Commonwealth Equity Services LLC Takes $3.69 Million Position in Beacon Financial Corporation $BBT

Commonwealth Equity Services LLC acquired a new stake in Beacon Financial Corporation (NYSE:BBT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 139,837 shares of the company’s stock, valued at approximately $3,687,000. Commonwealth Equity Services LLC owned 0.17% of Beacon Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. acquired a new position in Beacon Financial during the 4th quarter worth approximately $253,245,000. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Beacon Financial in the 4th quarter valued at $128,643,000. Dimensional Fund Advisors LP acquired a new stake in shares of Beacon Financial in the 4th quarter valued at $128,568,000. Geode Capital Management LLC acquired a new stake in shares of Beacon Financial in the 4th quarter valued at $52,315,000. Finally, Massachusetts Financial Services Co. MA acquired a new stake in shares of Beacon Financial in the 4th quarter valued at $35,274,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on BBT shares. Weiss Ratings upgraded shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, March 18th. Piper Sandler reduced 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. Hovde Group restated 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. Royal Bank Of Canada reduced 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 lowered 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 given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $31.75.

Beacon Financial Stock Up 1.1%

Shares of NYSE:BBT opened at $29.15 on Tuesday. The company has a market capitalization of $2.44 billion, a PE ratio of 24.09 and a beta of 0.56. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. Beacon Financial Corporation has a twelve month low of $22.81 and a twelve month high of $32.83. The firm has a 50 day simple moving average of $29.84 and a 200-day simple moving average of $28.72.

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

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

Beacon Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were given a $0.3225 dividend. The ex-dividend date was Friday, May 15th. This represents a $1.29 annualized dividend and a yield of 4.4%. Beacon Financial’s dividend payout ratio is 106.61%.

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.