Beacon Financial Corporation (NYSE:BBT) Receives Average Recommendation of “Hold” from Analysts

Shares of Beacon Financial Corporation (NYSE:BBT) have been assigned an average recommendation of “Hold” from the seven research firms that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $31.75.

A number of analysts have weighed in on BBT shares. Royal Bank Of Canada cut their price target on Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research note on Friday, May 1st. Hovde Group reaffirmed a “market perform” rating and set a $30.00 price objective (down from $33.00) on shares of Beacon Financial in a research report on Friday, May 1st. Zacks Research lowered Beacon Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Raymond James Financial cut Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research note on Friday, May 1st. Finally, Piper Sandler lowered their price target on Beacon Financial from $35.00 to $33.00 and set an “overweight” rating for the company in a report on Monday, May 4th.

Beacon Financial Trading Up 0.1%

NYSE BBT opened at $29.05 on Friday. Beacon Financial has a 52 week low of $22.81 and a 52 week high of $32.83. The firm has a 50 day moving average of $29.89 and a two-hundred day moving average of $28.56. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $2.44 billion, a PE ratio of 24.01 and a beta of 0.55.

Beacon Financial (NYSE:BBT) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.13). The firm had revenue of $214.72 million during the quarter. Beacon Financial had a net margin of 6.97% and a return on equity of 9.02%. As a group, research analysts expect that Beacon Financial will post 3.13 EPS for the current fiscal year.

Beacon Financial declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, April 29th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to buy up to 1.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Beacon Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 15th will be given a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Friday, May 15th. Beacon Financial’s payout ratio is currently 106.61%.

Institutional Investors Weigh In On Beacon Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Montag A & Associates Inc. purchased a new position in shares of Beacon Financial during the fourth quarter worth about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Beacon Financial in the 4th quarter valued at about $30,000. TD Private Client Wealth LLC acquired a new stake in shares of Beacon Financial in the 4th quarter valued at about $32,000. Rockefeller Capital Management L.P. acquired a new stake in shares of Beacon Financial in the 4th quarter valued at about $32,000. Finally, EverSource Wealth Advisors LLC purchased a new position in Beacon Financial during the 4th quarter worth approximately $34,000. 83.07% of the stock is currently owned by institutional investors and hedge funds.

About Beacon Financial

Truist Financial Corp. operates as a financial holding company, which engages in the provision of banking services to individuals, businesses and municipalities. The firm offers a variety of loans and lease financing to individuals and entities, including insurance premium financing, permanent commercial real estate financing arrangements, loan servicing for third-party investors, direct consumer finance loans to individuals, credit card lending, automobile financing and equipment financing. It also markets a range of other services, including deposits, life insurance, property and casualty insurance, health Truist Financial Corp.