Y Intercept Hong Kong Ltd Has $2.37 Million Stock Holdings in Truist Financial Corporation $TFC

Key Points

• Y Intercept Hong Kong Ltd cut its Truist Financial stake by 76.6% in the second quarter, selling 155,473 shares and retaining 47,537 shares valued at approximately $2.37 million. Institutional investors collectively own 71.28% of Truist’s stock.
• Truist reported quarterly earnings of $1.23 per share, beating estimates of $1.08, while revenue rose 5.6% year over year to $5.31 billion. The company declared a quarterly dividend of $0.52 per share, representing a 3.9% annualized yield.
• Analysts remain broadly neutral, with a consensus “Hold” rating and an average price target of $54.67. Truist shares opened at $52.67, within a 52-week range of $40.78 to $56.19.

Y Intercept Hong Kong Ltd lowered its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 76.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,537 shares of the insurance provider's stock after selling 155,473 shares during the period. Y Intercept Hong Kong Ltd's holdings in Truist Financial were worth $2,368,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. V. M. Manning & CO. Inc. acquired a new stake in shares of Truist Financial during the second quarter valued at about $296,000. Red Door Wealth Management LLC bought a new position in Truist Financial in the 2nd quarter valued at approximately $214,000. Viking Fund Management LLC boosted its position in Truist Financial by 50.0% during the 2nd quarter. Viking Fund Management LLC now owns 12,000 shares of the insurance provider's stock worth $598,000 after buying an additional 4,000 shares during the period. Godsey & Gibb Inc. grew its holdings in Truist Financial by 0.9% during the 2nd quarter. Godsey & Gibb Inc. now owns 490,908 shares of the insurance provider's stock worth $24,457,000 after acquiring an additional 4,500 shares during the last quarter. Finally, Ballast Inc. increased its position in Truist Financial by 23.2% in the 2nd quarter. Ballast Inc. now owns 48,831 shares of the insurance provider's stock valued at $2,433,000 after acquiring an additional 9,190 shares during the period. Institutional investors own 71.28% of the company's stock.

Insider Activity

In related news, CEO William H. Rogers, Jr. sold 13,250 shares of the business's stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director K. David Jr. Boyer sold 3,986 shares of the stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the transaction, the director directly owned 10,270 shares in the company, valued at approximately $520,689. This represents a 27.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 30,516 shares of company stock worth $1,584,428 in the last quarter. 0.15% of the stock is owned by corporate insiders.

Truist Financial Stock Performance

TFC stock opened at $52.67 on Thursday. The firm has a market cap of $64.34 billion, a PE ratio of 12.08, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The stock has a 50-day moving average price of $50.98 and a 200-day moving average price of $49.75. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.08 by $0.15. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.91 EPS. As a group, equities research analysts expect that Truist Financial Corporation will post 4.59 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 3.9%. Truist Financial's dividend payout ratio (DPR) is 47.71%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Raymond James Financial reissued a "market perform" rating on shares of Truist Financial in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods upped their price target on Truist Financial from $53.00 to $55.00 and gave the company a "market perform" rating in a research report on Monday, July 20th. Bank of America reissued a "neutral" rating and issued a $56.00 price target (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Stephens cut their price objective on Truist Financial from $59.00 to $57.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 21st. Finally, Evercore reiterated an "outperform" rating and issued a $57.00 target price on shares of Truist Financial in a report on Monday, July 6th. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $54.67.

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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