Massachusetts Financial Services Co. MA Makes New $35.27 Million Investment in Beacon Financial Corporation $BBT

Massachusetts Financial Services Co. MA acquired a new position in shares of Beacon Financial Corporation (NYSE:BBT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,337,669 shares of the company’s stock, valued at approximately $35,274,000. Massachusetts Financial Services Co. MA owned about 1.59% of Beacon Financial at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of BBT. Trust Co. of Vermont acquired a new position in Beacon Financial during the fourth quarter worth $35,000. Nisa Investment Advisors LLC acquired a new position in Beacon Financial during the fourth quarter worth $59,000. Blue Trust Inc. acquired a new position in Beacon Financial during the fourth quarter worth $76,000. Mayflower Financial Advisors LLC acquired a new position in Beacon Financial during the fourth quarter worth $204,000. Finally, Financial Planning Hawaii Inc. acquired a new position in Beacon Financial during the fourth quarter worth $274,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Insider Transactions at Beacon Financial

In related news, insider Michael W. Mccurdy sold 17,333 shares of the firm’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $31.04, for a total transaction 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.09% of the company’s stock.

Beacon Financial Stock Performance

NYSE BBT opened at $31.58 on Thursday. Beacon Financial Corporation has a 52-week low of $22.81 and a 52-week high of $32.31. The company has a 50-day simple moving average of $30.23 and a 200 day simple moving average of $27.60. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market capitalization of $2.65 billion, a PE ratio of 25.89 and a beta of 0.62.

Beacon Financial (NYSE:BBT) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.01. Beacon Financial had a net margin of 5.85% and a return on equity of 8.95%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Keefe, Bruyette & Woods raised their price target on shares of Beacon Financial from $33.00 to $36.00 and gave the company an “outperform” rating in a research report on Friday, January 30th. Royal Bank Of Canada boosted their price target on shares of Beacon Financial from $28.00 to $31.00 and gave the stock a “sector perform” rating in a report on Friday, January 30th. Zacks Research upgraded shares of Beacon Financial from a “strong sell” rating to a “hold” rating in a report on Monday, February 2nd. Hovde Group boosted their price target on shares of Beacon Financial from $31.00 to $33.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd. Finally, Weiss Ratings upgraded shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, March 18th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $33.25.

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.