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) has launched Truist Ventures, integrating technology investments from SunTrust and BB&T. This new corporate venture capital division aims to establish strategic partnerships and invest in innovative firms, enhancing client solutions. Led by Vanessa Indriolo Vreeland, the focus includes disruptive technologies beyond traditional finance. Truist Ventures is also leading a funding round for Veem, a global payments network, to assist small and medium-sized businesses with seamless global transactions and expand Veem's product offerings.
Truist Financial Corporation (NYSE: TFC) has been awarded $65 million from the U.S. Treasury Department's Community Development Financial Institution Fund, tied for the largest allocation to any Community Development Entity. This marks the 10th award totaling $643 million since the program's inception. The funds will facilitate projects aimed at economic growth and community support, complementing Truist's $60 billion Community Benefits Plan. The bank has invested nearly $6 billion in capital to strengthen communities, enhancing its role as a leader in community development.
Truist Financial Corporation (NYSE: TFC) will release its third-quarter 2020 financial results before the market opens on October 15, 2020. CEO Kelly S. King and CFO Daryl N. Bible will host a conference call at 8:00 a.m. ET to discuss the results. The call can be accessed via 866-519-2796 with a passcode of 892418. The news release and presentation slides will be available on ir.truist.com. Truist is the sixth-largest U.S. commercial bank with total assets of $504 billion as of June 30, 2020.
Truist Financial Corporation (NYSE: TFC) announced that Chairman and CEO Kelly S. King will present at the Barclays Global Financial Services Conference on September 15, 2020, at 2:45 p.m. ET. A live audio webcast and presentation materials will be available on ir.truist.com during the event, with a replay accessible for 30 days post-conference.
Truist, headquartered in Charlotte, North Carolina, is a leading financial services company with total assets of $504 billion as of June 30, 2020, serving approximately 12 million households.
Truist Financial Corporation (NYSE: TFC) has announced the integration of its corporate and investment banking arms, SunTrust Robinson Humphrey and BB&T Capital Markets, under the new name, Truist Securities. This integration aims to enhance client services by leveraging combined expertise and resources. The transition, completed largely virtually due to the COVID-19 pandemic, showcases Truist's integration capabilities. With over 1,400 employees nationwide, Truist Securities offers a comprehensive range of financial services, including strategic advisory, capital markets, and risk management solutions.
Truist Financial Corporation (NYSE: TFC) announced a regular quarterly cash dividend of $0.45 per common share, payable on September 1, 2020. Shareholders of record on August 14, 2020 will receive this dividend. Additionally, dividends were declared for several preferred stock series, with payment dates also set for September 1. Key preferred stock dividends include Series F and Series G at $325.00 each, along with Series I and Series J at $1,022.22222. This announcement reflects Truist's ongoing commitment to returning value to shareholders.
Truist Financial Corporation (NYSE: TFC) reported a net income of $902 million for Q2 2020, marking a 7.1% increase from last year. However, diluted earnings per share dropped 38.5% to $0.67. Adjusted net income was $1.1 billion or $0.82 per share, impacted by merger-related costs and credit losses of $844 million amid economic uncertainties. Key metrics include a return on average assets (ROA) of 0.75% and a return on common equity (ROCE) of 5.90%. The company remains committed to community support, dedicating $50 million to relief initiatives and addressing social equity issues.
Truist Financial Corporation (NYSE: TFC) has appointed Kimberly Moore-Wright as a member of its Executive Leadership team, effective immediately. With over 25 years at the company, she has overseen various human resource functions and played a pivotal role during significant organizational changes, including a merger integration and a global health crisis. Moore-Wright will now focus on enhancing recruiting and retention practices for a diverse workforce. This structural change is aimed at elevating human resources, with both Moore-Wright and Chief Legal Officer Ellen Fitzsimmons reporting directly to CEO Kelly King.
Truist Financial Corporation (NYSE: TFC) conducted its annual stress test as required by the Federal Reserve. The company noted differences between its results and those from the Federal Reserve due to purchase accounting from its 2019 merger. Truist's capital plan includes a proposed $0.45 dividend per share for Q3, pending board approval. The Federal Reserve issued a preliminary Stress Capital Buffer of 2.7% on June 25, 2020, with the final SCB to be announced by August 31, 2020. Truist serves around 12 million households and has total assets of $506 billion as of March 31, 2020.
On June 29, 2020, BB&T Insurance Holdings announced its rebranding as Truist Insurance Holdings, aligning with its parent company, Truist Financial Corporation (NYSE:TFC). As the fifth-largest insurance broker in the U.S. and sixth globally, Truist Insurance Holdings reported $30 billion in premiums in 2019 and employs over 7,500 staff across 250 locations. The rebranding includes a new website and logo, enhancing its market presence and operational capabilities across various insurance sectors.
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