Hsbc Holdings PLC Invests $1.34 Million in Beacon Financial Corporation $BBT

Hsbc Holdings PLC acquired a new stake in shares of Beacon Financial Corporation (NYSE:BBT) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 50,729 shares of the company’s stock, valued at approximately $1,339,000. Hsbc Holdings PLC owned 0.06% of Beacon Financial at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Strategic Value Bank Partners LLC bought a new position in Beacon Financial during the fourth quarter worth about $16,448,000. Comerica Bank acquired a new stake in Beacon Financial during the fourth quarter valued at approximately $1,867,000. UBS Group AG bought a new stake in shares of Beacon Financial in the 4th quarter valued at approximately $18,815,000. Jefferies Financial Group Inc. bought a new stake in shares of Beacon Financial in the 4th quarter valued at approximately $3,048,000. Finally, Vanguard Group Inc. acquired a new position in shares of Beacon Financial in the 4th quarter worth approximately $253,245,000. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Beacon Financial Trading Up 1.3%

BBT stock opened at $30.86 on Thursday. The business has a fifty day moving average price of $29.57 and a 200 day moving average price of $29.29. Beacon Financial Corporation has a fifty-two week low of $22.81 and a fifty-two week high of $32.83. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 25.50 and a beta of 0.55. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01.

Beacon Financial (NYSE:BBT) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $0.70 EPS 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%. Analysts expect that Beacon Financial Corporation will post 3.13 EPS for the current fiscal year.

Beacon Financial declared that its Board of Directors has initiated a share buyback program on Wednesday, April 29th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 1.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Beacon Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were given a $0.3225 dividend. This represents a $1.29 annualized dividend and a yield of 4.2%. The ex-dividend date was Friday, May 15th. Beacon Financial’s dividend payout ratio (DPR) is presently 106.61%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on BBT shares. Raymond James Financial cut Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday, May 1st. Keefe, Bruyette & Woods cut their price objective on Beacon Financial from $36.00 to $33.00 and set an “outperform” rating for the company in a report on Friday, May 1st. Hovde Group restated a “market perform” rating and issued a $30.00 target price (down from $33.00) on shares of Beacon Financial in a research note on Friday, May 1st. Piper Sandler upped their target price on shares of Beacon Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Finally, Zacks Research cut shares of Beacon Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Three equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $32.00.

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.