Beacon Financial Corporation $BBT Shares Bought by Sei Investments Co.

Key Points

• Sei Investments increased its Beacon Financial position by 144.6% in the first quarter, adding 37,616 shares to own 63,623 shares valued at approximately $1.91 million. Institutional investors collectively hold 83.07% of the company.
• Analyst sentiment remains mixed, with three Buy ratings and four Holds; the stock has an average rating of “Hold” and an average price target of $32.50.
• Beacon Financial reported quarterly earnings of $0.77 per share, matching expectations, and declared a $0.3225 quarterly dividend, yielding about 4.1%. The company also authorized a $50 million share buyback, covering up to 1.9% of outstanding shares.

Sei Investments Co. grew its position in Beacon Financial Corporation (NYSE:BBT - Free Report) by 144.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,623 shares of the company's stock after buying an additional 37,616 shares during the quarter. Sei Investments Co. owned 0.08% of Beacon Financial worth $1,909,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Yousif Capital Management LLC acquired a new stake in Beacon Financial in the 4th quarter valued at about $616,000. Massachusetts Financial Services Co. MA purchased a new stake in shares of Beacon Financial in the fourth quarter valued at about $35,274,000. NBT Bank N A NY purchased a new stake in shares of Beacon Financial in the fourth quarter valued at about $36,000. Brown Lisle Cummings Inc. acquired a new stake in shares of Beacon Financial in the fourth quarter valued at approximately $50,000. Finally, Choreo LLC acquired a new stake in shares of Beacon Financial in the fourth quarter valued at approximately $358,000. Institutional investors and hedge funds own 83.07% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BBT. Royal Bank Of Canada cut their price objective on Beacon Financial from $33.00 to $31.00 and set a "sector perform" rating for the company in a research report on Friday, May 1st. Zacks Research upgraded Beacon Financial from a "strong sell" rating to a "hold" rating in a report on Friday, July 3rd. Weiss Ratings reissued a "buy (b-)" rating on shares of Beacon Financial in a research report on Tuesday, July 14th. Keefe, Bruyette & Woods reduced their price objective on Beacon Financial from $36.00 to $33.00 and set an "outperform" rating on the stock in a research report on Friday, May 1st. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $36.00 price objective (up from $34.00) on shares of Beacon Financial in a research note on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, Beacon Financial presently has an average rating of "Hold" and an average price target of $32.50.

Beacon Financial Stock Up 0.0%

BBT opened at $31.52 on Monday. Beacon Financial Corporation has a 12 month low of $22.81 and a 12 month high of $32.83. The business has a 50-day moving average of $30.19 and a two-hundred day moving average of $29.95. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.01. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of 23.88 and a beta of 0.55.

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

Beacon Financial Dividend Announcement

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

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

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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