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.
Truist Financial Corporation (NYSE: TFC) reported a net income of $902 million for Q2 2020, marking a 7.1% increase from last year. However, diluted earnings per share dropped 38.5% to $0.67. Adjusted net income was $1.1 billion or $0.82 per share, impacted by merger-related costs and credit losses of $844 million amid economic uncertainties. Key metrics include a return on average assets (ROA) of 0.75% and a return on common equity (ROCE) of 5.90%. The company remains committed to community support, dedicating $50 million to relief initiatives and addressing social equity issues.
Truist Financial Corporation (NYSE: TFC) has appointed Kimberly Moore-Wright as a member of its Executive Leadership team, effective immediately. With over 25 years at the company, she has overseen various human resource functions and played a pivotal role during significant organizational changes, including a merger integration and a global health crisis. Moore-Wright will now focus on enhancing recruiting and retention practices for a diverse workforce. This structural change is aimed at elevating human resources, with both Moore-Wright and Chief Legal Officer Ellen Fitzsimmons reporting directly to CEO Kelly King.
Truist Financial Corporation (NYSE: TFC) conducted its annual stress test as required by the Federal Reserve. The company noted differences between its results and those from the Federal Reserve due to purchase accounting from its 2019 merger. Truist's capital plan includes a proposed $0.45 dividend per share for Q3, pending board approval. The Federal Reserve issued a preliminary Stress Capital Buffer of 2.7% on June 25, 2020, with the final SCB to be announced by August 31, 2020. Truist serves around 12 million households and has total assets of $506 billion as of March 31, 2020.
On June 29, 2020, BB&T Insurance Holdings announced its rebranding as Truist Insurance Holdings, aligning with its parent company, Truist Financial Corporation (NYSE:TFC). As the fifth-largest insurance broker in the U.S. and sixth globally, Truist Insurance Holdings reported $30 billion in premiums in 2019 and employs over 7,500 staff across 250 locations. The rebranding includes a new website and logo, enhancing its market presence and operational capabilities across various insurance sectors.
Truist Financial Corporation (NYSE: TFC) is set to announce its second-quarter 2020 financial results on July 16, 2020, before market opening. Following this, a conference call led by CEO Kelly S. King and CFO Daryl N. Bible will occur at 8:00 a.m. Eastern Time to discuss the results. The call can be accessed at 866-519-2796 with passcode 892418. Truist, headquartered in Charlotte, North Carolina, boasts total assets of $506 billion as of March 31, 2020, making it the sixth-largest commercial bank in the U.S.