Thrivent Financial for Lutherans Invests $4 Million in Beacon Financial Corporation $BBT

Thrivent Financial for Lutherans bought a new stake in shares of Beacon Financial Corporation (NYSE:BBT) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 151,543 shares of the company’s stock, valued at approximately $3,996,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BBT. Mayflower Financial Advisors LLC bought a new stake in shares of Beacon Financial during the 4th quarter worth about $204,000. Parsons Capital Management Inc. RI bought a new stake in shares of Beacon Financial during the 4th quarter worth about $736,000. Hennion & Walsh Asset Management Inc. bought a new stake in shares of Beacon Financial during the 4th quarter worth about $339,000. Financial Planning Hawaii Inc. bought a new stake in shares of Beacon Financial during the 4th quarter worth about $274,000. Finally, Nisa Investment Advisors LLC bought a new stake in shares of Beacon Financial during the 4th quarter worth about $59,000. 83.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on BBT shares. Hovde Group restated a “market perform” rating and set a $30.00 price target (down from $33.00) on shares of Beacon Financial in a research report on Friday, May 1st. Weiss Ratings upgraded shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, March 18th. Piper Sandler dropped their price target 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. Raymond James Financial downgraded shares of Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday, May 1st. Finally, Zacks Research cut Beacon Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $31.75.

Insider Activity

In other Beacon Financial news, insider Michael W. Mccurdy sold 17,333 shares of the company’s stock in a transaction 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 transaction, the insider owned 25,555 shares of the company’s stock, valued at approximately $793,227.20. This represents a 40.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.09% of the company’s stock.

Beacon Financial Stock Performance

Shares of BBT opened at $28.82 on Friday. The firm’s 50 day moving average is $29.87 and its 200-day moving average is $28.44. The stock has a market capitalization of $2.42 billion, a P/E ratio of 23.81 and a beta of 0.55. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01. Beacon Financial Corporation has a 12-month low of $22.81 and a 12-month high of $32.83.

Beacon Financial (NYSE:BBT) last announced its quarterly earnings data 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 business 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%. Equities research analysts anticipate that Beacon Financial Corporation will post 3.13 EPS for the current fiscal year.

Beacon Financial Dividend Announcement

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

Beacon Financial declared that its board has initiated a stock buyback plan on Wednesday, April 29th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 1.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

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.