Hsbc Holdings PLC Grows Holdings in Truist Financial Co. (NYSE:TFC)

Hsbc Holdings PLC increased its position in shares of Truist Financial Co. (NYSE:TFC) by 2.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,986,841 shares of the insurance provider’s stock after purchasing an additional 58,463 shares during the quarter. Hsbc Holdings PLC owned approximately 0.22% of Truist Financial worth $115,774,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Capital Investment Counsel Inc boosted its holdings in Truist Financial by 0.4% during the second quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock worth $2,413,000 after purchasing an additional 244 shares during the last quarter. Verum Partners LLC boosted its holdings in Truist Financial by 2.5% during the second quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock worth $411,000 after purchasing an additional 261 shares during the last quarter. CX Institutional boosted its stake in Truist Financial by 3.4% in the second quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock valued at $313,000 after acquiring an additional 263 shares during the last quarter. Coldstream Capital Management Inc. boosted its stake in Truist Financial by 1.5% in the second quarter. Coldstream Capital Management Inc. now owns 18,593 shares of the insurance provider’s stock valued at $722,000 after acquiring an additional 274 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC boosted its stake in Truist Financial by 2.0% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 14,339 shares of the insurance provider’s stock valued at $557,000 after acquiring an additional 275 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Truist Financial news, CEO William H. Rogers, Jr. acquired 57,300 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was bought at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the purchase, the chief executive officer now owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The disclosure for this sale can be found here. Corporate insiders own 0.17% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on TFC. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and boosted their target price for the company from $45.00 to $47.00 in a research note on Wednesday, July 24th. Barclays boosted their target price on shares of Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. StockNews.com lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. Argus boosted their price target on shares of Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Finally, Baird R W lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Truist Financial presently has a consensus rating of “Hold” and an average price target of $45.45.

Truist Financial Price Performance

TFC stock opened at $42.02 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Co. has a one year low of $26.57 and a one year high of $45.31. The stock has a market cap of $56.27 billion, a PE ratio of -31.83, a P/E/G ratio of 1.95 and a beta of 1.06. The firm has a 50 day simple moving average of $42.73 and a two-hundred day simple moving average of $39.46.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter in the previous year, the company earned $0.95 EPS. The business’s quarterly revenue was down 15.9% compared to the same quarter last year. On average, analysts predict that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were paid a $0.52 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.95%. Truist Financial’s dividend payout ratio is presently -157.58%.

Truist Financial Company 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.