Walleye Capital LLC Takes Position in Beacon Financial Corporation $BBT

Walleye Capital LLC bought a new position in Beacon Financial Corporation (NYSE:BBT) in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 665,525 shares of the company’s stock, valued at approximately $20,265,000. Walleye Capital LLC owned about 0.79% of Beacon Financial at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Montag A & Associates Inc. purchased a new stake in Beacon Financial during the fourth quarter worth $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Beacon Financial during the fourth quarter valued at $30,000. TD Private Client Wealth LLC purchased a new position in Beacon Financial in the fourth quarter valued at $32,000. Rockefeller Capital Management L.P. purchased a new position in Beacon Financial in the fourth quarter valued at $32,000. Finally, EverSource Wealth Advisors LLC acquired a new position in shares of Beacon Financial in the fourth quarter worth about $34,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Beacon Financial Stock Down 1.1%

BBT stock opened at $32.01 on Friday. Beacon Financial Corporation has a 52 week low of $22.81 and a 52 week high of $32.83. The company has a quick ratio of 1.01, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The firm has a 50-day simple moving average of $30.51 and a 200-day simple moving average of $30.07. The stock has a market capitalization of $2.68 billion, a P/E ratio of 24.25 and a beta of 0.55.

Beacon Financial (NYSE:BBT) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.77 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.77. Beacon Financial had a net margin of 8.96% and a return on equity of 9.15%. The firm had revenue of $219.19 million for the quarter. Equities analysts forecast that Beacon Financial Corporation will post 3.04 earnings per share for the current fiscal year.

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

Beacon Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be issued a dividend of $0.3225 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.29 dividend on an annualized basis and a dividend yield of 4.0%. Beacon Financial’s dividend payout ratio is presently 97.73%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on BBT shares. Hovde Group restated a “market perform” rating and set a $30.00 target price (down from $33.00) on shares of Beacon Financial in a research report on Friday, May 1st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Beacon Financial in a research report on Tuesday, July 14th. Royal Bank Of Canada cut their price objective on 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 reaffirmed an “overweight” rating and set a $36.00 target price (up from $34.00) on shares of Beacon Financial in a research note on Monday, August 3rd. Finally, Keefe, Bruyette & Woods decreased their target price on Beacon Financial from $36.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $32.50.

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.