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

Hsbc Holdings PLC raised its position in shares of Truist Financial Co. (NYSE:TFC) by 2.0% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 2,986,841 shares of the insurance provider’s stock after purchasing an additional 58,463 shares during the quarter. Hsbc Holdings PLC’s holdings in Truist Financial were worth $115,774,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Crewe Advisors LLC purchased a new stake in Truist Financial during the 1st quarter valued at $27,000. Opal Wealth Advisors LLC purchased a new stake in Truist Financial during the 1st quarter valued at $29,000. MFA Wealth Advisors LLC purchased a new stake in Truist Financial during the 2nd quarter valued at $30,000. Y.D. More Investments Ltd purchased a new stake in Truist Financial during the 2nd quarter valued at $31,000. Finally, Rise Advisors LLC purchased a new stake in Truist Financial during the 1st quarter valued at $32,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 0.3 %

NYSE:TFC opened at $42.02 on Thursday. The firm has a market cap of $56.27 billion, a P/E ratio of -31.83, a P/E/G ratio of 1.95 and a beta of 1.06. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Co. has a fifty-two week low of $26.57 and a fifty-two week high of $45.31. 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 data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. The business had revenue of $5.02 billion during the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. Truist Financial’s revenue was down 15.9% compared to the same quarter last year. During the same period last year, the business earned $0.95 EPS. Analysts predict that Truist Financial Co. will post 3.55 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend 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 currently -157.58%.

Analyst Ratings Changes

Several brokerages have weighed in on TFC. Keefe, Bruyette & Woods increased their price target on shares of Truist Financial from $46.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective for the company. in a report on Wednesday, July 17th. The Goldman Sachs Group upped their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Argus upped their price objective on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Finally, Morgan Stanley upped their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and an average price target of $45.45.

Insider Buying and Selling at Truist Financial

In other news, CEO William H. Rogers, Jr. acquired 57,300 shares of Truist Financial stock in a transaction on Tuesday, July 23rd. The stock was acquired at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the purchase, the chief executive officer now owns 569,271 shares in the company, valued at $25,025,153.16. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO William H. Rogers, Jr. purchased 57,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were purchased at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the acquisition, the chief executive officer now directly owns 569,271 shares in the company, valued at approximately $25,025,153.16. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction dated 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. 0.17% of the stock is owned by company insiders.

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.