Hsbc Holdings PLC Has $782,000 Holdings in Beacon Financial Corporation $BBT

Hsbc Holdings PLC lessened its holdings in shares of Beacon Financial Corporation (NYSE:BBT) by 48.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,219 shares of the company’s stock after selling 24,510 shares during the quarter. Hsbc Holdings PLC’s holdings in Beacon Financial were worth $782,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Vanguard Group Inc. purchased a new stake in shares of Beacon Financial in the fourth quarter worth approximately $253,245,000. State Street Corp acquired a new stake in shares of Beacon Financial during the fourth quarter worth approximately $133,275,000. Fuller & Thaler Asset Management Inc. purchased a new position in Beacon Financial during the fourth quarter valued at approximately $128,643,000. Dimensional Fund Advisors LP purchased a new position in Beacon Financial during the fourth quarter valued at approximately $128,568,000. Finally, Azora Capital LP acquired a new position in Beacon Financial in the 4th quarter valued at approximately $82,619,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BBT. Royal Bank Of Canada cut 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. Piper Sandler boosted their price target on shares of Beacon Financial from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Raymond James Financial downgraded shares of Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research note on Friday, May 1st. Keefe, Bruyette & Woods cut 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. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Beacon Financial in a report on Tuesday, July 14th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $32.00.

Beacon Financial Trading Down 0.7%

NYSE:BBT opened at $29.74 on Thursday. The stock’s 50 day moving average price is $29.83 and its 200 day moving average price is $29.73. Beacon Financial Corporation has a 52 week low of $22.81 and a 52 week high of $32.83. The company has a market capitalization of $2.49 billion, a P/E ratio of 24.58 and a beta of 0.55. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.01 and a current ratio of 1.01.

Beacon Financial (NYSE:BBT) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.77 earnings per share for the quarter, meeting the consensus estimate of $0.77. The firm had revenue of $219.19 million for the quarter. Beacon Financial had a net margin of 6.97% and a return on equity of 9.02%. On average, research analysts forecast that Beacon Financial Corporation will post 3.13 EPS for the current fiscal year.

Beacon Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.3225 per share. The ex-dividend date is Friday, August 14th. This represents a $1.29 annualized dividend and a dividend yield of 4.3%. Beacon Financial’s dividend payout ratio is 106.61%.

Beacon Financial announced that its board has initiated a stock 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 generally an indication that the company’s management believes its shares are undervalued.

About Beacon Financial

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.