Beacon Financial (NYSE:BBT) Releases Earnings Results, Meets Estimates

Beacon Financial (NYSE:BBT) announced its earnings results on Wednesday. The company reported $0.77 EPS for the quarter, meeting analysts’ consensus estimates of $0.77, FiscalAI reports. The business had revenue of $219.19 million for the quarter. Beacon Financial had a net margin of 8.96% and a return on equity of 9.21%.

Beacon Financial Price Performance

Shares of NYSE:BBT traded up $0.65 on Friday, reaching $31.28. 281,660 shares of the company were exchanged, compared to its average volume of 808,062. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. Beacon Financial has a 1-year low of $22.81 and a 1-year high of $32.83. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 23.72 and a beta of 0.55. The company has a 50-day moving average of $29.86 and a 200-day moving average of $29.75.

Beacon Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be given a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Friday, August 14th. Beacon Financial’s payout ratio is presently 97.73%.

Beacon Financial announced that its Board of Directors has approved a stock repurchase program on Wednesday, April 29th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 1.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Hovde Group reiterated a “market perform” rating and set a $30.00 target price (down from $33.00) on shares of Beacon Financial in a research note on Friday, May 1st. 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 research note on Friday, May 1st. Raymond James Financial cut Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research note on Friday, May 1st. Piper Sandler increased their price target on Beacon Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Beacon Financial from $36.00 to $33.00 and set an “outperform” rating on the stock in a research note on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $32.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BBT. Handelsbanken Fonder AB acquired a new stake in shares of Beacon Financial during the 2nd quarter valued at approximately $554,000. Bank of America Corp DE grew its holdings in shares of Beacon Financial by 2.2% in the 1st quarter. Bank of America Corp DE now owns 626,104 shares of the company’s stock worth $18,783,000 after acquiring an additional 13,249 shares during the period. Amundi increased its stake in Beacon Financial by 146.8% in the 1st quarter. Amundi now owns 49,819 shares of the company’s stock valued at $1,495,000 after purchasing an additional 29,636 shares in the last quarter. California State Teachers Retirement System raised its holdings in Beacon Financial by 27.4% during the first quarter. California State Teachers Retirement System now owns 101,810 shares of the company’s stock worth $3,054,000 after purchasing an additional 21,870 shares during the last quarter. Finally, Royal Bank of Canada increased its position in shares of Beacon Financial by 5.5% in the first quarter. Royal Bank of Canada now owns 36,294 shares of the company’s stock valued at $1,089,000 after buying an additional 1,906 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.