Truist Finl Corp Stock Price, News & Analysis

Truist Foundation has awarded a $5 million grant to First Step Staffing, the largest nonprofit employment agency in the U.S., aimed at combating homelessness. The funds will support the establishment of two new branches and enhance client services, including job placement and upskill training. In 2021, First Step helped over 8,000 individuals obtain jobs, contributing $57.1 million in wages. This partnership aims to provide greater economic opportunities and assist individuals in overcoming barriers to employment.

Truist Financial Corporation (TFC) reported second quarter 2022 earnings of $1.5 billion, or $1.09 per diluted share, reflecting a 6.7% decline from the previous year. Adjusted net income was $1.6 billion, or $1.20 per diluted share, showcasing robust loan growth and expanded net interest margin aided by rising interest rates. Notable highlights include a strong 8% dividend increase announcement, record insurance and card fees, and excellent credit quality. However, net income was impacted by increased provision for credit losses. Total assets increased by 2.0% with significant contributions from commercial and consumer loans.

Truist Financial Corporation (NYSE: TFC) launched Truist One Banking on July 18, 2022, introducing two new accounts that focus on financial inclusion and eliminating overdraft fees. The Truist One Checking account offers clients a negative balance buffer and rewards on credit card transactions, while the Truist Confidence Account provides checkless banking. In response to client feedback, Truist will save clients approximately $300 million annually by discontinuing various fees. The initiative aims to foster better financial management and empower communities.

Truist Foundation has announced a $1.25 million commitment to the Nashville Business Incubation Center (NBIC) to support women, racially and ethnically diverse, and veteran-owned small businesses. The funding will enhance NBIC's RISE UP Academy, which offers training and mentorship. In addition, the grant will facilitate NBIC's expansion into Huntsville, Birmingham, and Louisville. Truist's initiative is part of a broader $120 million commitment to strengthen small businesses nationwide, especially those owned by women and minorities.

Truist Financial Corporation (NYSE: TFC) announced an increase in its minimum U.S. hourly wage to $22, effective October 1, 2022. This move positions Truist among the highest-paying employers in the financial sector. Approximately 14,000 employees will benefit from this wage hike, with a majority in client-facing roles. Previously, the minimum wage ranged from $15 to $18, varying by location. The decision reflects Truist's commitment to competitive compensation and its broader Total Rewards program, which is reviewed annually.

Truist Financial Corporation (TFC) has announced an 8% increase in its quarterly cash dividend to $0.52 per share, up from $0.48, following its 2022 Comprehensive Capital Analysis and Review. The proposed dividend, subject to board approval, will take effect in Q3 2022. Truist's preliminary stress capital buffer remains at 2.5% from Oct. 1, 2022 to Sept. 30, 2023, reflecting strong risk management practices. The company aims to operate below its CET1 ratio target of 9.75% amid economic uncertainty, focusing on executional excellence and growth.

Truist Financial Corporation (NYSE: TFC) has committed $120 million to enhance small businesses, focusing on Black, Latinx, and women-owned enterprises. The plan includes $30 million in grants to nonprofits aiding diverse entrepreneurs and $5 million in technical assistance. Additionally, $85 million will support debt and equity investments, particularly through partnerships with Community Development Financial Institutions (CDFIs). Truist's aim is to provide crucial capital access and training, promoting economic growth within underserved communities.

Truist Financial Corporation (NYSE: TFC) has officially launched its Innovation and Technology Center in Charlotte, North Carolina, aimed at enhancing client experiences through cutting-edge technology. The 100,000-square-foot facility will serve as a hub for collaboration among clients, fintechs, and tech giants like AWS and Verizon. It includes specialized spaces for client feedback, product prototyping, and virtual reality. The center will also host the Innovators in Residence program, fostering partnerships to tackle financial challenges through innovation.