Dimensional Fund Advisors LP Trims Stake in Beacon Financial Corporation $BBT

Key Points

• Dimensional Fund Advisors LP cut its Beacon Financial stake by 1.2%, selling 56,989 shares and retaining 4.82 million shares valued at approximately $144.6 million. Institutional investors collectively own 83.07% of the company.
• Beacon Financial reported quarterly EPS of $0.70, below the $0.83 analyst consensus, on revenue of $214.72 million. The company also authorized a $50 million share-repurchase program and pays a quarterly dividend of $0.3225, equivalent to a 4.3% yield.
• Analyst sentiment is mixed, with three Buy ratings and four Holds; the consensus rating is Hold with an average price target of $32, modestly above the stock’s $30.09 opening price.

Dimensional Fund Advisors LP reduced its holdings in Beacon Financial Corporation (NYSE:BBT - Free Report) by 1.2% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,818,522 shares of the company's stock after selling 56,989 shares during the quarter. Dimensional Fund Advisors LP owned 5.73% of Beacon Financial worth $144,552,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Strategic Value Bank Partners LLC purchased a new stake in Beacon Financial in the fourth quarter valued at approximately $16,448,000. Jefferies Financial Group Inc. purchased a new stake in shares of Beacon Financial during the 4th quarter valued at $3,048,000. UBS Group AG bought a new stake in shares of Beacon Financial during the 4th quarter worth $18,815,000. Comerica Bank purchased a new position in Beacon Financial in the fourth quarter worth $1,867,000. Finally, Vanguard Group Inc. purchased a new stake in Beacon Financial during the fourth quarter valued at about $253,245,000. Institutional investors own 83.07% of the company's stock.

Beacon Financial Stock Down 0.2%

Shares of Beacon Financial stock opened at $30.09 on Monday. The company has a 50-day simple moving average of $29.74 and a two-hundred day simple moving average of $29.67. The stock has a market capitalization of $2.52 billion, a PE ratio of 24.86 and a beta of 0.55. Beacon Financial Corporation has a 52-week low of $22.81 and a 52-week high of $32.83. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.01 and a current ratio of 1.01.

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

Beacon Financial declared that its Board of Directors has authorized a share buyback program on Wednesday, April 29th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to reacquire up to 1.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board believes its shares are undervalued.

Beacon Financial Announces Dividend

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

Analysts Set New Price Targets

BBT has been the topic of a number of research reports. Zacks Research raised Beacon Financial from a "strong sell" rating to a "hold" rating in a report on Friday, July 3rd. Raymond James Financial downgraded shares of Beacon Financial from a "strong-buy" rating to a "market perform" rating in a research note on Friday, May 1st. Keefe, Bruyette & Woods decreased their price objective on Beacon Financial from $36.00 to $33.00 and set an "outperform" rating on the stock in a report on Friday, May 1st. Royal Bank Of Canada decreased their price target on Beacon Financial from $33.00 to $31.00 and set a "sector perform" rating on the stock in a research note on Friday, May 1st. Finally, Piper Sandler upped their price target on shares of Beacon Financial from $33.00 to $34.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Three investment 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, the company presently has an average rating of "Hold" and an average target price of $32.00.

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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