Beacon Financial Corporation (NYSE:BBT) Receives $31.75 Consensus Price Target from Brokerages

Beacon Financial Corporation (NYSE:BBT) has been given a consensus recommendation of “Hold” by the seven ratings firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $31.75.

Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods reduced their price objective 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. Piper Sandler reduced their price objective 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. Hovde Group restated 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. Weiss Ratings upgraded Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, March 18th. Finally, Zacks Research cut Beacon Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th.

Beacon Financial Stock Up 1.8%

BBT stock opened at $29.10 on Friday. Beacon Financial 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 has a market capitalization of $2.44 billion, a P/E ratio of 24.05 and a beta of 0.56. The firm has a 50 day simple moving average of $29.90 and a 200-day simple moving average of $28.60.

Beacon Financial (NYSE:BBT) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.70 earnings per share 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. On average, equities research analysts predict that Beacon Financial will post 3.13 earnings per share for the current fiscal 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 paid a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date was Friday, May 15th. Beacon Financial’s dividend payout ratio (DPR) is presently 106.61%.

Beacon Financial announced that its board has initiated a share repurchase plan on Wednesday, April 29th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 1.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Beacon Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Montag A & Associates Inc. acquired a new position in Beacon Financial during the fourth quarter worth about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Beacon Financial during the fourth quarter worth about $30,000. TD Private Client Wealth LLC purchased a new position in Beacon Financial in the 4th quarter worth about $32,000. Rockefeller Capital Management L.P. purchased a new position in Beacon Financial in the 4th quarter worth about $32,000. Finally, EverSource Wealth Advisors LLC purchased a new position in Beacon Financial in the 4th quarter worth about $34,000. 83.07% of the stock is currently owned by institutional investors.

Beacon Financial Company 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.