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 Financial Corporation (TFC) reported third-quarter 2022 GAAP earnings of $1.5 billion, or $1.15 per diluted share, reflecting a 5% decline from Q3 2021. Adjusted earnings rose to $1.7 billion, or $1.24 per share, influenced by strong loan growth and expanded net interest margins. However, fee revenues were impacted by adverse market conditions. The company maintains strong capital, liquidity, and credit quality, with a common equity tier 1 ratio of 9.1%. Net charge-offs increased to 0.27% of average loans, reflecting normalizing trends. Overall, asset quality remains robust amidst a challenging market.
Truist Financial Corporation (NYSE: TFC) will report its third-quarter 2022 financial results on Oct. 18, 2022. The earnings report will precede a conference call led by CEO Bill Rogers and CFO Mike Maguire at 8 a.m. ET. Investors can access the live audio webcast through Truist's investor relations website. Notably, Truist has total assets of $545 billion as of June 30, 2022, positioning it as a top 10 U.S. commercial bank, with a strong presence in various financial services.
Truist Financial Corporation (TFC) has launched Truist Assist, a new AI-enhanced digital virtual assistant, available 24/7 via mobile and online banking. This tool aims to improve client service by answering over 100 common banking inquiries using advanced natural-language processing and understanding. The initiative aligns with Truist's strategy to enhance client satisfaction by integrating technology and personal support. The launch is part of their broader innovation strategy, facilitated by the newly opened Innovation and Technology Center in Charlotte, North Carolina.
Truist Financial Corporation (NYSE: TFC) has appointed Mike Maguire as the new chief financial officer (CFO), effective Sept. 15, 2022. He takes over from Daryl Bible, who announced his retirement in May and will assist during the transition. Maguire is a strategic leader with extensive experience in consumer finance and payments, overseeing various businesses like LightStream and Service Finance. This leadership change occurs as Truist navigates a transformative phase, reaffirming its commitment to enhancing community and client experiences.
Truist Insurance Holdings, a subsidiary of Truist Financial Corporation (NYSE: TFC), has signed a definitive agreement to acquire BankDirect Capital Finance from Texas Capital Bancshares, Inc. (NASDAQ: TCBI) for over $3 billion in loans. This acquisition will enhance Truist's premium finance business and expand into the life insurance sector. BankDirect will operate under AFCO Credit Corporation post-acquisition, expected to close in Q4 2022. The deal will diversify Truist's risk management offerings and potentially increase geographic reach, particularly on the West Coast.
Truist Financial Corporation (NYSE: TFC) announced that its Chairman and CEO, Bill Rogers, will present at the Barclays Global Financial Services Conference on September 13, 2022, at 9 a.m. ET in New York City. A live audio webcast of the event will be accessible on Truist's investor relations website, with a replay available for 30 days. As of June 30, 2022, Truist holds total assets of $545 billion and is a leading player in U.S. banking, offering a comprehensive range of financial services.
Truist Wealth has launched Truist Invest and Truist Invest Pro, expanding its digital investment offerings. Truist Invest offers tailored portfolios based on client goals and risk tolerance, featuring daily portfolio analyses and automated rebalancing. Truist Invest Pro combines this digital approach with direct access to financial advisors for personalized investment advice. Accounts can be opened online with a minimum of $5,000, and fees are 0.50% for Truist Invest and 0.85% for Truist Invest Pro. This initiative aligns with Truist's T3 strategy, aiming to enhance client trust and engagement.
Truist Foundation has announced a $2.25 million grant to Community First Fund, aimed at supporting 500 Black and Latine entrepreneurs and financing 100 minority-owned businesses to generate 400 jobs in Pennsylvania. This grant is part of Truist's broader $120 million initiative to bolster small businesses nationally. The newly formed Economic Justice Fund will enhance lending activities for minority entrepreneurs, focusing on the Greater Philadelphia area. Truist emphasizes its commitment to financial equity and supports community development through sustainable economic initiatives.
Truist Financial Corporation (NYSE: TFC) has appointed Scott Stanzel as the new executive vice president and chief communications officer, effective October 1, 2022. Reporting to Chief Legal Officer Ellen Fitzsimmons, Stanzel will oversee corporate communications from Truist's headquarters in Charlotte, North Carolina. With extensive experience, including positions at Capital One, Amazon, and Microsoft, Stanzel aims to enhance stakeholder engagement. The company also announced that Brian Davis will transition to a new role, details of which will be revealed soon.
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