Insider Buying: Beacon Financial (NYSE:BBT) Director Purchases $21,168.00 in Stock

Beacon Financial Corporation (NYSE:BBT) Director Eric Rosengren purchased 700 shares of the firm’s stock in a transaction dated Wednesday, October 28th. The shares were bought at an average price of $30.24 per share, for a total transaction of $21,168.00. Following the completion of the transaction, the director owned 8,131 shares of the company’s stock, valued at approximately $245,881.44. This trade represents a 9.42% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

Beacon Financial Stock Performance

Beacon Financial stock opened at $30.60 on Friday. Beacon Financial Corporation has a 1-year low of $23.63 and a 1-year high of $32.83. The company has a current ratio of 0.98, a quick ratio of 1.00 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $2.56 billion, a PE ratio of 11.37 and a beta of 0.60. The firm’s 50 day simple moving average is $29.57 and its 200 day simple moving average is $29.89.

Beacon Financial (NYSE:BBT) last released its quarterly earnings results on Wednesday, October 21st. The company reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.01). Beacon Financial had a net margin of 17.33% and a return on equity of 10.09%. The business had revenue of $222.60 million during the quarter. As a group, analysts expect that Beacon Financial Corporation will post 3.00 earnings per share for the current fiscal year.

Beacon Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Friday, November 6th will be given a $0.3225 dividend. The ex-dividend date is Friday, November 6th. This represents a $1.29 annualized dividend and a yield of 4.2%. Beacon Financial’s payout ratio is 47.96%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BBT. Weiss Ratings upgraded Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 15th. Royal Bank Of Canada increased their price target on shares of Beacon Financial from $31.00 to $33.00 and gave the company a “sector perform” rating in a research report on Friday, October 23rd. Zacks Research upgraded shares of Beacon Financial from a “strong sell” rating to a “hold” rating in a report on Friday, July 3rd. Finally, Piper Sandler increased their target price on shares of Beacon Financial from $33.00 to $35.00 and gave the company an “overweight” rating in a report on Tuesday. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $32.75.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Hennessy Advisors Inc. raised its holdings in Beacon Financial by 0.9% in the 3rd quarter. Hennessy Advisors Inc. now owns 116,000 shares of the company’s stock worth $3,247,000 after purchasing an additional 1,000 shares in the last quarter. Plimoth Trust Co. LLC boosted its position in Beacon Financial by 38.7% during the 3rd quarter. Plimoth Trust Co. LLC now owns 10,544 shares of the company’s stock valued at $295,000 after acquiring an additional 2,940 shares in the last quarter. Sterling Capital Management LLC lifted its stake in shares of Beacon Financial by 32.2% in the 3rd quarter. Sterling Capital Management LLC now owns 1,890 shares of the company’s stock valued at $53,000 after purchasing an additional 460 shares during the period. Clark Financial Services Group Inc. BD boosted its position in shares of Beacon Financial by 17.7% during the third quarter. Clark Financial Services Group Inc. BD now owns 17,981 shares of the company’s stock valued at $503,000 after purchasing an additional 2,709 shares in the last quarter. Finally, SummerHaven Investment Management LLC purchased a new stake in shares of Beacon Financial in the 3rd quarter worth about $910,000. Institutional investors own 83.07% of the company’s stock.

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.