Truist Financial Corporation - TFC STOCK NEWS

Truist Foundation launched the Inspire Awards, a pitch competition aimed at nonprofits assisting BIPOC and women-owned small businesses affected by COVID-19. In partnership with MIT Solve, this initiative seeks innovative solutions to enhance the resilience of these businesses. Nonprofits can apply until May 13, 2022, with a chance to participate in a support program and pitch event. The winner of the competition will receive a $250,000 award while runners-up will also gain cash prizes. This effort reflects Truist Foundation's commitment to fostering economic mobility and supporting excluded communities.

Truist Financial Corporation (NYSE: TFC) announced the redemption of its $300,000,000 subordinated notes with a 3.95% interest rate, due March 22, 2022. The redemption will occur on February 22, 2022, at 100% of the principal amount plus accrued interest. Following the redemption date, interest on these notes will cease. Truist, headquartered in Charlotte, NC, is a major financial services company with $541 billion in total assets as of December 31, 2021.

Truist Insurance Holdings has entered into a definitive agreement to acquire Kensington Vanguard National Land Services, expanding its footprint in the title insurance market. The integration of Kensington Vanguard, a leading independent title insurance agency, will enhance Truist's existing title operations through BridgeTrust Title. The CEO highlighted Kensington's growth strategy and expertise, which will enable them to provide comprehensive title and real estate services across the U.S. The transaction is expected to close in the first quarter, although sale terms remain undisclosed.

United Way Worldwide has launched the bilingual MyFreeTaxes™ program, making tax filing available in both English and Spanish. Since 2009, MyFreeTaxes has aided over 1.3 million taxpayers, resulting in nearly $2 billion in refunds. This initiative, supported by the Truist Foundation, aims to enhance financial stability accessibility. Key features include live assistance, eligibility screening for credits, and support for those earning up to $73,000. The program addresses the growing need for tax preparation in diverse communities.

Truist Financial Corporation (NYSE: TFC) aims for net zero greenhouse gas emissions by 2050, enhancing its commitment to a low-carbon economy. The company plans to reduce its Scope 1 and 2 emissions through energy efficiency projects and will focus on measuring and enhancing Scope 3 emissions. Key initiatives include calculating financed emissions, setting interim targets, and increasing investment in low-carbon technologies. Truist will report its progress in upcoming CSR and ESG Reports.

Truist Financial Corporation (NYSE: TFC) announced a quarterly cash dividend of $0.48 per share, payable on March 1, 2022, to shareholders on record as of February 11, 2022. Additionally, cash dividends were declared for preferred stock series, including Series I, J, N, O, Q, and R, with payment dates ranging from March 1 to March 15, 2022. Truist, headquartered in Charlotte, NC, reported total assets of $541 billion as of December 31, 2021.

On January 18, 2022, Truist Financial Corporation (NYSE: TFC) announced the launch of Truist One Banking, a groundbreaking checking account initiative. Set to debut this summer, the approach features two personal checking accounts boasting no overdraft fees and a deposit-based line of credit for eligible clients. Additionally, Truist will eliminate various fees related to negative balances and overdrafts. These changes are projected to save clients approximately $300 million annually by 2024, as Truist aims to enhance financial inclusion for all households.

Truist Financial Corporation (TFC) reported a strong fourth quarter of 2021, with net income available to common shareholders of $1.5 billion, a 24% increase year-over-year. Earnings per diluted share rose 26% to $1.13. Adjusted net income was $1.9 billion, equating to $1.38 per share. For the full year, net income was $6.0 billion, a 43% rise from 2020, with adjusted earnings at a record $5.53 per share. Asset quality remains robust, with nonperforming assets at 0.21% of total assets. The firm is looking forward to significant operational improvements and continued growth in 2022.

On January 11, 2022, Azimuth GRC, a compliance automation pioneer, announced a strategic investment from Truist Ventures, the venture capital arm of Truist Financial Corporation (TFC). The funding will enhance the Azimuth GRC platform by expanding its team, product offerings, and market presence. With a focus on automating regulatory compliance, Azimuth aims to improve accuracy and efficiency while reducing risks. This investment follows their recent Series A funding, positioning the company for significant growth in the regulatory technology sector.