29,718 Shares in Beacon Financial Corporation $BBT Acquired by SG Americas Securities LLC

SG Americas Securities LLC bought a new position in shares of Beacon Financial Corporation (NYSE:BBT) in the first quarter, Holdings Channel reports. The fund bought 29,718 shares of the company’s stock, valued at approximately $892,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Mayflower Financial Advisors LLC acquired a new stake in shares of Beacon Financial during the 4th quarter valued at $204,000. Parsons Capital Management Inc. RI acquired a new stake in shares of Beacon Financial during the fourth quarter worth $736,000. Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Beacon Financial during the fourth quarter valued at $339,000. Financial Planning Hawaii Inc. acquired a new position in shares of Beacon Financial in the 4th quarter valued at $274,000. Finally, Nisa Investment Advisors LLC acquired a new position in shares of Beacon Financial in the 4th quarter valued at $59,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on BBT. Raymond James Financial downgraded 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 target price 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. Weiss Ratings upgraded shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, March 18th. Piper Sandler upped their price target on shares of Beacon Financial from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Finally, 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 research report on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $32.00.

Beacon Financial Price Performance

Shares of NYSE:BBT opened at $30.19 on Monday. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of 24.95 and a beta of 0.55. Beacon Financial Corporation has a 1 year low of $22.81 and a 1 year 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 business has a fifty day simple moving average of $29.53 and a 200 day simple moving average of $29.33.

Beacon Financial (NYSE:BBT) last issued its earnings results on Wednesday, April 29th. The company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.13). Beacon Financial had a net margin of 6.97% and a return on equity of 9.02%. The firm had revenue of $214.72 million during the quarter. As a group, sell-side analysts predict that Beacon Financial Corporation will post 3.13 earnings per share for the current fiscal year.

Beacon Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were paid a $0.3225 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.29 annualized dividend and a dividend yield of 4.3%. Beacon Financial’s payout ratio is presently 106.61%.

Beacon Financial declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, April 29th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to buy up to 1.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

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.