Y Intercept Hong Kong Ltd Sells 135,695 Shares of Truist Financial Corporation $TFC

Y Intercept Hong Kong Ltd reduced its position in Truist Financial Corporation (NYSE:TFC) by 40.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 203,010 shares of the insurance provider’s stock after selling 135,695 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Truist Financial were worth $9,332,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Brighton Jones LLC lifted its holdings in Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after acquiring an additional 14,093 shares during the period. Woodline Partners LP boosted its position in Truist Financial by 39.5% in the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after purchasing an additional 31,454 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Truist Financial during the 2nd quarter valued at about $575,000. AXA S.A. grew its stake in shares of Truist Financial by 23.1% during the 2nd quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock valued at $1,126,000 after purchasing an additional 4,921 shares during the period. Finally, Main Street Financial Solutions LLC increased its position in shares of Truist Financial by 20.1% during the 2nd quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock valued at $292,000 after purchasing an additional 1,134 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

TFC has been the topic of several recent research reports. JPMorgan Chase & Co. lowered their price objective on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a research report on Wednesday. Morgan Stanley reduced their target price on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Monday, April 20th. Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Monday, June 29th. Finally, Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $63.00 to $54.00 in a research note on Tuesday. Eight research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $55.26.

Truist Financial Price Performance

NYSE TFC opened at $50.95 on Friday. 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 Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The stock has a market cap of $63.47 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 0.87 and a beta of 0.89. The company’s 50 day moving average is $49.17 and its two-hundred day moving average is $49.40.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 5.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.87 earnings per share. As a group, research analysts anticipate that Truist Financial Corporation will post 4.52 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is currently 51.61%.

Truist Financial 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.