Truist Finl Corp Stock Price, News & Analysis

Truist Foundation announced the Atlanta Wealth Building Initiative as the top recipient of the inaugural Inspire Awards grant, receiving $250,000 to support its project aimed at addressing Atlanta's racial wealth divide. The event, hosted by Lisa Ling, recognized nonprofits aiding BIPOC and women-owned small businesses. A second-place grant of $150,000 was awarded to Synergies Work, which also received an additional $75,000 as the Audience Favorite. Other finalists received $25,000 grants. Truist Foundation’s initiative highlights its commitment to creating economic opportunities.

Truist Financial Corporation (TFC) reported third-quarter 2022 GAAP earnings of $1.5 billion, or $1.15 per diluted share, reflecting a 5% decline from Q3 2021. Adjusted earnings rose to $1.7 billion, or $1.24 per share, influenced by strong loan growth and expanded net interest margins. However, fee revenues were impacted by adverse market conditions. The company maintains strong capital, liquidity, and credit quality, with a common equity tier 1 ratio of 9.1%. Net charge-offs increased to 0.27% of average loans, reflecting normalizing trends. Overall, asset quality remains robust amidst a challenging market.

Truist Financial Corporation (NYSE: TFC) will report its third-quarter 2022 financial results on Oct. 18, 2022. The earnings report will precede a conference call led by CEO Bill Rogers and CFO Mike Maguire at 8 a.m. ET. Investors can access the live audio webcast through Truist's investor relations website. Notably, Truist has total assets of $545 billion as of June 30, 2022, positioning it as a top 10 U.S. commercial bank, with a strong presence in various financial services.

Truist Financial Corporation (TFC) has launched Truist Assist, a new AI-enhanced digital virtual assistant, available 24/7 via mobile and online banking. This tool aims to improve client service by answering over 100 common banking inquiries using advanced natural-language processing and understanding. The initiative aligns with Truist's strategy to enhance client satisfaction by integrating technology and personal support. The launch is part of their broader innovation strategy, facilitated by the newly opened Innovation and Technology Center in Charlotte, North Carolina.

Truist Financial Corporation (NYSE: TFC) has appointed Mike Maguire as the new chief financial officer (CFO), effective Sept. 15, 2022. He takes over from Daryl Bible, who announced his retirement in May and will assist during the transition. Maguire is a strategic leader with extensive experience in consumer finance and payments, overseeing various businesses like LightStream and Service Finance. This leadership change occurs as Truist navigates a transformative phase, reaffirming its commitment to enhancing community and client experiences.

Truist Insurance Holdings, a subsidiary of Truist Financial Corporation (NYSE: TFC), has signed a definitive agreement to acquire BankDirect Capital Finance from Texas Capital Bancshares, Inc. (NASDAQ: TCBI) for over $3 billion in loans. This acquisition will enhance Truist's premium finance business and expand into the life insurance sector. BankDirect will operate under AFCO Credit Corporation post-acquisition, expected to close in Q4 2022. The deal will diversify Truist's risk management offerings and potentially increase geographic reach, particularly on the West Coast.

Truist Financial Corporation (NYSE: TFC) announced that its Chairman and CEO, Bill Rogers, will present at the Barclays Global Financial Services Conference on September 13, 2022, at 9 a.m. ET in New York City. A live audio webcast of the event will be accessible on Truist's investor relations website, with a replay available for 30 days. As of June 30, 2022, Truist holds total assets of $545 billion and is a leading player in U.S. banking, offering a comprehensive range of financial services.

Truist Wealth has launched Truist Invest and Truist Invest Pro, expanding its digital investment offerings. Truist Invest offers tailored portfolios based on client goals and risk tolerance, featuring daily portfolio analyses and automated rebalancing. Truist Invest Pro combines this digital approach with direct access to financial advisors for personalized investment advice. Accounts can be opened online with a minimum of $5,000, and fees are 0.50% for Truist Invest and 0.85% for Truist Invest Pro. This initiative aligns with Truist's T3 strategy, aiming to enhance client trust and engagement.