Empowered Funds LLC Acquires New Position in Beacon Financial Corporation $BBT

Empowered Funds LLC acquired a new stake in shares of Beacon Financial Corporation (NYSE:BBT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 377,912 shares of the company’s stock, valued at approximately $11,507,000. Empowered Funds LLC owned about 0.45% of Beacon Financial as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BBT. Farther Finance Advisors LLC purchased a new position in shares of Beacon Financial in the fourth quarter valued at $89,000. CWM LLC purchased a new position in Beacon Financial during the fourth quarter valued at approximately $416,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Beacon Financial during the 4th quarter worth approximately $517,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Beacon Financial during the 4th quarter worth approximately $1,070,000. Finally, Arizona State Retirement System purchased a new stake in Beacon Financial in the 4th quarter worth approximately $618,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Beacon Financial Price Performance

BBT opened at $31.41 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $2.63 billion, a P/E ratio of 23.80 and a beta of 0.55. The stock has a 50-day moving average price of $30.93 and a 200-day moving average price of $30.26. 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, 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%. Equities analysts predict that Beacon Financial Corporation will post 3.04 earnings per share for the current fiscal year.

Beacon Financial Dividend Announcement

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. This represents a $1.29 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Friday, August 14th. Beacon Financial’s payout ratio is presently 97.73%.

Analyst Upgrades and Downgrades

BBT has been the subject of several recent analyst reports. Zacks Research upgraded Beacon Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, July 3rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Beacon Financial in a research report on Tuesday, July 14th. Finally, Piper Sandler reissued an “overweight” rating and set a $36.00 price objective (up from $34.00) on shares of Beacon Financial in a report on Monday, August 3rd. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $32.50.

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.