Y Intercept Hong Kong Ltd Boosts Holdings in Truist Financial Corporation (NYSE:TFC)

Y Intercept Hong Kong Ltd raised its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 421.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 56,502 shares of the insurance provider's stock after purchasing an additional 45,676 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Truist Financial were worth $2,325,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Comerica Bank increased its position in Truist Financial by 3.6% during the 4th quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock valued at $19,499,000 after purchasing an additional 15,499 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its position in Truist Financial by 81.7% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider's stock valued at $48,085,000 after purchasing an additional 498,531 shares during the period. Code Waechter LLC purchased a new position in Truist Financial during the 1st quarter valued at $365,000. Cantor Fitzgerald Investment Advisors L.P. grew its position in shares of Truist Financial by 4.6% in the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider's stock worth $17,927,000 after buying an additional 19,286 shares during the period. Finally, Stifel Financial Corp grew its position in shares of Truist Financial by 2.8% in the 4th quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider's stock worth $97,291,000 after buying an additional 60,848 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the transaction, the insider directly owned 500 shares of the company's stock, valued at approximately $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.17% of the company's stock.

Truist Financial Price Performance

Shares of Truist Financial stock traded up $0.16 on Friday, hitting $45.64. 6,278,182 shares of the company traded hands, compared to its average volume of 8,237,608. The stock has a market capitalization of $59.76 billion, a P/E ratio of 12.44, a price-to-earnings-growth ratio of 1.70 and a beta of 0.85. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06. The business has a 50-day simple moving average of $42.08 and a 200 day simple moving average of $42.10.

Truist Financial (NYSE:TFC - Get Free Report) last posted its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $5.04 billion. During the same period last year, the business posted $0.91 earnings per share. The company's revenue for the quarter was down 406.0% compared to the same quarter last year. Research analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.56%. The ex-dividend date of this dividend was Friday, May 9th. Truist Financial's dividend payout ratio (DPR) is presently 56.68%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TFC. Keefe, Bruyette & Woods downgraded shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price on the stock. in a research report on Wednesday, July 9th. TD Cowen began coverage on shares of Truist Financial in a research report on Thursday, May 15th. They issued a "hold" rating and a $44.00 target price on the stock. Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price on the stock in a research report on Tuesday, July 8th. Argus set a $43.00 target price on shares of Truist Financial in a research report on Monday, April 21st. Finally, Barclays reduced their target price on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $48.65.

Truist Financial Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.