Algert Global LLC Purchases 130,285 Shares of Beacon Financial Corporation $BBT

Key Points

• Algert Global increased its Beacon Financial stake by 64.8%, purchasing 130,285 additional shares to hold 331,312 shares valued at approximately $10.1 million. Institutional investors collectively own 83.07% of the company.
• Analyst sentiment is mixed, with three Buy ratings and four Hold ratings. Beacon Financial has a consensus rating of Hold and an average price target of $32.50.
• The company reported quarterly earnings of $0.77 per share, in line with estimates, and announced a $0.3225 quarterly dividend—a 4.1% yield—alongside authorization for a $50 million share buyback program.

Algert Global LLC grew its holdings in shares of Beacon Financial Corporation (NYSE:BBT - Free Report) by 64.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 331,312 shares of the company's stock after buying an additional 130,285 shares during the period. Algert Global LLC owned approximately 0.40% of Beacon Financial worth $10,088,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Farther Finance Advisors LLC bought a new stake in Beacon Financial in the fourth quarter valued at $89,000. CWM LLC bought a new stake in Beacon Financial in the 4th quarter valued at about $416,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Beacon Financial in the 4th quarter valued at about $517,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Beacon Financial during the 4th quarter worth approximately $1,070,000. Finally, Arizona State Retirement System acquired a new position in Beacon Financial during the 4th quarter worth approximately $618,000. Institutional investors own 83.07% of the company's stock.

Wall Street Analyst Weigh In

BBT has been the topic of a number of recent research reports. Keefe, Bruyette & Woods cut their target price on Beacon Financial from $36.00 to $33.00 and set an "outperform" rating on the stock in a report on Friday, May 1st. Weiss Ratings restated a "buy (b-)" rating on shares of Beacon Financial in a report on Tuesday, July 14th. Piper Sandler reaffirmed an "overweight" rating and issued a $36.00 price objective (up from $34.00) on shares of Beacon Financial in a research note on Monday, August 3rd. Raymond James Financial lowered shares of Beacon Financial from a "strong-buy" rating to a "market perform" rating in a research note on Friday, May 1st. Finally, Hovde Group reiterated a "market perform" rating and set a $30.00 price objective (down from $33.00) on shares of Beacon Financial in a report on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Beacon Financial presently has a consensus rating of "Hold" and an average target price of $32.50.

Beacon Financial Stock Performance

NYSE BBT opened at $31.37 on Wednesday. Beacon Financial Corporation has a 1 year low of $22.81 and a 1 year high of $32.83. 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 firm has a market cap of $2.63 billion, a price-to-earnings ratio of 23.77 and a beta of 0.55. The company has a fifty day moving average price of $30.81 and a 200-day moving average price of $30.24.

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 for the quarter, meeting analysts' consensus estimates of $0.77. The company 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%. As a group, equities research analysts predict that Beacon Financial Corporation will post 3.04 EPS for the current fiscal year.

Beacon Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be issued a $0.3225 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.29 annualized dividend and a dividend yield of 4.1%. Beacon Financial's dividend payout ratio is currently 97.73%.

Beacon Financial announced that its Board of Directors has approved a share buyback program on Wednesday, April 29th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 1.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

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.

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