Beacon Financial Corporation (NYSE:BBT) to Issue $0.32 Quarterly Dividend

Key Points

• Beacon Financial will pay a quarterly dividend of $0.3225 per share to stockholders of record on May 15, payable May 29, implying an annualized dividend of $1.29 and a yield of about 4.4%.
• The dividend appears well covered with a current payout ratio of ~35.9%, and analysts forecast roughly $3.92 in EPS next year (implying an expected payout ratio near 33%), supporting dividend sustainability.
• Beacon missed on the quarter with $0.70 EPS vs. a $0.83 consensus on $214.7M revenue, but Wall Street sentiment is generally positive (consensus "Moderate Buy") with a consensus price target of $33.25 and several firms raising targets up to $36.00.

Beacon Financial Corporation (NYSE:BBT - Get Free Report) announced a quarterly dividend on Wednesday, April 29th. Stockholders of record on Friday, May 15th will be paid a dividend of 0.3225 per share on Friday, May 29th. This represents a c) dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend is Friday, May 15th.

Beacon Financial has raised its dividend by an average of 0.0%annually over the last three years. Beacon Financial has a payout ratio of 35.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Beacon Financial to earn $3.92 per share next year, which means the company should continue to be able to cover its $1.29 annual dividend with an expected future payout ratio of 32.9%.

Beacon Financial Price Performance

BBT stock opened at $29.19 on Thursday. The firm has a 50 day moving average of $30.38 and a 200-day moving average of $27.98. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.32. Beacon Financial has a 12 month low of $22.81 and a 12 month high of $32.83. The firm has a market capitalization of $2.45 billion, a P/E ratio of 23.89 and a beta of 0.62.

Beacon Financial (NYSE:BBT - Get Free Report) last posted its 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 8.95% and a net margin of 5.85%.The firm had revenue of $214.72 million for the quarter. As a group, sell-side analysts predict that Beacon Financial will post 3.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BBT. Piper Sandler started coverage on shares of Beacon Financial in a report on Monday, March 16th. They issued an "overweight" rating and a $33.00 price target on the stock. Royal Bank Of Canada lifted their price objective on Beacon Financial from $28.00 to $31.00 and gave the company a "sector perform" rating in a research note on Friday, January 30th. Weiss Ratings upgraded Beacon Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, March 18th. Keefe, Bruyette & Woods upped their target price on Beacon Financial from $33.00 to $36.00 and gave the stock an "outperform" rating in a research note on Friday, January 30th. Finally, Zacks Research raised Beacon Financial from a "strong sell" rating to a "hold" rating in a report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $33.25.

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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