Bayview Asset Management LLC Makes New $14.37 Million Investment in Beacon Financial Corporation $BBT

Bayview Asset Management LLC purchased a new position in shares of Beacon Financial Corporation (NYSE:BBT) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 544,828 shares of the company’s stock, valued at approximately $14,367,000. Beacon Financial comprises about 3.3% of Bayview Asset Management LLC’s portfolio, making the stock its biggest position. Bayview Asset Management LLC owned about 0.65% of Beacon Financial at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BBT. Montag A & Associates Inc. acquired a new stake in Beacon Financial during the fourth quarter worth about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Beacon Financial in the fourth quarter valued at about $30,000. TD Private Client Wealth LLC acquired a new stake in shares of Beacon Financial in the fourth quarter valued at about $32,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Beacon Financial in the fourth quarter valued at about $34,000. Finally, Trust Co. of Vermont acquired a new stake in shares of Beacon Financial in the fourth quarter valued at about $35,000. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Beacon Financial Trading Up 1.0%

Shares of BBT opened at $30.40 on Friday. The company has a market capitalization of $2.55 billion, a P/E ratio of 25.12 and a beta of 0.56. Beacon Financial Corporation has a one year low of $22.81 and a one year high of $32.83. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a 50-day moving average price of $29.86 and a 200 day moving average price of $28.84.

Beacon Financial (NYSE:BBT) last issued 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). The business had revenue of $214.72 million during the quarter. Beacon Financial had a net margin of 6.97% and a return on equity of 9.02%. Sell-side analysts forecast that Beacon Financial Corporation will post 3.13 EPS for the current fiscal year.

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

Beacon Financial Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on BBT shares. Raymond James Financial lowered Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research note on Friday, May 1st. Zacks Research lowered Beacon Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Piper Sandler lowered their target price on Beacon Financial from $35.00 to $33.00 and set an “overweight” rating for the company in a research note on Monday, May 4th. Hovde Group reiterated 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. Finally, Weiss Ratings upgraded Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, March 18th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $31.75.

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.