Select Asset Management & Trust Acquires New Position in Beacon Financial Corporation $BBT

Select Asset Management & Trust acquired a new stake in shares of Beacon Financial Corporation (NYSE:BBT) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 26,101 shares of the company’s stock, valued at approximately $688,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. bought a new stake in shares of Beacon Financial in the 4th quarter valued at about $253,245,000. Geode Capital Management LLC bought a new stake in shares of Beacon Financial in the 4th quarter valued at about $52,315,000. Massachusetts Financial Services Co. MA bought a new stake in shares of Beacon Financial in the 4th quarter valued at about $35,274,000. Systematic Financial Management LP bought a new stake in shares of Beacon Financial in the 4th quarter valued at about $30,078,000. Finally, UBS Group AG bought a new stake in shares of Beacon Financial in the 4th quarter valued at about $18,815,000. Institutional investors own 83.07% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on BBT. Royal Bank Of Canada reduced their price target on shares of Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating for the company in a report on Friday, May 1st. Piper Sandler reduced their price target on shares of Beacon Financial from $35.00 to $33.00 and set an “overweight” rating for the company in a report on Monday, May 4th. Hovde Group restated a “market perform” rating and issued a $30.00 price target (down from $33.00) on shares of Beacon Financial in a report on Friday, May 1st. Zacks Research lowered shares of Beacon Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Beacon Financial from $36.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $31.75.

Beacon Financial Stock Down 1.9%

NYSE:BBT opened at $28.54 on Tuesday. The company has a market cap of $2.39 billion, a PE ratio of 23.59 and a beta of 0.56. Beacon Financial Corporation has a twelve month low of $22.81 and a twelve month high of $32.83. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. The company’s 50 day moving average is $29.90 and its two-hundred day moving average is $28.60.

Beacon Financial (NYSE:BBT) last released its earnings results on Wednesday, April 29th. The company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.13). The company had revenue of $214.72 million for the quarter. Beacon Financial had a return on equity of 9.02% and a net margin of 6.97%. Analysts anticipate that Beacon Financial Corporation will post 3.13 EPS for the current year.

Beacon Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were given a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Friday, May 15th. Beacon Financial’s payout ratio is currently 106.61%.

Beacon Financial announced that its board has authorized a stock repurchase program on Wednesday, April 29th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 1.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

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.