189,026 Shares in Beacon Financial Corporation $BBT Purchased by Legal & General Group Plc

Key Points

• Legal & General Group Plc acquired 189,026 shares of Beacon Financial, valued at approximately $5.76 million, giving it a 0.23% stake. Institutional investors collectively own 83.07% of the company.
• Beacon Financial reported quarterly EPS of $0.77, matching analyst expectations, on revenue of $219.19 million. The company paid a quarterly dividend of $0.3225 per share, representing a 4.1% annualized yield.
• Shares opened at $31.45, near their 52-week high of $32.83. Analysts’ average rating is “Hold”, with an average price target of $32.50.

Legal & General Group Plc bought a new stake in shares of Beacon Financial Corporation (NYSE:BBT - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 189,026 shares of the company's stock, valued at approximately $5,756,000. Legal & General Group Plc owned approximately 0.23% of Beacon Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Arizona State Retirement System purchased a new stake in shares of Beacon Financial in the 4th quarter worth approximately $618,000. Vanguard Group Inc. purchased a new position in Beacon Financial during the fourth quarter valued at $253,245,000. UBS Group AG bought a new stake in Beacon Financial in the fourth quarter worth $18,815,000. Pictet Asset Management Holding SA purchased a new stake in shares of Beacon Financial in the fourth quarter worth $319,000. Finally, Comerica Bank purchased a new stake in shares of Beacon Financial in the fourth quarter worth $1,867,000. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Beacon Financial Stock Up 0.6%

BBT stock opened at $31.45 on Friday. The stock has a market capitalization of $2.64 billion, a P/E ratio of 23.83 and a beta of 0.56. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. Beacon Financial Corporation has a 1-year low of $22.81 and a 1-year high of $32.83. The business has a fifty day moving average price of $30.99 and a 200-day moving average price of $30.25.

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

Beacon Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were issued a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Friday, August 14th. Beacon Financial's payout ratio is presently 97.73%.

Analyst Ratings Changes

Several research firms have recently issued reports on BBT. Piper Sandler reaffirmed an "overweight" rating and issued a $36.00 price target (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 restated a "buy (b-)" rating on shares of Beacon Financial in a research note on Tuesday, July 14th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $32.50.

Beacon Financial 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.

Want to see what other hedge funds are holding BBT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Beacon Financial Corporation (NYSE:BBT - Free Report).

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.