Beacon Financial Corporation (NYSE:BBT) Stock Has Average Target Price of $32.50 According to Brokerages

Key Points

• Analyst consensus is “Hold”: Five of seven analysts rate Beacon Financial a hold and two recommend buying, with an average 12-month price target of $32.50 versus the reported share price of $28.01.
• Institutional ownership is substantial: Institutional investors and hedge funds own 83.07% of the stock, with Bank of America, Bank of New York Mellon and other firms recently establishing or expanding positions.
• Quarterly results met expectations and the stock offers a high dividend yield: Beacon Financial reported adjusted EPS of $0.77, matching consensus, and pays an annualized dividend of $1.29, representing a 4.6% yield.

Shares of Beacon Financial Corporation (NYSE:BBT - Get Free Report) have been given an average rating of "Hold" by the seven ratings firms that are currently covering the company, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $32.50.

Several equities analysts have recently commented on the company. Piper Sandler reaffirmed an "overweight" rating and issued a $36.00 target price (up from $34.00) on shares of Beacon Financial in a research report on Monday, August 3rd. 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, Weiss Ratings cut shares of Beacon Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday.

Institutional Investors Weigh In On Beacon Financial

A number of large investors have recently added to or reduced their stakes in BBT. Jupiter Topco LLC bought a new stake in shares of Beacon Financial during the 2nd quarter worth approximately $1,106,000. Bank of New York Mellon Corp bought a new position in Beacon Financial in the second quarter valued at approximately $16,478,000. Bank of America Corp DE acquired a new position in Beacon Financial during the second quarter valued at approximately $32,394,000. Mendon Capital Advisors Corp raised its position in Beacon Financial by 87.7% during the first quarter. Mendon Capital Advisors Corp now owns 199,731 shares of the company's stock valued at $5,992,000 after purchasing an additional 93,338 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in Beacon Financial during the second quarter worth $5,756,000. Institutional investors and hedge funds own 83.07% of the company's stock.

Beacon Financial Trading Up 1.0%

Shares of NYSE:BBT opened at $28.01 on Thursday. Beacon Financial has a 52-week low of $22.81 and a 52-week high of $32.83. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market capitalization of $2.35 billion, a P/E ratio of 21.22 and a beta of 0.56. The company has a 50-day simple moving average of $30.83 and a 200 day simple moving average of $30.21.

Beacon Financial (NYSE:BBT - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.77 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.77. The firm had revenue of $219.19 million for the quarter. Beacon Financial had a return on equity of 9.15% and a net margin of 8.96%. Sell-side analysts forecast that Beacon Financial will post 3.04 earnings per share for the current year.

Beacon Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date was Friday, August 14th. Beacon Financial's payout ratio is presently 97.73%.

About Beacon Financial

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.