1,063,829 Shares in Beacon Financial Corporation $BBT Bought by Bank of America Corp DE

Key Points

• Bank of America purchased 1,063,829 shares of Beacon Financial, valued at approximately $32.4 million, giving it a 1.27% stake. Institutional investors collectively own 83.07% of the company.
• Beacon Financial reported quarterly EPS of $0.77, in line with analyst estimates, on revenue of $219.19 million. The company also pays a quarterly dividend of $0.3225, representing a 4.5% annualized yield.
• The stock opened at $28.41, below its 50-day and 200-day moving averages. Analysts maintain a consensus “Hold” rating with an average price target of $32.50.

Bank of America Corp DE bought a new stake in shares of Beacon Financial Corporation (NYSE:BBT - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,063,829 shares of the company's stock, valued at approximately $32,394,000. Bank of America Corp DE owned approximately 1.27% of Beacon Financial at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. purchased a new stake in shares of Beacon Financial during the fourth quarter worth about $32,000. EverSource Wealth Advisors LLC purchased a new position in shares of Beacon Financial in the fourth quarter worth $34,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Beacon Financial during the second quarter worth $35,000. Trust Co. of Vermont acquired a new stake in shares of Beacon Financial during the second quarter worth $41,000. Finally, State of Wyoming purchased a new stake in shares of Beacon Financial during the second quarter valued at $64,000. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Beacon Financial Stock Down 1.2%

Beacon Financial stock opened at $28.41 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $2.38 billion, a PE ratio of 21.52 and a beta of 0.56. The business has a 50 day simple moving average of $31.14 and a 200-day simple moving average of $30.27. Beacon Financial Corporation has a 12 month low of $22.81 and a 12 month high of $32.83.

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

Beacon Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a $0.3225 dividend. The ex-dividend date was Friday, August 14th. This represents a $1.29 annualized dividend and a dividend yield of 4.5%. Beacon Financial's dividend payout ratio (DPR) is 97.73%.

Analysts Set New Price Targets

Several analysts have weighed in on BBT shares. Piper Sandler reiterated an "overweight" rating and set a $36.00 price target (up from $34.00) on shares of Beacon Financial in a research note on Monday, August 3rd. Zacks Research raised shares of Beacon Financial from a "strong sell" rating to a "hold" rating in a report on Friday, July 3rd. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Beacon Financial in a research note on Tuesday, July 14th. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $32.50.

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.

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