Dimensional Fund Advisors LP Sells 56,989 Shares of Beacon Financial Corporation $BBT

Dimensional Fund Advisors LP trimmed its stake in shares of Beacon Financial Corporation (NYSE:BBT) by 1.2% in the 1st quarter, Holdings Channel reports. The firm owned 4,818,522 shares of the company’s stock after selling 56,989 shares during the period. Dimensional Fund Advisors LP owned 0.06% of Beacon Financial worth $144,552,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Strategic Value Bank Partners LLC bought a new stake in Beacon Financial in the 4th quarter worth approximately $16,448,000. Jefferies Financial Group Inc. bought a new position in shares of Beacon Financial during the 4th quarter valued at $3,048,000. UBS Group AG bought a new position in shares of Beacon Financial during the 4th quarter valued at $18,815,000. Comerica Bank purchased a new position in shares of Beacon Financial in the 4th quarter worth $1,867,000. Finally, Vanguard Group Inc. purchased a new position in shares of Beacon Financial in the 4th quarter worth $253,245,000. Institutional investors own 83.07% of the company’s stock.

Beacon Financial Trading Down 0.2%

Shares of Beacon Financial stock opened at $30.09 on Monday. The company’s fifty day simple moving average is $29.74 and its 200-day simple moving average is $29.67. The stock has a market capitalization of $2.52 billion, a PE ratio of 24.86 and a beta of 0.55. Beacon Financial Corporation has a 1-year low of $22.81 and a 1-year high of $32.83. 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 the consensus estimate of $0.83 by ($0.13). The company 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%. As a group, equities analysts anticipate that Beacon Financial Corporation will post 3.13 earnings per share for the current year.

Beacon Financial announced that its Board of Directors has approved a share repurchase program on Wednesday, April 29th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to buy up to 1.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Beacon Financial Announces Dividend

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

Analyst Ratings Changes

Several analysts recently commented on the company. Piper Sandler lifted their price objective on Beacon Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Royal Bank Of Canada lowered 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. Hovde Group reissued a “market perform” rating and issued a $30.00 target price (down from $33.00) on shares of Beacon Financial in a research report on Friday, May 1st. Keefe, Bruyette & Woods cut their price target on Beacon Financial from $36.00 to $33.00 and set an “outperform” rating for the company in a research note on Friday, May 1st. Finally, Raymond James Financial lowered shares of Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research 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. 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 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.