Truist Financial Corporation - TFC STOCK NEWS

Truist Financial Corporation (NYSE: TFC) announced a quarterly cash dividend of $0.45 per common share, payable on June 1, 2021, to shareholders of record by May 14, 2021. Additionally, dividends were declared for various series of preferred stock, including Series H ($351.5625), Series I ($1,022.22222), Series J ($1,022.22222), Series L ($2,525.00), Series M ($2,562.50), Series O ($328.125), Series P ($618.75), and Series R ($296.875), all payable on June 1 or June 15, 2021, depending on the series.

Truist Financial Corporation (NYSE: TFC) will redeem $250 million of its floating rate senior notes due June 1, 2021, on May 1, 2021. The redemption price will equal 100% of the principal amount plus accrued interest, ceasing on the redemption date. Payments will occur on the next business day, May 3, 2021, via The Depository Trust Company. As of March 31, 2021, Truist has total assets of $518 billion, positioning it as the sixth-largest commercial bank in the U.S.

Truist Financial Corporation (TFC) reported a robust start to 2021, with net income for Q1 at $1.3 billion, up 35.3% year-over-year. Earnings per share rose to $0.98, a 34.2% increase. Adjusted net income hit $1.6 billion, reflecting strong performances in insurance and investment banking, with an adjusted return on tangible common equity of 19.36%. The bank's asset quality remained stable, though there was a slight increase in loans past due. Total deposits grew 8.6% to $383.2 billion, bolstered by government stimulus efforts.

The LightStream Home Improvement Trends Survey reveals significant changes in U.S. homeowners' perspectives on their living spaces post-pandemic. Conducted among 1,300 homeowners, the survey shows that 47% are using their spaces differently, with 91% citing space constraints as a major frustration. Popular home projects include kitchen (38%) and outdoor (35%) remodels. While most homeowners plan to finance improvements through savings (66%) or credit cards (30%), many may incur high costs due to credit card interest rates averaging 18.52%. Smart financial planning is crucial for these renovations.

Truist Financial Corporation has received an "Outstanding" rating from the Federal Deposit Insurance Corporation for its Community Reinvestment Act performance during the examination from Jan. 1, 2017, to Dec. 31, 2019. The company originated nearly 40,000 mortgage loans worth $9.6 billion, funded over 26,600 affordable housing units, and issued 1,773 loans totaling $6.3 billion. Truist aims to lend or invest $60 billion to low- and moderate-income communities through its Community Benefits Plan, achieving significant targets in both mortgage lending and philanthropic efforts.

Truist Financial Corporation (NYSE: TFC) announced the redemption of $1.25 billion of its 2.050% senior notes due on May 10, 2021. The redemption will occur on April 9, 2021, at a price equal to 100% of the principal amount plus accrued interest up to the redemption date. Interest will cease to accrue after this date. Truist, headquartered in Charlotte, NC, is the sixth-largest commercial bank in the U.S. with total assets of $509 billion as of December 31, 2020.

Greenwood, a digital banking platform catering to Black and Latino communities, has successfully closed $40 million in Series A funding from top financial institutions including Truist, Bank of America, and Visa. This funding aims to enhance economic empowerment and racial equity in banking. As of March 2021, Greenwood boasts over 500,000 community members and plans to provide innovative financial products and services, while strengthening historically Black banks. Truist Ventures, the lead investor, emphasizes commitment to minority communities.

Sheffield Financial, part of Truist Bank, has renewed its multiyear financing services program with Kawasaki Motors Corp., U.S.A. This partnership, ongoing since 2009, facilitates innovative financing solutions for Kawasaki's powersports dealers nationwide. Sheffield has financed over $30 billion in loans since 1992 and services a diverse dealer network, enhancing Kawasaki's customer offerings. Truist, as the sixth-largest U.S. commercial bank, continues to expand its market presence through such strategic alliances.

Sheffield Financial, a division of Truist Bank, and ICON EV have entered into a multiyear financing agreement to facilitate consumer financing for ICON's dealer network. This partnership aims to enhance the ICON brand while providing flexible financing solutions, which will benefit both consumers and dealers. Sheffield Financial, which has financed over $30 billion in loans since 1992, will offer services across all 50 states for outdoor power equipment and power sports. Truist Corporation, the parent company, is the sixth-largest commercial bank in the U.S., with total assets of $509 billion as of December 31, 2020.