GSA Capital Partners LLP Acquires Shares of 28,699 Beacon Financial Corporation $BBT

GSA Capital Partners LLP bought a new position in shares of Beacon Financial Corporation (NYSE:BBT) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 28,699 shares of the company’s stock, valued at approximately $874,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Blue Trust Inc. lifted its stake in shares of Beacon Financial by 11.2% in the 1st quarter. Blue Trust Inc. now owns 3,220 shares of the company’s stock valued at $97,000 after purchasing an additional 325 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Beacon Financial by 2.4% during the first quarter. PNC Financial Services Group Inc. now owns 14,869 shares of the company’s stock worth $446,000 after purchasing an additional 354 shares during the period. Montag A & Associates Inc. acquired a new stake in shares of Beacon Financial during the fourth quarter worth $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Beacon Financial in the fourth quarter valued at about $30,000. Finally, TD Private Client Wealth LLC bought a new stake in Beacon Financial in the fourth quarter valued at about $32,000. Institutional investors own 83.07% of the company’s stock.

Beacon Financial Trading Down 0.4%

Shares of NYSE:BBT opened at $32.48 on Wednesday. Beacon Financial Corporation has a 12-month low of $22.81 and a 12-month high of $32.83. The business has a 50 day moving average of $30.64 and a 200-day moving average of $30.14. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The stock has a market cap of $2.72 billion, a PE ratio of 24.61 and a beta of 0.55.

Beacon Financial (NYSE:BBT) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.77 earnings per share for the quarter, hitting the consensus estimate of $0.77. The business had revenue of $219.19 million during the quarter. Beacon Financial had a return on equity of 9.15% and a net margin of 8.96%. As a group, equities research analysts forecast that Beacon Financial Corporation will post 3.04 earnings per share for the current year.

Beacon Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be paid a $0.3225 dividend. The ex-dividend date is Friday, August 14th. This represents a $1.29 annualized dividend and a dividend yield of 4.0%. Beacon Financial’s dividend payout ratio is 97.73%.

Beacon Financial announced that its Board of Directors has authorized a stock repurchase program on Wednesday, April 29th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to buy up to 1.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Piper Sandler restated an “overweight” rating and set a $36.00 target price (up from $34.00) on shares of Beacon Financial in a report on Monday, August 3rd. Hovde Group reaffirmed a “market perform” rating and set a $30.00 price objective (down from $33.00) on shares of Beacon Financial in a research note on Friday, May 1st. Zacks Research raised shares of Beacon Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, July 3rd. Royal Bank Of Canada dropped their target price on Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Friday, May 1st. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Beacon Financial in a research 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, Beacon Financial presently has a consensus rating of “Hold” and an average price target of $32.50.

Beacon Financial 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.