SG Americas Securities LLC Takes Position in Beacon Financial Corporation $BBT

SG Americas Securities LLC acquired a new position in shares of Beacon Financial Corporation (NYSE:BBT) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 29,718 shares of the company’s stock, valued at approximately $892,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Montag A & Associates Inc. acquired a new stake in shares of Beacon Financial during the fourth quarter worth $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Beacon Financial in the 4th quarter valued at about $30,000. TD Private Client Wealth LLC bought a new stake in shares of Beacon Financial during the 4th quarter valued at about $32,000. Rockefeller Capital Management L.P. bought a new stake in shares of Beacon Financial during the 4th quarter valued at about $32,000. Finally, EverSource Wealth Advisors LLC acquired a new stake in Beacon Financial during the fourth quarter worth about $34,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Beacon Financial Price Performance

Shares of NYSE:BBT opened at $30.19 on Monday. The stock has a market cap of $2.53 billion, a price-to-earnings ratio of 24.95 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 Corporation has a 12 month low of $22.81 and a 12 month high of $32.83. The stock’s 50 day moving average price is $29.53 and its 200 day moving average price is $29.33.

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

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

Beacon Financial Dividend Announcement

The company also recently announced 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 4.3%. Beacon Financial’s dividend payout ratio (DPR) is currently 106.61%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on BBT shares. Raymond James Financial downgraded Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research note on Friday, May 1st. Hovde Group reissued a “market perform” rating and issued a $30.00 price target (down from $33.00) on shares of Beacon Financial in a report on Friday, May 1st. Keefe, Bruyette & Woods reduced their price objective on Beacon Financial from $36.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, May 1st. Weiss Ratings upgraded Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, March 18th. Finally, Royal Bank Of Canada dropped their target price on Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Friday, May 1st. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target 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.