Beacon Financial (NYSE:BBT) Sets New 1-Year High - Time to Buy?

Key Points

• Beacon Financial (NYSE:BBT) hit a new 52-week high of $32.13 intraday (last trade $32.11) on Thursday, with about 126,354 shares changing hands.
• Analysts have been raising ratings and targets—Keefe, Bruyette & Woods boosted its target to $36 and several firms upgraded the stock—resulting in a MarketBeat average rating of “Moderate Buy” and an average price target of $33.25.
• The company reported an EPS beat ($0.79 vs. $0.78), has a market cap of $2.71 billion and a P/E of 26.43, but saw notable insider selling (Michael W. McCurdy sold 17,333 shares) while institutional investors own about 83.07% of the stock.

Beacon Financial Corporation (NYSE:BBT - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $32.13 and last traded at $32.11, with a volume of 126354 shares changing hands. The stock had previously closed at $31.64.

Analysts Set New Price Targets

A number of brokerages have issued reports on BBT. Zacks Research raised Beacon Financial from a "strong sell" rating to a "hold" rating in a report on Monday, February 2nd. Weiss Ratings raised Beacon Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, March 18th. Keefe, Bruyette & Woods boosted their target price on Beacon Financial from $33.00 to $36.00 and gave the stock an "outperform" rating in a report on Friday, January 30th. Hovde Group boosted their target price on Beacon Financial from $31.00 to $33.00 and gave the stock an "outperform" rating in a report on Tuesday, February 3rd. Finally, Royal Bank Of Canada increased their price objective on shares of Beacon Financial from $28.00 to $31.00 and gave the stock a "sector perform" rating in a report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $33.25.

Beacon Financial Price Performance

The company has a 50 day moving average price of $58.07 and a 200 day moving average price of $50.45. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of 26.43 and a beta of 0.62. 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 (NYSE:BBT - Get Free Report) last released its earnings results on Wednesday, January 28th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.78 by $0.01. Beacon Financial had a return on equity of 8.95% and a net margin of 5.85%.

Insiders Place Their Bets

In other Beacon Financial news, insider Michael W. Mccurdy sold 17,333 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $31.04, for a total value of $538,016.32. Following the transaction, the insider owned 25,555 shares of the company's stock, valued at approximately $793,227.20. This represents a 40.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.02% of the company's stock.

Hedge Funds Weigh In On Beacon Financial

Several hedge funds have recently added to or reduced their stakes in BBT. Montag A & Associates Inc. acquired a new position in Beacon Financial in the fourth quarter valued at about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Beacon Financial during the fourth quarter worth $30,000. TD Private Client Wealth LLC bought a new position in shares of Beacon Financial during the fourth quarter worth $32,000. Rockefeller Capital Management L.P. bought a new position in shares of Beacon Financial during the fourth quarter worth $32,000. Finally, EverSource Wealth Advisors LLC bought a new position in shares of Beacon Financial during the fourth quarter worth $34,000. Institutional investors and hedge funds own 83.07% of the company's stock.

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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