Truist Finl Corp Stock Price, News & Analysis

On April 3, 2023, the Editorial Advisory and Securities Review Committee of BetterInvesting Magazine highlighted United Parcel Service Inc. (NYSE: UPS) as its "Stock to Study" and Truist Financial Corp. (NYSE: TFC) as its "Undervalued Stock" for the June 2023 issue. The S&P 500 and Nasdaq Composite gained over 7% and 16%, respectively, in Q1 2023, illustrating the importance of long-term investing strategies. BetterInvesting encourages investors to use the Stock Selection Guide to evaluate investment opportunities and to learn about stock market principles for informed decision-making.

On April 3, 2023, Truist (NYSE: TFC) completed the sale of a 20% stake in Truist Insurance Holdings to Stone Point Capital for $1.95 billion, valuing the subsidiary at $14.75 billion. This strategic move enhances Truist Insurance Holdings' growth potential while maintaining Truist's 80% majority stake. The transaction is expected to improve Truist's Common Equity Tier 1 ratio by approximately 30 basis points, with no significant impact on earnings per share projected. The partnership with Stone Point aims to bolster competitive positioning in the consolidating insurance industry.

Albany Community Together, Inc. received a $1 million grant from Truist Foundation to develop The Table of Southwest Georgia, a Community HUB aimed at addressing social determinants of health and enhancing economic prosperity. The initiative, in collaboration with the Southwest Georgia Project for Community Education and Phoebe Putney Memorial Health Systems, will support local entrepreneurs, particularly black and rural farmers, by providing access to capital and resources. This project aims to improve community health outcomes through a Health Equity Institute and expand local agriculture and food access.

Truist Financial Corporation (NYSE: TFC) is set to report its first-quarter 2023 financial results on April 20, 2023, before market opening. CEO Bill Rogers and CFO Mike Maguire will lead a conference call at 8 a.m. ET to discuss the earnings. Investors can access a live audio webcast of the call on the company’s investor relations website, with a replay available for 30 days. As of December 31, 2022, Truist held total assets of $555 billion, positioning itself as a top 10 U.S. commercial bank and maintaining leader status in several high-growth markets.

Truist Foundation announced a $1 million grant to Emory University Goizueta Business School's Start:ME Accelerator program, the largest in the program's history. The initiative, aimed at small businesses in underserved Atlanta communities, provides a 14-week training program. Start:ME has supported 351 businesses in the last decade, with 80% of this year's cohort being female-led and 87% consisting of people of color. Truist, a long-time partner of Start:ME, believes strengthening small businesses can enhance economic opportunities. The grant will aid existing programs and expansion efforts for micro-entrepreneurs.

Truist Foundation continues its Inspiring Conversations series with President Lynette Bell engaging with Alan Alvarez of the Miami Bayside Foundation. This woman-led community development institution focuses on empowering historically disadvantaged business owners through social media and technology training, a vital initiative particularly as BIPOC-owned businesses faced significant challenges during the Covid-19 pandemic. Truist Foundation, aligned with Truist Financial Corporation (TFC), aims to enhance community quality of life by investing in initiatives that foster economic mobility and support small businesses, enhancing opportunities for a diverse range of entrepreneurs.

Truist Financial Corporation (NYSE: TFC) has appointed Tom Hackett as chairman and chief executive officer of Truist Securities, effective March 31, 2023, succeeding John Gregg, who is retiring. Hackett, who has over 30 years of experience in corporate and investment banking, has been with Truist since 2008 and served as president and COO since 2020. Hackett aims to enhance client experience through a comprehensive range of banking services. His leadership is expected to continue driving growth and establishing Truist Securities as a leading investment bank.

Truist Foundation has pledged a significant donation of $5 million to the American Red Cross to assist with growing humanitarian needs due to extreme weather events in the U.S. This commitment complements its annual contribution of $1 million. The funding will enhance the Red Cross's capacity to respond to disasters and support families in recovery, aiming to reduce poverty post-disaster. As natural disasters increase, Truist Foundation is encouraging other corporates to follow suit in supporting vulnerable communities. The Red Cross's Community Adaptation Program will utilize these funds to empower families affected by disasters.

On March 7, 2023, Truist Foundation announced a $5 million donation to the American Red Cross to bolster disaster response effectiveness amidst increasing natural disasters in the U.S. This donation supplements an existing annual commitment of $1 million. The funds aim to enhance recovery efforts for vulnerable communities affected by extreme weather events like hurricanes and wildfires. With this investment, the Red Cross plans to expand its Community Adaptation Program and enhance support through local partnerships. The initiative seeks to mitigate poverty risks post-disaster, highlighting the urgent need for robust community support systems.