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 (NYSE: TFC) announced the acquisition of key strategic assets from Zaloni, including the Arena platform, enhancing its data governance and analytics capabilities. This acquisition aims to advance Truist's artificial intelligence and machine learning initiatives. Key Zaloni personnel will join Truist's Enterprise Data Office, based in Raleigh. The Arena platform is designed to improve data management, reduce IT costs, and accelerate insights. The deal underscores Truist’s commitment to evolving its services and enhancing customer experience.
Truist Financial Corporation (NYSE: TFC) announced a $1.45 million commitment to Junior Achievement of Greater Washington (JAGW) to enhance financial literacy programs for over 40,000 students in Fairfax and Prince George's counties. This funding aims to support JAGW's JA Finance Park initiative, preparing students for financial and career success through experiential education. Since 2021, Truist has donated $5.1 million to various initiatives, demonstrating its dedication to economic equity and community development in the Greater Washington area.
Truist Financial Corporation (NYSE: TFC) has scheduled earnings conference calls for its quarterly financial results. The calls are set for the following dates: Fourth quarter 2022 on January 19, 2023; First quarter 2023 on April 20, 2023; Second quarter 2023 on July 20, 2023; Third quarter 2023 on October 19, 2023; and Fourth quarter 2023 on January 18, 2024, all at 8 a.m. ET. Truist, headquartered in Charlotte, NC, boasts total assets of $545 billion as of June 30, 2022, and offers a comprehensive range of financial services.
On August 8, 2022, Truist Financial Corporation (NYSE: TFC) announced its response to an unsolicited mini-tender offer from TRC Capital Investment Corporation. The offer, dated July 25, 2022, proposed purchasing up to two million shares at $46.14 each, which is 4.15% lower than Truist's closing price on July 22, 2022. Truist advised shareholders to reject the offer as it undervalues their shares, emphasizing the risks associated with mini-tender offers that evade SEC protections. The offer is set to expire at 12:01 a.m. on August 23, 2022.
Truist Insurance Holdings, a subsidiary of Truist Financial Corporation (NYSE: TFC), announced its acquisition of BenefitMall, the largest benefits wholesale general agency in the U.S., from Carlyle (NASDAQ: CG). This strategic move will add approximately $150 million in annual revenue to Truist's wholesale division. The acquisition aims to diversify client solutions and enhance the overall client experience. The deal is expected to close in Q3 2022, pending customary conditions. BenefitMall, with over 40 years of experience, serves more than 140,000 businesses across the country.
Truist Financial Corporation (NYSE: TFC) has appointed J. Christopher Ward as the head of its Wholesale Payments business, responsible for treasury solutions, merchant services, and commercial card solutions. Ward, with over 30 years of experience in payments, previously held leadership roles at PNC Bank, where he focused on data and innovation in treasury management. His appointment aims to drive innovation and enhance payment capabilities for Truist's business clients, reinforcing the firm's commitment to providing secure and comprehensive client experiences.
Truist Financial Corporation (NYSE: TFC) announced an increase in its prime lending rate from 4.75% to 5.50%, effective July 28, 2022. This adjustment reflects current economic conditions and will impact borrowing costs for consumers and businesses. As of June 30, 2022, Truist's total assets stood at $545 billion, showcasing its position as a top 10 U.S. commercial bank. The company focuses on various financial services, including retail banking, asset management, and corporate banking, aiming to enhance community and individual well-being.
Truist Financial Corporation (TFC) has updated progress on its $60 billion Community Benefits Plan, focused on rural development. As of May 31, 2022, Truist has achieved 112% of the prorated target, amounting to $54.5 billion. The bank has invested over $80 million between January 2020 and June 2022 in initiatives for affordable housing, workforce development, and small business support. Stakeholder sessions identified key rural needs, including workforce and small business development. Truist's strategy emphasizes tailored solutions and partnerships with Community Development Financial Institutions.
On July 26, 2022, Truist Financial Corporation (TFC) announced a quarterly cash dividend of $0.52 per common share, payable on September 1, 2022. Shareholders must be on record by August 12, 2022. Additionally, dividends were declared for various preferred stocks, with payments scheduled for September 15, 2022. The company continues to demonstrate strong financial stability, with total assets of $545 billion as of June 30, 2022, highlighting its significant market presence and commitment to financial health.
Truist Financial Corporation (NYSE: TFC) appointed Dominica Groom Williams as the head of diversity, equity, and inclusion (DEI), effective immediately. Groom Williams has over 15 years of experience in DEI initiatives, previously serving as chief culture, inclusion, and diversity officer at Guidehouse. She succeeds Wendy McSweeney, who transitioned to the new ESG & Impact Advisory Team. Truist emphasizes its commitment to diversity as a core value and aims to leverage this initiative to enhance community engagement and client relations.
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