Y Intercept Hong Kong Ltd Buys 264,795 Shares of Truist Financial Corporation $TFC

Key Points

• Y Intercept Hong Kong Ltd boosted its stake in Truist Financial by 358.3% in the fourth quarter, buying an additional 264,795 shares and bringing its total holdings to 338,705 shares worth about $16.7 million.
• Institutional ownership remains heavy, with large investors like Vanguard, Capital International Investors, and Bank of New York Mellon also adding shares; overall, institutions own 71.28% of Truist Financial.
• Truist Financial recently beat earnings expectations with $1.09 EPS versus $1.00 expected and reported quarterly revenue of $5.20 billion, while also maintaining a 4.0% dividend yield.

Y Intercept Hong Kong Ltd boosted its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 358.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 338,705 shares of the insurance provider's stock after purchasing an additional 264,795 shares during the period. Truist Financial comprises 0.4% of Y Intercept Hong Kong Ltd's portfolio, making the stock its 24th largest holding. Y Intercept Hong Kong Ltd's holdings in Truist Financial were worth $16,668,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Truist Financial by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider's stock valued at $5,892,453,000 after purchasing an additional 701,049 shares during the period. Capital International Investors lifted its position in Truist Financial by 0.7% during the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider's stock valued at $5,332,835,000 after purchasing an additional 715,433 shares during the period. Federated Hermes Inc. lifted its position in Truist Financial by 1.1% during the fourth quarter. Federated Hermes Inc. now owns 10,563,583 shares of the insurance provider's stock valued at $519,834,000 after purchasing an additional 117,925 shares during the period. Bank of New York Mellon Corp lifted its position in Truist Financial by 37.6% during the fourth quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider's stock valued at $516,732,000 after purchasing an additional 2,867,449 shares during the period. Finally, Wellington Management Group LLP lifted its position in Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock valued at $474,886,000 after purchasing an additional 10,310,523 shares during the period. Institutional investors own 71.28% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on TFC shares. Royal Bank Of Canada increased their price target on shares of Truist Financial from $51.00 to $53.00 and gave the stock an "outperform" rating in a research report on Monday, April 20th. JPMorgan Chase & Co. decreased their price target on shares of Truist Financial from $57.00 to $51.50 and set a "neutral" rating on the stock in a research report on Tuesday, April 7th. Weiss Ratings upgraded shares of Truist Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. Wall Street Zen downgraded shares of Truist Financial from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Jefferies Financial Group reiterated a "mixed" rating and issued a $45.00 price target on shares of Truist Financial in a research report on Friday, April 17th. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $55.59.

Truist Financial Stock Up 1.9%

TFC opened at $51.63 on Friday. The company has a market capitalization of $64.33 billion, a PE ratio of 12.81, a PEG ratio of 0.87 and a beta of 0.89. Truist Financial Corporation has a 1-year low of $38.83 and a 1-year high of $56.19. The firm's 50 day simple moving average is $49.10 and its two-hundred day simple moving average is $49.16. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.00 by $0.09. The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company's revenue was up 5.0% on a year-over-year basis. During the same period last year, the firm earned $0.87 EPS. As a group, equities analysts forecast that Truist Financial Corporation will post 4.52 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Friday, May 8th. Truist Financial's dividend payout ratio (DPR) is presently 51.61%.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

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