Legal & General Group Plc Takes Position in Beacon Financial Corporation $BBT

Legal & General Group Plc acquired a new position in Beacon Financial Corporation (NYSE:BBT) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 189,026 shares of the company’s stock, valued at approximately $5,756,000.

Other hedge funds also recently bought and sold shares of the company. Jefferies Financial Group Inc. bought a new stake in shares of Beacon Financial during the 4th quarter valued at about $3,048,000. Vanguard Group Inc. bought a new position in shares of Beacon Financial in the 4th quarter worth approximately $253,245,000. UBS Group AG purchased a new position in shares of Beacon Financial in the fourth quarter worth approximately $18,815,000. Comerica Bank purchased a new position in shares of Beacon Financial in the fourth quarter worth approximately $1,867,000. Finally, New York State Teachers Retirement System bought a new stake in Beacon Financial during the fourth quarter valued at approximately $2,088,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Beacon Financial Trading Up 0.6%

Beacon Financial stock opened at $31.45 on Friday. Beacon Financial Corporation has a 12-month low of $22.81 and a 12-month high of $32.83. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 23.83 and a beta of 0.56. The firm has a 50 day moving average of $30.99 and a 200 day moving average 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 (NYSE:BBT) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.77 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.77. The business had revenue of $219.19 million during the quarter. Beacon Financial had a net margin of 8.96% and a return on equity of 9.15%. As a group, research analysts predict that Beacon Financial Corporation will post 3.04 earnings per share for the current year.

Beacon Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were issued a $0.3225 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.29 annualized dividend and a yield of 4.1%. Beacon Financial’s dividend payout ratio is currently 97.73%.

Analysts Set New Price Targets

A number of brokerages have commented on BBT. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Beacon Financial in a report on Tuesday, July 14th. 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, Zacks Research raised Beacon Financial from a “strong sell” rating to a “hold” rating in a report on Friday, July 3rd. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $32.50.

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.