Hennessy Advisors Inc. Buys New Stake in Beacon Financial Corporation $BBT

Hennessy Advisors Inc. bought a new stake in Beacon Financial Corporation (NYSE:BBT) in the 4th quarter, according to its most recent filing with the SEC. The fund bought 65,000 shares of the company’s stock, valued at approximately $1,714,000.

Other large investors have also recently made changes to their positions in the company. Grace & White Inc. NY acquired a new position in shares of Beacon Financial in the 4th quarter valued at $4,914,000. Strategic Value Bank Partners LLC acquired a new position in shares of Beacon Financial in the 4th quarter valued at $16,448,000. State of Alaska Department of Revenue acquired a new position in shares of Beacon Financial in the 4th quarter valued at $1,179,000. Massachusetts Financial Services Co. MA acquired a new position in shares of Beacon Financial in the 4th quarter valued at $35,274,000. Finally, Yousif Capital Management LLC acquired a new position in shares of Beacon Financial in the 4th quarter valued at $616,000. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Michael W. Mccurdy sold 17,333 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $793,227.20. This represents a 40.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.09% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on BBT shares. Piper Sandler started coverage on shares of Beacon Financial in a report on Monday, March 16th. They issued an “overweight” rating and a $33.00 price target for the company. 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. 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. Weiss Ratings raised shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, March 18th. Finally, Zacks Research raised shares of Beacon Financial from a “strong sell” rating to a “hold” rating in a report on Monday, February 2nd. 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’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $33.25.

Beacon Financial Price Performance

Beacon Financial stock opened at $31.37 on Wednesday. Beacon Financial Corporation has a 52-week low of $22.81 and a 52-week high of $32.83. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 25.71 and a beta of 0.62. The company has a fifty day simple moving average of $30.29 and a 200-day simple moving average of $27.77. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.32.

Beacon Financial (NYSE:BBT) last released its earnings results 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%. On average, equities analysts anticipate that Beacon Financial Corporation will post 3.64 EPS for the current fiscal year.

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.