Fox Run Management L.L.C. Purchases New Shares in Beacon Financial Corporation $BBT

Fox Run Management L.L.C. bought a new stake in shares of Beacon Financial Corporation (NYSE:BBT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 53,642 shares of the company’s stock, valued at approximately $1,415,000. Fox Run Management L.L.C. owned approximately 0.06% of Beacon Financial at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Mayflower Financial Advisors LLC purchased a new position in shares of Beacon Financial in the 4th quarter worth about $204,000. Parsons Capital Management Inc. RI bought a new stake in shares of Beacon Financial during the 4th quarter valued at about $736,000. Hennion & Walsh Asset Management Inc. bought a new stake in shares of Beacon Financial during the 4th quarter valued at about $339,000. Financial Planning Hawaii Inc. bought a new stake in shares of Beacon Financial during the 4th quarter valued at about $274,000. Finally, Nisa Investment Advisors LLC bought a new position in shares of Beacon Financial during the 4th quarter valued at approximately $59,000. Institutional investors own 83.07% of the company’s stock.

Beacon Financial Stock Performance

Shares of Beacon Financial stock opened at $29.15 on Tuesday. The firm has a market cap of $2.44 billion, a P/E ratio of 24.09 and a beta of 0.56. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. Beacon Financial Corporation has a 12 month low of $22.81 and a 12 month high of $32.83. The stock’s fifty day moving average price is $29.84 and its 200-day moving average price is $28.72.

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

Beacon Financial announced that its Board of Directors has authorized a share repurchase plan 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 plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Beacon Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were paid a dividend of $0.3225 per share. The ex-dividend date was Friday, May 15th. This represents a $1.29 annualized dividend and a dividend yield of 4.4%. Beacon Financial’s dividend payout ratio (DPR) is currently 106.61%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Hovde Group reiterated a “market perform” rating and set a $30.00 price objective (down from $33.00) on shares of Beacon Financial in a research note on Friday, May 1st. Raymond James Financial cut Beacon Financial from a “strong-buy” rating to a “market perform” rating in a report on Friday, May 1st. Royal Bank Of Canada decreased their price target on Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating on the stock in a report on Friday, May 1st. Piper Sandler reduced their target price on Beacon Financial from $35.00 to $33.00 and set an “overweight” rating on the stock in a research note on Monday, May 4th. Finally, Keefe, Bruyette & Woods reduced their target price on Beacon Financial from $36.00 to $33.00 and set an “outperform” rating on the stock in a research note on Friday, May 1st. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Beacon Financial currently has an average rating of “Hold” and a consensus target price of $31.75.

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.