Welcome to our dedicated page for Truist Finl news (Ticker: TFC), a resource for investors and traders seeking the latest updates and insights on Truist Finl stock.
Truist Financial Corporation reports news as a large U.S. banking and financial services company serving consumer, small business, commercial, corporate, institutional and high-net-worth clients. Its recurring updates cover quarterly results, common and preferred stock dividends, share repurchase activity, debt issuance, and business-line developments across consumer banking, wholesale banking, wealth management, payments, investment banking and specialized lending.
Company announcements also address digital banking and data-access partnerships, Enterprise Payments and treasury management activity, Truist Securities advisory and capital markets capabilities, and Truist Wealth investment solutions. Truist emerged from the combination of BB&T and SunTrust and operates through Truist Bank and related financial-services businesses.
On February 14, 2023, the SkillUp Coalition announced a $1.5 million grant from Truist Foundation to develop a remote jobs catalog targeting high-quality remote positions, primarily for job seekers without degrees in rural areas. As remote work becomes more prevalent, this initiative aims to address disparities in employment opportunities, especially for marginalized populations. The catalog is designed to connect individuals to well-paying jobs, leveraging the SkillUp platform that has already aided over 1.3 million workers since its launch in July 2020. The new catalog is expected to be available by Labor Day 2023.
Truist Financial Corporation (NYSE: TFC) announced that CFO Mike Maguire will present at the BofA Securities Financial Services Conference on February 16, 2023, at 8:50 a.m. ET. The conference will feature a live audio webcast and presentation materials available on Truist's investor relations website, ir.truist.com. A replay will be accessible for 30 days post-event. As of December 31, 2022, Truist had total assets of $555 billion and is a top 10 commercial bank in the U.S., focused on enhancing lives and communities through diverse financial services.
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.
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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.
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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.