Beacon Financial (NYSE:BBT) to Repurchase $50.00 million in Outstanding Shares

Key Points

• Beacon Financial's board authorized a share repurchase program to buy back $50.00 million of stock, representing up to 1.9% of outstanding shares.
• Several analysts raised ratings and price targets, leaving a MarketBeat consensus of Moderate Buy with a $33.25 consensus target price.
• The company reported quarterly EPS of $0.70, missing estimates of $0.83, while BBT traded around $31.32 and has a market cap of $2.63 billion.

Beacon Financial (NYSE:BBT - Get Free Report) announced that its Board of Directors has authorized a share repurchase program on Wednesday, April 29th, RTT News reports. The company plans to buyback $50.00 million in shares. This buyback authorization authorizes the company to repurchase up to 1.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

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

Beacon Financial Stock Performance

BBT stock traded down $0.50 during trading on Wednesday, reaching $31.32. The company had a trading volume of 639,261 shares, compared to its average volume of 785,849. The company has a market cap of $2.63 billion, a price-to-earnings ratio of 25.67 and a beta of 0.62. Beacon Financial has a twelve month low of $22.81 and a twelve month high of $32.83. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a 50-day simple moving average of $30.38 and a 200-day simple moving average of $27.98.

Beacon Financial (NYSE:BBT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.70 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.83 by ($0.13). The company had revenue of $214.72 million for the quarter. Beacon Financial had a net margin of 5.85% and a return on equity of 8.95%. As a group, sell-side analysts expect that Beacon Financial will post 3.64 earnings per share for the current year.

Insider Buying and Selling at Beacon Financial

In related news, insider Michael W. Mccurdy sold 17,333 shares of the company's stock in a transaction on 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 directly owned 25,555 shares of the company's stock, valued at $793,227.20. This represents a 40.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.09% of the stock is owned by company insiders.

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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