Hsbc Holdings PLC Makes New $1.34 Million Investment in Beacon Financial Corporation $BBT

Hsbc Holdings PLC acquired a new stake in Beacon Financial Corporation (NYSE:BBT) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 50,729 shares of the company’s stock, valued at approximately $1,339,000.

Other hedge funds also recently made changes to their positions in the company. Mayflower Financial Advisors LLC purchased a new position in shares of Beacon Financial in the 4th quarter worth about $204,000. Parsons Capital Management Inc. RI purchased a new stake in Beacon Financial during the fourth quarter worth about $736,000. Hennion & Walsh Asset Management Inc. bought a new stake in Beacon Financial in the fourth quarter worth about $339,000. Financial Planning Hawaii Inc. bought a new stake in Beacon Financial in the fourth quarter worth about $274,000. Finally, Nisa Investment Advisors LLC purchased a new position in Beacon Financial in the fourth quarter valued at about $59,000. 83.07% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Royal Bank Of Canada reduced 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. Hovde Group reiterated a “market perform” rating and issued a $30.00 price objective (down from $33.00) on shares of Beacon Financial in a research note 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 report on Friday, May 1st. Zacks Research raised Beacon Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, July 3rd. Finally, Raymond James Financial downgraded Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday, May 1st. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Beacon Financial currently has a consensus rating of “Hold” and an average price target of $32.00.

Beacon Financial Stock Performance

NYSE BBT opened at $30.23 on Monday. The company’s 50 day moving average is $29.38 and its 200-day moving average is $29.41. Beacon Financial Corporation has a 12-month low of $22.81 and a 12-month high of $32.83. 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 firm has a market cap of $2.53 billion, a P/E ratio of 24.98 and a beta of 0.55.

Beacon Financial (NYSE:BBT) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.70 EPS for the quarter, missing the consensus estimate 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%. Sell-side analysts predict that Beacon Financial Corporation will post 3.13 earnings per share for the current year.

Beacon Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were given a dividend of $0.3225 per share. The ex-dividend date was Friday, May 15th. This represents a $1.29 annualized dividend and a dividend yield of 4.3%. Beacon Financial’s dividend payout ratio is currently 106.61%.

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

Beacon Financial Company Profile

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.