Deutsche Bank AG Takes $2.94 Million Position in Beacon Financial Corporation $BBT

Key Points

• Deutsche Bank AG purchased 96,453 shares of Beacon Financial, worth approximately $2.94 million, giving it a 0.12% stake. Institutional investors collectively own 83.07% of the company.
• Analyst sentiment is mixed, with three Buy ratings and four Holds; the stock carries a consensus rating of Hold and an average price target of $32.50. Shares recently traded at $31.69.
• Beacon Financial matched quarterly EPS estimates at $0.77 and declared a $0.3225 quarterly dividend, equivalent to a 4.1% yield. Its board also authorized a $50 million share-repurchase program covering up to 1.9% of outstanding shares.

Deutsche Bank AG purchased a new stake in Beacon Financial Corporation (NYSE:BBT - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 96,453 shares of the company's stock, valued at approximately $2,937,000. Deutsche Bank AG owned approximately 0.12% of Beacon Financial as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Montag A & Associates Inc. purchased a new stake in shares of Beacon Financial in the fourth quarter worth approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Beacon Financial during the fourth quarter valued at approximately $30,000. TD Private Client Wealth LLC acquired a new position in Beacon Financial in the 4th quarter valued at approximately $32,000. Rockefeller Capital Management L.P. acquired a new position in Beacon Financial in the 4th quarter valued at approximately $32,000. Finally, EverSource Wealth Advisors LLC purchased a new stake in Beacon Financial in the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 83.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Zacks Research raised shares of Beacon Financial from a "strong sell" rating to a "hold" rating in a research note on Friday, July 3rd. Piper Sandler reiterated an "overweight" rating and set a $36.00 price objective (up from $34.00) on shares of Beacon Financial in a report on Monday, August 3rd. Keefe, Bruyette & Woods reduced their price objective 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. Raymond James Financial downgraded Beacon Financial from a "strong-buy" rating to a "market perform" rating in a research note on Friday, May 1st. Finally, Royal Bank Of Canada dropped their target price on 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 investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $32.50.

Beacon Financial Stock Up 0.9%

Beacon Financial stock opened at $31.69 on Thursday. 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 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 $30.85 and its 200-day simple moving average is $30.25. The company has a market capitalization of $2.66 billion, a P/E ratio of 24.01 and a beta of 0.55.

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

Beacon Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be issued 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 dividend yield of 4.1%. Beacon Financial's dividend payout ratio is currently 97.73%.

Beacon Financial announced that its board has authorized a stock buyback program on Wednesday, April 29th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to purchase up to 1.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its shares are undervalued.

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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