29,400 Shares in Beacon Financial Corporation $BBT Purchased by Strs Ohio

Strs Ohio purchased a new stake in Beacon Financial Corporation (NYSE:BBT) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 29,400 shares of the company’s stock, valued at approximately $775,000.

Other hedge funds have also bought and sold shares of the company. Trust Co. of Vermont acquired a new stake in shares of Beacon Financial during the 4th quarter worth approximately $35,000. Torren Management LLC acquired a new stake in shares of Beacon Financial during the 4th quarter worth approximately $35,000. NBT Bank N A NY acquired a new stake in shares of Beacon Financial during the 4th quarter worth approximately $36,000. Brown Lisle Cummings Inc. acquired a new stake in shares of Beacon Financial during the 4th quarter worth approximately $50,000. Finally, Nisa Investment Advisors LLC acquired a new stake in shares of Beacon Financial during the 4th quarter worth approximately $59,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Analysts Set New Price Targets

BBT has been the topic of a number of analyst reports. 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. Raymond James Financial cut shares of Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research note on Friday, May 1st. Weiss Ratings raised shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, March 18th. Hovde Group reissued a “market perform” rating and issued a $30.00 price objective (down from $33.00) on shares of Beacon Financial in a report on Friday, May 1st. Finally, Zacks Research lowered Beacon Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Beacon Financial has a consensus rating of “Hold” and a consensus target price of $31.75.

Beacon Financial Stock Down 0.0%

Shares of BBT opened at $28.85 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.43. Beacon Financial Corporation has a 12 month low of $22.81 and a 12 month high of $32.83. The stock’s 50 day moving average is $30.20 and its two-hundred day moving average is $28.12. The firm has a market cap of $2.42 billion, a P/E ratio of 23.84 and a beta of 0.55.

Beacon Financial (NYSE:BBT) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.13). The firm 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%. Analysts predict that Beacon Financial Corporation will post 3.13 earnings per share for the current fiscal year.

Beacon Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 15th will be paid a $0.3225 dividend. The ex-dividend date of this dividend is Friday, May 15th. This represents a $1.29 dividend on an annualized basis and a dividend yield of 4.5%. Beacon Financial’s payout ratio is currently 106.61%.

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.

Insider Activity

In other news, insider Michael W. Mccurdy sold 17,333 shares of Beacon Financial stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $31.04, for a total value of $538,016.32. Following the sale, the insider directly owned 25,555 shares of the company’s stock, valued at $793,227.20. The trade was a 40.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.09% of the stock is owned by corporate insiders.

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.