Royce & Associates LP Purchases Shares of 316,854 Beacon Financial Corporation $BBT

Royce & Associates LP purchased a new stake in Beacon Financial Corporation (NYSE:BBT) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 316,854 shares of the company’s stock, valued at approximately $8,355,000. Royce & Associates LP owned 0.38% of Beacon Financial as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Montag A & Associates Inc. acquired a new position in shares of Beacon Financial during the 4th quarter worth approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Beacon Financial during the 4th quarter worth approximately $30,000. TD Private Client Wealth LLC acquired a new position in shares of Beacon Financial during the 4th quarter worth approximately $32,000. EverSource Wealth Advisors LLC acquired a new position in shares of Beacon Financial during the 4th quarter worth approximately $34,000. Finally, Torren Management LLC acquired a new position in shares of Beacon Financial during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Zacks Research lowered shares of Beacon Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Keefe, Bruyette & Woods decreased their target price on shares of Beacon Financial from $36.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday, May 1st. Raymond James Financial lowered shares of Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday, May 1st. Royal Bank Of Canada decreased their target price on shares of 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, Piper Sandler decreased their target price on shares of Beacon Financial from $35.00 to $33.00 and set an “overweight” rating on the stock in a research report on Monday, May 4th. Three equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $31.75.

Beacon Financial Stock Performance

NYSE BBT opened at $29.05 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of 24.01 and a beta of 0.55. The firm’s 50 day simple moving average is $29.89 and its 200 day simple moving average is $28.56. Beacon Financial Corporation has a 1 year low of $22.81 and a 1 year high of $32.83.

Beacon Financial (NYSE:BBT) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.13). The firm had revenue of $214.72 million for the quarter. Beacon Financial had a return on equity of 9.02% and a net margin of 6.97%. As a group, research analysts expect 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. Investors of record on Friday, May 15th will be given a dividend of $0.3225 per share. The ex-dividend date is Friday, May 15th. This represents a $1.29 annualized dividend and a dividend yield of 4.4%. Beacon Financial’s dividend payout ratio (DPR) is currently 106.61%.

Beacon Financial declared that its Board of Directors has approved a stock buyback plan on Wednesday, April 29th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to buy up to 1.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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.