Piper Sandler Has Lowered Expectations for Beacon Financial (NYSE:BBT) Stock Price

Beacon Financial (NYSE:BBT) had its target price reduced by investment analysts at Piper Sandler from $35.00 to $33.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price points to a potential upside of 15.97% from the company’s previous close.

A number of other analysts also 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 on the stock in a research report on Friday. Zacks Research raised shares of Beacon Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, February 2nd. Raymond James Financial cut shares of Beacon Financial from a “strong-buy” rating to a “market perform” rating in a report on Friday. Keefe, Bruyette & Woods decreased their target price on shares of Beacon Financial from $36.00 to $33.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Weiss Ratings upgraded shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, March 18th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Beacon Financial has a consensus rating of “Hold” and an average target price of $31.75.

Beacon Financial Stock Down 0.9%

Shares of NYSE:BBT opened at $28.46 on Monday. Beacon Financial has a 52-week low of $22.81 and a 52-week high of $32.83. The firm has a market capitalization of $2.39 billion, a P/E ratio of 23.51 and a beta of 0.55. The stock has a 50 day moving average price of $30.33 and a 200-day moving average price of $28.03. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.00 and a current ratio of 1.01.

Beacon Financial (NYSE:BBT) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.13). The firm had revenue of $214.72 million for the quarter. Beacon Financial had a net margin of 6.97% and a return on equity of 9.02%. As a group, equities research analysts anticipate that Beacon Financial will post 3.51 EPS for the current fiscal year.

Beacon Financial announced that its Board of Directors has approved a stock buyback plan 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 shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Beacon Financial news, insider Michael W. Mccurdy sold 17,333 shares of Beacon Financial stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $31.04, for a total value of $538,016.32. Following the completion of the transaction, the insider directly owned 25,555 shares of the company’s stock, valued at approximately $793,227.20. The trade was a 40.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.09% of the company’s stock.

Institutional Investors Weigh In On Beacon Financial

Several institutional investors and hedge funds have recently made changes to their positions in BBT. Mayflower Financial Advisors LLC purchased a new position in Beacon Financial in the 4th quarter worth approximately $204,000. Parsons Capital Management Inc. RI purchased a new stake in Beacon Financial during the 4th quarter valued at $736,000. Hennion & Walsh Asset Management Inc. bought a new stake in shares of Beacon Financial in the 4th quarter worth $339,000. Financial Planning Hawaii Inc. purchased a new position in shares of Beacon Financial in the fourth quarter worth $274,000. Finally, Nisa Investment Advisors LLC bought a new position in shares of Beacon Financial during the fourth quarter valued at $59,000. Institutional investors own 83.07% of the company’s stock.

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.