BlackRock Inc. Takes Position in Beacon Financial Corporation $BBT

Key Points

• BlackRock acquired 12.37 million BBT shares worth approximately $376.6 million, giving it a 14.75% stake. Institutional investors collectively own 83.07% of the company.
• Analysts maintain a consensus “Hold” rating with an average price target of $32.50, compared with the stock’s reported opening price of $31.37.
• Beacon Financial matched quarterly earnings expectations at $0.77 per share, authorized a $50 million share-repurchase plan, and declared a quarterly dividend of $0.3225 per share, representing a 4.1% annualized yield.

BlackRock Inc. acquired a new position in Beacon Financial Corporation (NYSE:BBT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,366,226 shares of the company's stock, valued at approximately $376,552,000. BlackRock Inc. owned about 14.75% of Beacon Financial as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Montag A & Associates Inc. purchased a new stake in Beacon Financial in the fourth quarter valued at approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Beacon Financial during the fourth quarter worth $30,000. TD Private Client Wealth LLC acquired a new stake in shares of Beacon Financial in the fourth quarter valued at $32,000. Rockefeller Capital Management L.P. acquired a new stake in shares of Beacon Financial in the fourth quarter valued at $32,000. Finally, EverSource Wealth Advisors LLC acquired a new stake in shares of Beacon Financial in the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 83.07% of the company's stock.

Wall Street Analyst Weigh In

BBT has been the topic of several research reports. Zacks Research raised Beacon Financial from a "strong sell" rating to a "hold" rating in a research note on Friday, July 3rd. 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 research report on Friday, May 1st. Weiss Ratings reiterated a "buy (b-)" rating on shares of Beacon Financial in a research note on Tuesday, July 14th. Hovde Group reiterated a "market perform" rating and set a $30.00 price target (down from $33.00) on shares of Beacon Financial in a research note on Friday, May 1st. Finally, Royal Bank Of Canada reduced 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. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $32.50.

Beacon Financial Price Performance

Shares of BBT opened at $31.37 on Wednesday. Beacon Financial Corporation has a twelve month low of $22.81 and a twelve month high of $32.83. The firm's fifty day simple moving average is $30.81 and its 200-day simple moving average is $30.24. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of 23.77 and a beta of 0.55. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Beacon Financial (NYSE:BBT - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $0.77 EPS for the quarter, hitting analysts' consensus estimates of $0.77. The firm had revenue of $219.19 million during the quarter. Beacon Financial had a net margin of 8.96% and a return on equity of 9.15%. Equities analysts forecast that Beacon Financial Corporation will post 3.04 EPS for the current fiscal year.

Beacon Financial declared that its board has approved a share repurchase plan on Wednesday, April 29th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 1.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

Beacon Financial Dividend Announcement

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

Beacon Financial 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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