Beacon Financial Corporation $BBT Stake Reduced by Hsbc Holdings PLC

Hsbc Holdings PLC trimmed its holdings in Beacon Financial Corporation (NYSE:BBT) by 48.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,219 shares of the company’s stock after selling 24,510 shares during the quarter. Hsbc Holdings PLC’s holdings in Beacon Financial were worth $782,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Blue Trust Inc. grew its stake in shares of Beacon Financial by 11.2% in the 1st quarter. Blue Trust Inc. now owns 3,220 shares of the company’s stock worth $97,000 after purchasing an additional 325 shares during the last quarter. Montag A & Associates Inc. acquired a new stake in Beacon Financial during the fourth quarter valued at approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Beacon Financial during the fourth quarter valued at approximately $30,000. TD Private Client Wealth LLC bought a new stake in Beacon Financial during the fourth quarter worth approximately $32,000. Finally, Rockefeller Capital Management L.P. bought a new stake in Beacon Financial during the fourth quarter worth approximately $32,000. 83.07% of the stock is owned by institutional investors and hedge funds.

Beacon Financial Stock Performance

Beacon Financial stock opened at $29.74 on Thursday. Beacon Financial Corporation has a fifty-two week low of $22.81 and a fifty-two week high of $32.83. The firm’s 50 day simple moving average is $29.83 and its 200-day simple moving average is $29.73. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $2.49 billion, a P/E ratio of 24.58 and a beta of 0.55.

Beacon Financial (NYSE:BBT) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.77 EPS for the quarter, meeting the consensus estimate of $0.77. Beacon Financial had a net margin of 6.97% and a return on equity of 9.02%. The business had revenue of $219.19 million during the quarter. As a group, equities research analysts predict that Beacon Financial Corporation will post 3.13 EPS for the current year.

Beacon Financial announced that its Board of Directors has approved a stock buyback program on Wednesday, April 29th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to buy up to 1.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Beacon Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Friday, August 14th. Beacon Financial’s payout ratio is 106.61%.

Analysts Set New Price Targets

Several research firms have issued reports on BBT. Raymond James Financial cut Beacon Financial from a “strong-buy” rating to a “market perform” rating in a report on Friday, May 1st. Weiss Ratings reissued a “buy (b-)” rating on shares of Beacon Financial in a research note on Tuesday, July 14th. Piper Sandler lifted their target price on Beacon Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Hovde Group reaffirmed a “market perform” rating and set a $30.00 target price (down from $33.00) on shares of Beacon Financial in a research report on Friday, May 1st. Finally, Keefe, Bruyette & Woods cut their target price 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. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $32.00.

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.