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 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.
Truist Financial Corporation (NYSE: TFC) has appointed Howard Whyte as the new Chief Information Security Officer (CISO), bringing over 20 years of experience in information technology and security. Whyte joins from Boeing and has also held key positions at the FDIC, Goldman Sachs, and NASA. He succeeds Steve Scott, who is retiring after 40 years in the industry, and will ensure a smooth transition. Whyte's leadership aims to enhance Truist's cybersecurity capabilities and maintain compliance with regulatory requirements to foster client trust and innovation.
Truist Financial Corporation (NYSE: TFC) has appointed Denise M. DeMaio as Chief Audit Officer, effective Feb. 28, 2022. DeMaio succeeds Dale Jeanes, who is retiring after over 33 years of service. She will lead the internal audit function and advise management on risk trends. Previously, DeMaio held senior audit roles at Mitsubishi UFJ Financial Group and TD Bank. DeMaio holds an MBA from Northwestern University and is a certified public accountant.
Truist, headquartered in Charlotte, North Carolina, boasts total assets of $530 billion as of Sept. 30, 2021.
Truist Financial Corporation (NYSE: TFC) has expanded its partnership with Operation HOPE, making financial wellness coaches available in 600 branches. This initiative follows a $20 million investment aimed at supporting the creation of one million Black-owned businesses by 2030. Since 2013, nearly 175,000 financial empowerment services have been offered, with many clients reporting improvements in credit scores and savings. Truist plans to further expand this program, aiming for 1,000 branches by 2024, enhancing access to financial coaching for underserved communities.
Truist Financial Corporation (NYSE: TFC) has published its inaugural Task Force on Climate-Related Financial Disclosures (TCFD) Report, focusing on climate-related risks, opportunities, and progress. Key highlights include the establishment of a dedicated climate risk management function, $580 million committed to renewable energy projects in 2020, and earning a CDP Climate score of B. The report underscores Truist's commitment to aiding clients in transitioning to a lower-carbon economy following the BB&T and SunTrust merger in December 2019.
Truist Financial Corporation (NYSE: TFC) will unveil its fourth-quarter 2021 financial results on January 18, 2022, before the market opens. This announcement follows a change in the timing of the earnings conference call, which will now take place at 8:30 a.m. ET. CEO William H. Rogers Jr. and CFO Daryl N. Bible will detail the company's performance. Investors can tune in via a live audio webcast on the Truist investor relations site or by phone. Truist, formed from the merger of BB&T and SunTrust, has total assets of $530 billion as of September 30, 2021.
Truist Financial Corporation (TFC) and Sterling Capital Management have launched the Sterling Capital Diverse Multi-Manager Active ETF (DEIF), aiming to enhance investment opportunities for diverse-owned asset managers. Truist has allocated $100 million to support this ETF's launch. DEIF features three actively managed strategies focusing on U.S. large-cap value, large-cap growth, and mid-cap core, each handled by diverse-owned sub-advisors. The initiative aims to advance diversity, equity, and inclusion in financial services while providing investors access to these strategies.
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