Beacon Financial (NYSE:BBT) Sets New 1-Year High – Here’s What Happened

Beacon Financial Corporation (NYSE:BBT) hit a new 52-week high during trading on Thursday . The company traded as high as $32.13 and last traded at $32.11, with a volume of 126354 shares changing hands. The stock had previously closed at $31.64.

Wall Street Analyst Weigh In

BBT has been the topic of a number of analyst reports. Royal Bank Of Canada increased their price objective on Beacon Financial from $28.00 to $31.00 and gave the company a “sector perform” rating in a report on Friday, January 30th. Zacks Research raised Beacon Financial from a “strong sell” rating to a “hold” rating in a report on Monday, February 2nd. Weiss Ratings raised Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, March 18th. Piper Sandler initiated coverage on Beacon Financial in a report on Monday, March 16th. They set an “overweight” rating and a $33.00 price objective on the stock. Finally, Hovde Group increased their price objective on Beacon Financial from $31.00 to $33.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $33.25.

Beacon Financial Stock Performance

The firm has a 50 day moving average of $30.07 and a two-hundred day moving average of $27.47. The stock has a market cap of $2.67 billion, a P/E ratio of 26.08 and a beta of 0.62. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.00 and a current ratio of 1.00.

Beacon Financial (NYSE:BBT) last announced its earnings results on Wednesday, January 28th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.01. Beacon Financial had a return on equity of 8.95% and a net margin of 5.85%.

Insiders Place Their Bets

In other Beacon Financial news, insider Michael W. Mccurdy sold 17,333 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $31.04, for a total value of $538,016.32. Following the completion of the sale, the insider owned 25,555 shares in the company, valued at approximately $793,227.20. This trade represents a 40.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.49% of the stock is currently owned by insiders.

Institutional Trading of Beacon Financial

Hedge funds have recently modified their holdings of the company. Yousif Capital Management LLC acquired a new position in shares of Beacon Financial in the 4th quarter worth approximately $616,000. Slocum Gordon & Co LLP acquired a new position in shares of Beacon Financial in the 4th quarter worth approximately $256,000. Grace & White Inc. NY acquired a new position in shares of Beacon Financial in the 4th quarter worth approximately $4,914,000. Massachusetts Financial Services Co. MA acquired a new position in shares of Beacon Financial in the 4th quarter worth approximately $35,274,000. Finally, Brown Lisle Cummings Inc. acquired a new position in shares of Beacon Financial in the 4th quarter worth approximately $50,000. Institutional investors own 83.07% of the company’s stock.

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.