Select Asset Management & Trust Makes New $688,000 Investment in Beacon Financial Corporation $BBT

Select Asset Management & Trust bought a new position in shares of Beacon Financial Corporation (NYSE:BBT) during the 4th quarter, HoldingsChannel.com reports. The fund bought 26,101 shares of the company’s stock, valued at approximately $688,000.

Several other large investors also recently bought and sold shares of the stock. Montag A & Associates Inc. purchased a new stake in shares of Beacon Financial in the 4th quarter valued at $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Beacon Financial in the 4th quarter valued at $30,000. TD Private Client Wealth LLC purchased a new stake in shares of Beacon Financial in the 4th quarter valued at $32,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Beacon Financial in the 4th quarter valued at $34,000. Finally, Torren Management LLC purchased a new stake in shares of Beacon Financial in the 4th quarter valued at $35,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Beacon Financial Stock Performance

BBT opened at $28.54 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a fifty day moving average price of $29.90 and a 200 day moving average price of $28.60. Beacon Financial Corporation has a 1 year low of $22.81 and a 1 year high of $32.83. The stock has a market cap of $2.39 billion, a P/E ratio of 23.59 and a beta of 0.56.

Beacon Financial (NYSE:BBT) last posted its 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). Beacon Financial had a net margin of 6.97% and a return on equity of 9.02%. The firm had revenue of $214.72 million during the quarter. Equities research analysts anticipate that Beacon Financial Corporation will post 3.13 earnings per share for the current year.

Beacon Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were paid a $0.3225 dividend. This represents a $1.29 annualized dividend and a dividend yield of 4.5%. The ex-dividend date was Friday, May 15th. Beacon Financial’s payout ratio is currently 106.61%.

Beacon Financial declared that its board has authorized a share buyback program on Wednesday, April 29th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to purchase up to 1.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BBT. Weiss Ratings raised shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, March 18th. 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 report on Friday, May 1st. Piper Sandler dropped their price objective on shares of Beacon Financial from $35.00 to $33.00 and set an “overweight” rating on the stock in a report on Monday, May 4th. Royal Bank Of Canada dropped their price objective on shares of Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating on the stock in a report on Friday, May 1st. Finally, Raymond James Financial downgraded shares of Beacon Financial from a “strong-buy” rating to a “market perform” rating in a report on Friday, May 1st. 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 company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $31.75.

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.