Beacon Financial (NYSE:BBT) Releases Earnings Results, Meets Expectations

Beacon Financial (NYSE:BBT) issued its quarterly earnings data on Wednesday. The company reported $0.77 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.77, FiscalAI reports. The business had revenue of $219.19 million during the quarter. Beacon Financial had a return on equity of 9.02% and a net margin of 6.97%.

Beacon Financial Stock Down 0.7%

Shares of NYSE:BBT opened at $29.74 on Thursday. Beacon Financial has a twelve month low of $22.81 and a twelve month high of $32.83. The company has a market capitalization of $2.49 billion, a PE ratio of 24.58 and a beta of 0.55. 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 firm has a 50 day simple moving average of $29.83 and a 200-day simple moving average of $29.73.

Beacon Financial Dividend Announcement

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

Analysts Set New Price Targets

BBT has been the subject of a number of research analyst reports. 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. 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 note on Friday, May 1st. Zacks Research raised shares of Beacon Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, July 3rd. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Beacon Financial from $36.00 to $33.00 and set an “outperform” rating for the company in a research note on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $32.00.

Institutional Investors Weigh In On Beacon Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Strategic Value Bank Partners LLC purchased a new stake in Beacon Financial in the 4th quarter valued at $16,448,000. Jefferies Financial Group Inc. purchased a new position in Beacon Financial during the 4th quarter worth $3,048,000. UBS Group AG purchased a new position in Beacon Financial during the 4th quarter worth $18,815,000. Comerica Bank acquired a new position in Beacon Financial in the fourth quarter valued at $1,867,000. Finally, Vanguard Group Inc. acquired a new position in Beacon Financial in the fourth quarter valued at $253,245,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Beacon Financial announced that its Board of Directors has authorized a stock repurchase program on Wednesday, April 29th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to buy up to 1.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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.