Beacon Financial Corporation (NYSE:BBT) Announces Quarterly Dividend of $0.32

Key Points

• Beacon Financial declared a quarterly dividend of $0.3225 per share, payable November 20 to shareholders of record November 6. The dividend implies an annualized payout of $1.29 and a 4.5% yield.
• The dividend appears well covered, with a current payout ratio of 35.9%; analysts expect next year’s earnings to support a projected payout ratio of 38.7%.
• Third-quarter EPS was $0.77, narrowly missing the $0.78 consensus estimate, while revenue totaled $222.6 million. Institutional investors own 83.07% of the company.

Beacon Financial Corporation (NYSE:BBT - Get Free Report) announced a quarterly dividend on Wednesday, October 21st. Shareholders of record on Friday, November 6th will be paid a dividend of $0.3225 per share on Friday, November 20th. This represents a $1.29 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Friday, November 6th.

Beacon Financial has a dividend payout ratio of 35.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Beacon Financial to earn $3.33 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 38.7%.

Beacon Financial Stock Performance

BBT traded up $0.97 during midday trading on Thursday, reaching $28.97. The company had a trading volume of 214,229 shares, compared to its average volume of 842,775. Beacon Financial has a 12-month low of $22.81 and a 12-month high of $32.83. The business has a 50-day moving average price of $29.81 and a two-hundred day moving average price of $30.04. The stock has a market cap of $2.43 billion, a PE ratio of 21.94 and a beta of 0.60. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Beacon Financial (NYSE:BBT - Get Free Report) last issued its quarterly earnings results on Wednesday, October 21st. The company reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.01). The company had revenue of $222.60 million for the quarter. Beacon Financial had a return on equity of 9.15% and a net margin of 8.96%. On average, sell-side analysts expect that Beacon Financial will post 3.04 earnings per share for the current fiscal year.

Institutional Trading of Beacon Financial

Several hedge funds and other institutional investors have recently modified their holdings of the business. Clark Financial Services Group Inc. BD lifted its stake in shares of Beacon Financial by 17.7% during the 3rd quarter. Clark Financial Services Group Inc. BD now owns 17,981 shares of the company's stock valued at $503,000 after buying an additional 2,709 shares in the last quarter. SummerHaven Investment Management LLC purchased a new position in Beacon Financial in the 3rd quarter valued at approximately $910,000. Congress Asset Management Co. grew its stake in Beacon Financial by 22.2% in the 3rd quarter. Congress Asset Management Co. now owns 173,531 shares of the company's stock valued at $4,857,000 after buying an additional 31,504 shares in the last quarter. Tidal Investments LLC bought a new stake in Beacon Financial during the 2nd quarter valued at $557,000. Finally, Integrated Wealth Concepts LLC bought a new stake in Beacon Financial during the 2nd quarter valued at $207,000. Institutional investors own 83.07% of the company's stock.

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.