Beacon Financial Corporation $BBT Stock Position Raised by Mendon Capital Advisors Corp

Key Points

• Mendon Capital Advisors increased its Beacon Financial position by 87.7% in the first quarter, bringing its holdings to 199,731 shares valued at approximately $6.0 million. Institutional investors collectively own 83.07% of the company.
• Beacon Financial reported quarterly EPS of $0.70, below the $0.83 analyst consensus, while generating $214.72 million in revenue. The company also authorized a $50 million share repurchase program covering up to 1.9% of outstanding shares.
• The company maintains a quarterly dividend of $0.3225, equivalent to an annualized $1.29 payout and a 4.3% yield. Analysts’ average rating is Hold, with an average price target of $32 versus shares trading near $30.09.

Mendon Capital Advisors Corp increased its holdings in shares of Beacon Financial Corporation (NYSE:BBT - Free Report) by 87.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 199,731 shares of the company's stock after buying an additional 93,338 shares during the quarter. Beacon Financial accounts for approximately 1.7% of Mendon Capital Advisors Corp's holdings, making the stock its 21st biggest position. Mendon Capital Advisors Corp owned approximately 0.24% of Beacon Financial worth $5,992,000 at the end of the most recent quarter.

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

Beacon Financial Trading Down 0.2%

Shares of BBT stock opened at $30.09 on Monday. Beacon Financial Corporation has a 1 year low of $22.81 and a 1 year high of $32.83. The firm's fifty day simple moving average is $29.74 and its 200 day simple moving average is $29.67. The firm has a market capitalization of $2.52 billion, a P/E ratio of 24.86 and a beta of 0.55. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43.

Beacon Financial (NYSE:BBT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.70 earnings per share for the quarter, missing analysts' consensus estimates of $0.83 by ($0.13). The company had revenue of $214.72 million during the quarter. Beacon Financial had a net margin of 6.97% and a return on equity of 9.02%. As a group, sell-side analysts predict that Beacon Financial Corporation will post 3.13 EPS for the current year.

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

Beacon Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were given a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Friday, May 15th. Beacon Financial's dividend payout ratio is 106.61%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Piper Sandler upped their price target on Beacon Financial from $33.00 to $34.00 and gave the stock an "overweight" rating in a research note on Friday, June 26th. Raymond James Financial lowered Beacon Financial from a "strong-buy" rating to a "market perform" rating in a report on Friday, May 1st. Keefe, Bruyette & Woods decreased their target price on Beacon Financial from $36.00 to $33.00 and set an "outperform" rating for the company in a research report on Friday, May 1st. Royal Bank Of Canada dropped their price target on shares of Beacon Financial from $33.00 to $31.00 and set a "sector perform" rating on the stock in a research report on Friday, May 1st. Finally, Hovde Group restated a "market perform" rating and issued a $30.00 price objective (down from $33.00) on shares of Beacon Financial in a research note on Friday, May 1st. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Beacon Financial presently has an average rating of "Hold" and an average target price of $32.00.

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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