Corient Private Wealth LLC Purchases New Position in Beacon Financial Corporation $BBT

Corient Private Wealth LLC purchased a new stake in shares of Beacon Financial Corporation (NYSE:BBT) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 62,645 shares of the company’s stock, valued at approximately $1,652,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. purchased a new stake in Beacon Financial in the 4th quarter worth approximately $253,245,000. State Street Corp purchased a new position in shares of Beacon Financial during the fourth quarter valued at approximately $133,275,000. Fuller & Thaler Asset Management Inc. bought a new position in shares of Beacon Financial during the fourth quarter valued at approximately $128,643,000. Dimensional Fund Advisors LP bought a new position in shares of Beacon Financial during the fourth quarter valued at approximately $128,568,000. Finally, Azora Capital LP purchased a new stake in Beacon Financial in the fourth quarter worth $82,619,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on BBT shares. Zacks Research cut shares of Beacon Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Keefe, Bruyette & Woods decreased their price objective on shares of Beacon Financial from $36.00 to $33.00 and set an “outperform” rating for the company in a report on Friday, May 1st. Royal Bank Of Canada dropped their target price on shares of Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating for the company in a research report on Friday, May 1st. Raymond James Financial lowered shares of Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research note on Friday, May 1st. Finally, Weiss Ratings upgraded shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, March 18th. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $32.00.

Beacon Financial Stock Performance

Shares of Beacon Financial stock opened at $30.46 on Wednesday. Beacon Financial Corporation has a 12 month low of $22.81 and a 12 month high of $32.83. The firm has a market capitalization of $2.55 billion, a P/E ratio of 25.17 and a beta of 0.56. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. The business has a fifty day simple moving average of $29.61 and a two-hundred day simple moving average of $29.26.

Beacon Financial (NYSE:BBT) last released its earnings results 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 business had revenue of $214.72 million during the quarter. Beacon Financial had a return on equity of 9.02% and a net margin of 6.97%. On average, equities analysts forecast that Beacon Financial Corporation will post 3.13 earnings per share for the current fiscal year.

Beacon Financial declared that its Board of Directors has authorized a share buyback plan on Wednesday, April 29th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to buy up to 1.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Beacon Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were paid a dividend of $0.3225 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.29 annualized dividend and a yield of 4.2%. Beacon Financial’s payout ratio is presently 106.61%.

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.