Fifth Third Bancorp Buys 71,733 Shares of Beacon Financial Corporation $BBT

Fifth Third Bancorp boosted its stake in Beacon Financial Corporation (NYSE:BBT) by 12,076.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 72,327 shares of the company’s stock after purchasing an additional 71,733 shares during the quarter. Fifth Third Bancorp’s holdings in Beacon Financial were worth $2,170,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Montag A & Associates Inc. acquired a new position in shares of Beacon Financial during the fourth quarter valued at about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired 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. bought a new stake in Beacon Financial in the 4th quarter valued at about $32,000. Finally, EverSource Wealth Advisors LLC bought a new stake in Beacon Financial in the 4th quarter valued at about $34,000. 83.07% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on BBT. Piper Sandler upped their price target on Beacon Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Weiss Ratings reissued a “buy (b-)” rating on shares of Beacon Financial in a research note on Tuesday, July 14th. Raymond James Financial downgraded Beacon Financial from a “strong-buy” rating to a “market perform” rating in a report on Friday, May 1st. Keefe, Bruyette & Woods lowered their target price on Beacon Financial from $36.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday, May 1st. Finally, Royal Bank Of Canada cut their target price on Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating on the stock in a report on Friday, May 1st. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $32.00.

Beacon Financial Stock Up 0.1%

Shares of NYSE:BBT opened at $30.51 on Wednesday. The business’s 50 day moving average is $29.62 and its 200 day moving average is $29.59. Beacon Financial Corporation has a 12-month low of $22.81 and a 12-month high of $32.83. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 25.21 and a beta of 0.55. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.43.

Beacon Financial (NYSE:BBT) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.70 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 company had revenue of $214.72 million during the quarter. On average, sell-side analysts forecast that Beacon Financial Corporation will post 3.13 earnings per share for the current fiscal year.

Beacon Financial declared that its board has authorized a stock repurchase program on Wednesday, April 29th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 1.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Beacon Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were issued a $0.3225 dividend. The ex-dividend date was Friday, May 15th. This represents a $1.29 annualized dividend and a dividend yield of 4.2%. Beacon Financial’s dividend payout ratio is currently 106.61%.

Beacon Financial 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.