SummerHaven Investment Management LLC Makes New $910,000 Investment in Beacon Financial Corporation $BBT

SummerHaven Investment Management LLC bought a new position in Beacon Financial Corporation (NYSE:BBT) during the third quarter, according to the company in its most recent filing with the SEC. The firm bought 33,801 shares of the company’s stock, valued at approximately $910,000.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Beacon Financial during the 2nd quarter valued at $376,552,000. Bank of America Corp DE purchased a new stake in Beacon Financial during the 2nd quarter valued at $32,394,000. Walleye Capital LLC purchased a new stake in Beacon Financial during the 2nd quarter valued at $20,265,000. Bank of New York Mellon Corp bought a new stake in Beacon Financial in the 2nd quarter worth $16,478,000. Finally, Empowered Funds LLC bought a new stake in Beacon Financial in the 2nd quarter worth $11,507,000. 83.07% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BBT. Zacks Research upgraded shares of Beacon Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, July 3rd. Weiss Ratings upgraded shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. Piper Sandler reiterated an “overweight” rating and set a $36.00 target price (up from $34.00) on shares of Beacon Financial in a report on Monday, August 3rd. Finally, Royal Bank Of Canada cut their target price on Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research note on Friday, October 9th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $32.50.

Beacon Financial Trading Up 0.1%

BBT opened at $27.51 on Friday. The stock has a market cap of $2.31 billion, a PE ratio of 20.84 and a beta of 0.60. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The business has a 50 day moving average of $30.05 and a 200-day moving average of $30.08. Beacon Financial Corporation has a 52 week low of $22.81 and a 52 week high of $32.83.

Beacon Financial (NYSE:BBT) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.77 earnings per share for the quarter, meeting the consensus estimate 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 research analysts predict that Beacon Financial Corporation will post 3.04 earnings per share for the current fiscal year.

Beacon Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were given a dividend of $0.3225 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.29 annualized dividend and a yield of 4.7%. Beacon Financial’s dividend payout ratio (DPR) is currently 97.73%.

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.