Beacon Financial (NYSE:BBT) Stock Price Expected to Rise, Piper Sandler Analyst Says

Key Points

• Piper Sandler raised Beacon Financial’s price target from $33 to $35 and maintained an “overweight” rating, implying 13.65% upside from the current price.
• Analyst sentiment remains mixed: three analysts rate the stock a Buy and four rate it a Hold, producing an overall “Hold” consensus and an average price target of $32.75.
• Shares recently traded at $30.80 after the company reported quarterly EPS of $0.77, slightly below the $0.78 consensus estimate; an insider also purchased 3,450 shares, while institutional investors own 83.07% of the stock.

Beacon Financial (NYSE:BBT - Get Free Report) had its price objective raised by Piper Sandler from $33.00 to $35.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price target would indicate a potential upside of 13.65% from the company's current price.

Several other research analysts also recently commented on BBT. Zacks Research upgraded shares of Beacon Financial from a "strong sell" rating to a "hold" rating in a research report on Friday, July 3rd. Weiss Ratings upgraded Beacon Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, October 15th. Finally, Royal Bank Of Canada boosted their price target on Beacon Financial from $31.00 to $33.00 and gave the stock a "sector perform" rating in a report on Friday. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Beacon Financial currently has an average rating of "Hold" and a consensus price target of $32.75.

Beacon Financial Price Performance

Shares of BBT traded down $0.07 during trading hours on Tuesday, hitting $30.80. 236,905 shares of the company were exchanged, compared to its average volume of 858,148. The company has a quick ratio of 1.00, a current ratio of 0.98 and a debt-to-equity ratio of 0.31. Beacon Financial has a fifty-two week low of $22.81 and a fifty-two week high of $32.83. The company has a market cap of $2.58 billion, a price-to-earnings ratio of 11.44 and a beta of 0.60. The firm's fifty day moving average is $29.72 and its 200 day moving average is $29.80.

Beacon Financial (NYSE:BBT - Get Free Report) last announced its quarterly earnings data on Wednesday, October 21st. The company reported $0.77 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.01). Beacon Financial had a return on equity of 10.09% and a net margin of 17.33%. The firm had revenue of $222.60 million for the quarter. On average, equities analysts anticipate that Beacon Financial will post 3.04 earnings per share for the current fiscal year.

Insider Activity at Beacon Financial

In other news, Director Thomas Hollister acquired 3,450 shares of the firm's stock in a transaction dated Monday, October 26th. The stock was bought at an average cost of $30.43 per share, for a total transaction of $104,983.50. Following the completion of the transaction, the director directly owned 28,876 shares in the company, valued at $878,696.68. This represents a 13.57% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.09% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Beacon Financial

A number of large investors have recently bought and sold shares of BBT. Plimoth Trust Co. LLC raised its holdings in shares of Beacon Financial by 38.7% in the third quarter. Plimoth Trust Co. LLC now owns 10,544 shares of the company's stock valued at $295,000 after purchasing an additional 2,940 shares during the last quarter. Sterling Capital Management LLC boosted its stake in Beacon Financial by 32.2% in the 3rd quarter. Sterling Capital Management LLC now owns 1,890 shares of the company's stock worth $53,000 after purchasing an additional 460 shares during the period. Clark Financial Services Group Inc. BD raised its position in shares of Beacon Financial by 17.7% in the third quarter. Clark Financial Services Group Inc. BD now owns 17,981 shares of the company's stock worth $503,000 after buying an additional 2,709 shares in the last quarter. SummerHaven Investment Management LLC purchased a new stake in shares of Beacon Financial during the 3rd quarter valued at $910,000. Finally, Congress Asset Management Co. boosted its stake in Beacon Financial by 22.2% in the third quarter. Congress Asset Management Co. now owns 173,531 shares of the company's stock worth $4,857,000 after buying an additional 31,504 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.

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