541,135 Shares in Beacon Financial Corporation $BBT Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon purchased 541,135 shares of Beacon Financial, valued at approximately $16.5 million, giving it a 0.65% stake. Institutional investors and hedge funds collectively own 83.07% of the company.
• Analyst sentiment is mixed, with three Buy ratings and four Holds; the stock has an average rating of Hold and a consensus price target of $32.50, compared with an opening price of $31.06.
• Beacon Financial reported quarterly EPS of $0.77, in line with expectations, and maintains a quarterly dividend of $0.3225, representing a $1.29 annualized payout and a 4.2% yield.

Bank of New York Mellon Corp purchased a new position in shares of Beacon Financial Corporation (NYSE:BBT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 541,135 shares of the company's stock, valued at approximately $16,478,000. Bank of New York Mellon Corp owned 0.65% of Beacon Financial as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. bought a new position in shares of Beacon Financial during the 4th quarter worth approximately $253,245,000. State Street Corp acquired a new position in Beacon Financial during the fourth quarter worth $133,275,000. Fuller & Thaler Asset Management Inc. acquired a new position in Beacon Financial during the fourth quarter worth $128,643,000. Dimensional Fund Advisors LP bought a new position in shares of Beacon Financial during the fourth quarter valued at $128,568,000. Finally, Azora Capital LP bought a new position in shares of Beacon Financial during the fourth quarter valued at $82,619,000. 83.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Beacon Financial in a report on Tuesday, July 14th. Zacks Research upgraded shares of Beacon Financial from a "strong sell" rating to a "hold" rating in a research report on Friday, July 3rd. Finally, Piper Sandler restated 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. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $32.50.

Beacon Financial Price Performance

Shares of BBT stock opened at $31.06 on Tuesday. Beacon Financial Corporation has a 52 week low of $22.81 and a 52 week high of $32.83. The stock has a market capitalization of $2.60 billion, a PE ratio of 23.53 and a beta of 0.55. 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 stock's fifty day moving average is $30.96 and its 200-day moving average is $30.25.

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. Beacon Financial had a return on equity of 9.15% and a net margin of 8.96%.The business had revenue of $219.19 million during the quarter. Equities research analysts expect that Beacon Financial Corporation will post 3.04 EPS for the current fiscal year.

Beacon Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were given a $0.3225 dividend. This represents a $1.29 annualized dividend and a yield of 4.2%. The ex-dividend date was Friday, August 14th. Beacon Financial's payout ratio is 97.73%.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source