Major U.S. Financial Firm Significantly Cuts British American Tobacco Holdings

Truist Financial Corp, a well-known financial firm in the U.S., has reduced its stake in British American Tobacco p.l.c. by 30.2% in the second quarter.

According to recent disclosures from the U.S. Securities and Exchange Commission (SEC), Truist Financial Corp has significantly cut its holdings in British American Tobacco p.l.c. by 30.2% in the second quarter.

Truist Financial Corporation was formed in 2019 through the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks. It is one of the largest banks in the southeastern United States and, as of August 2023, ranks as the ninth largest bank with assets of $514 billion. Headquartered in Charlotte, North Carolina, the company offers a wide range of financial services, including banking, credit, wealth management, investment banking, insurance, and other financial products.

According to the trading records for the quarter, the company sold 293,543 shares and still holds 677,307 shares of the company.

Additionally, other hedge funds and institutional investors have recently increased or decreased their stakes in the company, with hedge funds and other institutional investors currently holding 7.56% of the company's shares.