (receiving $15.7 million), Living Cities, and Main Street America (jointly receiving $6.3 million). The initiative aims to remove barriers to growth, uplift entrepreneurs of color, and enhance career opportunities in underserved communities, particularly in financial services. This program signifies a long-term commitment from Truist to collaborate with community leaders and organizations to promote economic mobility.
The Board of Directors of Truist Financial Corporation (NYSE: TFC) has declared a quarterly cash dividend of $0.52 per common share, payable on March 1, 2023, to shareholders of record by February 10, 2023.
Additionally, regular cash dividends on several series of preferred stock were announced, with varying payment dates. The dividends for these preferred stocks include amounts like $1,324.75 for Series I and $1,353.50 for Series J, all payable on March 15, 2023. These dividends reflect the company’s robust financial position as of December 31, 2022, with total assets of $555 billion.
Truist Foundation has awarded a $1 million grant to the Center for Employment Opportunities (CEO), aimed at enhancing career advancements for individuals returning from incarceration. The funding will facilitate access to advanced training, connecting thousands of justice-impacted people with high-wage employment opportunities. Key offerings include IT certifications, CDL training, and foundational digital skills. This initiative is expected to empower participants with stipends while they pursue training, addressing community workforce development needs. The grant aligns with Truist Foundation's commitment to improving economic mobility and providing transformative employment services.
Truist Financial Corporation (TFC) reported strong fourth-quarter 2022 earnings, with net income of $1.6 billion or $1.20 per diluted share, reflecting a 5.6% year-over-year increase. Adjusted earnings reached $1.7 billion or $1.30 per diluted share, driven by robust loan growth and an expanded net interest margin (NIM) of 3.25%. For the full year, net income totaled $5.9 billion, slightly down from 2021. Key metrics include a return on assets (ROA) of 1.21% and return on tangible common equity (ROTCE) of 27.6%. Despite increased provisions for credit losses, capital and credit quality remain strong, with a common equity tier 1 ratio of 9.0% and asset quality reflecting a conservative risk culture.
Truist Financial Corporation (NYSE: TFC) is set to release its fourth-quarter 2022 financial results on January 19, 2023, before the market opens. The earnings call, led by Chairman Bill Rogers and CFO Mike Maguire, will take place at 8 a.m. ET. Investors can access the call via a live audio webcast on the company's investor relations page or by calling 855-303-0072 with the passcode 100038. Truist, headquartered in Charlotte, North Carolina, has a total asset base of $548 billion as of September 30, 2022.
Truist Financial Corporation (NYSE: TFC) has raised its prime lending rate from 7.00% to 7.50%, effective December 15, 2022. This adjustment reflects current market conditions and may influence borrowing costs for consumers and businesses. The bank, headquartered in Charlotte, North Carolina, holds total assets of $548 billion as of September 30, 2022, establishing itself as a significant player in the financial services sector.
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