Truist Finl Corp Stock Price, News & Analysis

Kensington Vanguard National Land Services has announced the hiring of industry veterans Steve LaForgia and James Cosolito as senior executive vice presidents, bringing nearly 40 years of combined experience to the company. Their return to KV is seen as a significant move to enhance the Business Development team, aiming to improve client services.

LaForgia emphasized the opportunity for business expansion, while Cosolito described the move as a homecoming, highlighting KV’s impressive growth trajectory since their departure. In 2022, KV was acquired by Truist Financial Corporation (TFC), indicating a robust consolidation strategy in the title insurance sector.

Truist Financial Corporation (NYSE:TFC) has pledged $15 million to the GoATL initiative, which is designed to enhance affordable housing and support small businesses in Atlanta. This includes a lead investment of $14 million in the new GoATL Affordable Housing Fund, part of a larger $75 million effort to address housing gaps, along with a $1 million grant for the GoATL Economic Inclusion Fund. Truist aims to foster economic mobility and bridge the racial wealth gap, particularly in a city marked by significant income disparity. This marks the second impact investment by Truist in affordable housing in partnership with the Community Foundation for Greater Atlanta.

Truist Foundation has launched a $22 million initiative named Where It Starts to bolster small businesses and create career pathways for BIPOC individuals across the U.S. This multi-year program includes grants awarded to three anchor partners: CAEL (receiving $15.7 million), Living Cities, and Main Street America (jointly receiving $6.3 million). The initiative aims to remove barriers to growth, uplift entrepreneurs of color, and enhance career opportunities in underserved communities, particularly in financial services. This program signifies a long-term commitment from Truist to collaborate with community leaders and organizations to promote economic mobility.

The Board of Directors of Truist Financial Corporation (NYSE: TFC) has declared a quarterly cash dividend of $0.52 per common share, payable on March 1, 2023, to shareholders of record by February 10, 2023.

Additionally, regular cash dividends on several series of preferred stock were announced, with varying payment dates. The dividends for these preferred stocks include amounts like $1,324.75 for Series I and $1,353.50 for Series J, all payable on March 15, 2023. These dividends reflect the company’s robust financial position as of December 31, 2022, with total assets of $555 billion.

Truist Foundation has awarded a $1 million grant to the Center for Employment Opportunities (CEO), aimed at enhancing career advancements for individuals returning from incarceration. The funding will facilitate access to advanced training, connecting thousands of justice-impacted people with high-wage employment opportunities. Key offerings include IT certifications, CDL training, and foundational digital skills. This initiative is expected to empower participants with stipends while they pursue training, addressing community workforce development needs. The grant aligns with Truist Foundation's commitment to improving economic mobility and providing transformative employment services.

Truist Financial Corporation (TFC) reported strong fourth-quarter 2022 earnings, with net income of $1.6 billion or $1.20 per diluted share, reflecting a 5.6% year-over-year increase. Adjusted earnings reached $1.7 billion or $1.30 per diluted share, driven by robust loan growth and an expanded net interest margin (NIM) of 3.25%. For the full year, net income totaled $5.9 billion, slightly down from 2021. Key metrics include a return on assets (ROA) of 1.21% and return on tangible common equity (ROTCE) of 27.6%. Despite increased provisions for credit losses, capital and credit quality remain strong, with a common equity tier 1 ratio of 9.0% and asset quality reflecting a conservative risk culture.

Truist Financial Corporation (NYSE: TFC) is set to release its fourth-quarter 2022 financial results on January 19, 2023, before the market opens. The earnings call, led by Chairman Bill Rogers and CFO Mike Maguire, will take place at 8 a.m. ET. Investors can access the call via a live audio webcast on the company's investor relations page or by calling 855-303-0072 with the passcode 100038. Truist, headquartered in Charlotte, North Carolina, has a total asset base of $548 billion as of September 30, 2022.