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 has awarded a $5 million grant to First Step Staffing, the largest nonprofit employment agency in the U.S., aimed at combating homelessness. The funds will support the establishment of two new branches and enhance client services, including job placement and upskill training. In 2021, First Step helped over 8,000 individuals obtain jobs, contributing $57.1 million in wages. This partnership aims to provide greater economic opportunities and assist individuals in overcoming barriers to employment.
Truist Financial Corporation (TFC) reported second quarter 2022 earnings of $1.5 billion, or $1.09 per diluted share, reflecting a 6.7% decline from the previous year. Adjusted net income was $1.6 billion, or $1.20 per diluted share, showcasing robust loan growth and expanded net interest margin aided by rising interest rates. Notable highlights include a strong 8% dividend increase announcement, record insurance and card fees, and excellent credit quality. However, net income was impacted by increased provision for credit losses. Total assets increased by 2.0% with significant contributions from commercial and consumer loans.
Truist Financial Corporation (NYSE: TFC) launched Truist One Banking on July 18, 2022, introducing two new accounts that focus on financial inclusion and eliminating overdraft fees. The Truist One Checking account offers clients a negative balance buffer and rewards on credit card transactions, while the Truist Confidence Account provides checkless banking. In response to client feedback, Truist will save clients approximately $300 million annually by discontinuing various fees. The initiative aims to foster better financial management and empower communities.
Truist Foundation has announced a $1.25 million commitment to the Nashville Business Incubation Center (NBIC) to support women, racially and ethnically diverse, and veteran-owned small businesses. The funding will enhance NBIC's RISE UP Academy, which offers training and mentorship. In addition, the grant will facilitate NBIC's expansion into Huntsville, Birmingham, and Louisville. Truist's initiative is part of a broader $120 million commitment to strengthen small businesses nationwide, especially those owned by women and minorities.
Truist Financial Corporation (NYSE: TFC) announced an increase in its minimum U.S. hourly wage to $22, effective October 1, 2022. This move positions Truist among the highest-paying employers in the financial sector. Approximately 14,000 employees will benefit from this wage hike, with a majority in client-facing roles. Previously, the minimum wage ranged from $15 to $18, varying by location. The decision reflects Truist's commitment to competitive compensation and its broader Total Rewards program, which is reviewed annually.
Truist Financial Corporation (TFC) has announced an 8% increase in its quarterly cash dividend to $0.52 per share, up from $0.48, following its 2022 Comprehensive Capital Analysis and Review. The proposed dividend, subject to board approval, will take effect in Q3 2022. Truist's preliminary stress capital buffer remains at 2.5% from Oct. 1, 2022 to Sept. 30, 2023, reflecting strong risk management practices. The company aims to operate below its CET1 ratio target of 9.75% amid economic uncertainty, focusing on executional excellence and growth.
Truist Financial Corporation (NYSE: TFC) has committed $120 million to enhance small businesses, focusing on Black, Latinx, and women-owned enterprises. The plan includes $30 million in grants to nonprofits aiding diverse entrepreneurs and $5 million in technical assistance. Additionally, $85 million will support debt and equity investments, particularly through partnerships with Community Development Financial Institutions (CDFIs). Truist's aim is to provide crucial capital access and training, promoting economic growth within underserved communities.
Truist Financial Corporation (NYSE: TFC) has officially launched its Innovation and Technology Center in Charlotte, North Carolina, aimed at enhancing client experiences through cutting-edge technology. The 100,000-square-foot facility will serve as a hub for collaboration among clients, fintechs, and tech giants like AWS and Verizon. It includes specialized spaces for client feedback, product prototyping, and virtual reality. The center will also host the Innovators in Residence program, fostering partnerships to tackle financial challenges through innovation.
On June 15, 2022, Truist Bank announced it will redeem all $1 billion of its 2.450% senior bank notes due August 1, 2022. The redemption will occur on July 1, 2022, at 100% of the principal amount plus accrued interest. Payments will be processed through The Depository Trust Company. As of March 31, 2022, Truist Financial Corporation holds total assets of $544 billion, making it a top 10 U.S. commercial bank.
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