Ategra Capital Management LLC Acquires Shares of 265,743 Beacon Financial Corporation $BBT

Key Points

• Ategra Capital Management acquired 265,743 shares of Beacon Financial worth approximately $8.1 million, representing about 0.32% of the company and 3.6% of Ategra’s portfolio.
• Institutional ownership remains high at 83.07%, with major firms including BlackRock, Vanguard and State Street also building positions.
• Analysts hold a consensus “Hold” rating with an average price target of $32.50. Beacon Financial reported quarterly EPS of $0.77, declared a $0.3225 quarterly dividend yielding about 4.1%, and authorized a $50 million share buyback.

Ategra Capital Management LLC bought a new position in Beacon Financial Corporation (NYSE:BBT - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 265,743 shares of the company's stock, valued at approximately $8,092,000. Beacon Financial accounts for about 3.6% of Ategra Capital Management LLC's holdings, making the stock its 12th largest holding. Ategra Capital Management LLC owned about 0.32% of Beacon Financial as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Beacon Financial in the second quarter worth $376,552,000. Vanguard Group Inc. acquired a new position in Beacon Financial in the 4th quarter valued at $253,245,000. State Street Corp acquired a new stake in shares of Beacon Financial in the fourth quarter valued at about $133,275,000. Fuller & Thaler Asset Management Inc. acquired a new stake in Beacon Financial in the 4th quarter valued at approximately $128,643,000. Finally, Dimensional Fund Advisors LP bought a new position in Beacon Financial during the fourth quarter worth $128,568,000. Institutional investors and hedge funds own 83.07% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on BBT shares. Hovde Group reaffirmed a "market perform" rating and issued a $30.00 price target (down from $33.00) on shares of Beacon Financial in a report on Friday, May 1st. Weiss Ratings reissued a "buy (b-)" rating on shares of Beacon Financial in a research report on Tuesday, July 14th. Zacks Research upgraded shares of Beacon Financial from a "strong sell" rating to a "hold" rating in a research note on Friday, July 3rd. Raymond James Financial downgraded Beacon Financial from a "strong-buy" rating to a "market perform" rating in a report on Friday, May 1st. Finally, Keefe, Bruyette & Woods dropped their target price on Beacon Financial from $36.00 to $33.00 and set an "outperform" rating for the company in a report on Friday, May 1st. 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, the stock has a consensus rating of "Hold" and an average target price of $32.50.

Beacon Financial Stock Down 0.1%

Shares of BBT opened at $31.60 on Tuesday. The company has a market capitalization of $2.65 billion, a P/E ratio of 23.94 and a beta of 0.55. 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 one year low of $22.81 and a one year high of $32.83. The business's 50 day simple moving average is $30.78 and its 200-day simple moving average is $30.22.

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 firm 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%. As a group, sell-side analysts predict that Beacon Financial Corporation will post 3.04 EPS for the current fiscal year.

Beacon Financial Dividend Announcement

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

Beacon Financial announced that its board has approved a stock buyback plan on Wednesday, April 29th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to purchase up to 1.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are 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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