Freestone Grove Partners LP Makes New Investment in Beacon Financial Corporation $BBT

Freestone Grove Partners LP purchased a new stake in Beacon Financial Corporation (NYSE:BBT) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 17,487 shares of the company’s stock, valued at approximately $532,000.

Other institutional investors have also modified their holdings of the company. Blue Trust Inc. raised its stake in shares of Beacon Financial by 11.2% in the first quarter. Blue Trust Inc. now owns 3,220 shares of the company’s stock valued at $97,000 after acquiring an additional 325 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Beacon Financial by 2.4% in the first quarter. PNC Financial Services Group Inc. now owns 14,869 shares of the company’s stock valued at $446,000 after purchasing an additional 354 shares during the period. Montag A & Associates Inc. acquired a new position in Beacon Financial during the 4th quarter worth $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Beacon Financial during the 4th quarter worth $30,000. Finally, TD Private Client Wealth LLC purchased a new stake in Beacon Financial during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on BBT shares. Zacks Research raised Beacon Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, July 3rd. Piper Sandler reissued an “overweight” rating and set a $36.00 price objective (up from $34.00) on shares of Beacon Financial in a research report on Monday, August 3rd. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Beacon Financial in a report on Tuesday, July 14th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $32.50.

Beacon Financial Stock Performance

Shares of BBT stock opened at $31.41 on Monday. The company has a market cap of $2.63 billion, a P/E ratio of 23.80 and a beta of 0.55. The firm has a fifty day moving average price of $30.93 and a 200 day moving average price of $30.25. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Beacon Financial Corporation has a 12 month low of $22.81 and a 12 month high of $32.83.

Beacon Financial (NYSE:BBT) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.77 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.77. The company had revenue of $219.19 million for the quarter. Beacon Financial had a return on equity of 9.15% and a net margin of 8.96%. Sell-side analysts predict that Beacon Financial Corporation will post 3.04 earnings per share for the current fiscal year.

Beacon Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were issued a $0.3225 dividend. The ex-dividend date was Friday, August 14th. This represents a $1.29 dividend on an annualized basis and a dividend yield of 4.1%. Beacon Financial’s dividend payout ratio is presently 97.73%.

About Beacon Financial

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.