Mendon Capital Advisors Corp Has $5.99 Million Stake in Beacon Financial Corporation $BBT

Mendon Capital Advisors Corp raised its holdings in Beacon Financial Corporation (NYSE:BBT) by 87.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 199,731 shares of the company’s stock after purchasing an additional 93,338 shares during the quarter. Beacon Financial makes up about 1.7% of Mendon Capital Advisors Corp’s investment portfolio, making the stock its 21st largest position. Mendon Capital Advisors Corp’s holdings in Beacon Financial were worth $5,992,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. acquired a new stake in shares of Beacon Financial in the fourth quarter valued at $253,245,000. State Street Corp acquired a new position in Beacon Financial during the 4th quarter worth about $133,275,000. Fuller & Thaler Asset Management Inc. acquired a new position in Beacon Financial during the 4th quarter worth about $128,643,000. Dimensional Fund Advisors LP bought a new stake in Beacon Financial during the 4th quarter worth about $128,568,000. Finally, Azora Capital LP bought a new stake in Beacon Financial during the 4th quarter worth about $82,619,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on BBT shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Beacon Financial in a research note on Tuesday, July 14th. Royal Bank Of Canada lowered 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. Hovde Group reaffirmed a “market perform” rating and set a $30.00 price objective (down from $33.00) on shares of Beacon Financial in a report on Friday, May 1st. Keefe, Bruyette & Woods decreased their price objective on Beacon Financial from $36.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday, May 1st. Finally, Zacks Research raised Beacon Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, July 3rd. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $32.00.

Beacon Financial Stock Performance

BBT stock opened at $30.09 on Monday. Beacon Financial Corporation has a twelve month low of $22.81 and a twelve month high of $32.83. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.43. The company has a market cap of $2.52 billion, a P/E ratio of 24.86 and a beta of 0.55. The business’s fifty day moving average is $29.74 and its 200-day moving average is $29.67.

Beacon Financial (NYSE:BBT) last announced its quarterly earnings data 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 return on equity of 9.02% and a net margin of 6.97%.The company had revenue of $214.72 million for the quarter. Equities research analysts forecast that Beacon Financial Corporation will post 3.13 EPS for the current year.

Beacon Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were given a dividend of $0.3225 per share. 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 dividend payout ratio is currently 106.61%.

Beacon Financial declared that its Board of Directors has authorized a share buyback program on Wednesday, April 29th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to purchase up to 1.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management 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.