Empowered Funds LLC Acquires New Position in Beacon Financial Corporation $BBT

Key Points

• Empowered Funds LLC acquired 377,912 shares of Beacon Financial, valued at approximately $11.5 million, giving it a 0.45% stake. Institutional investors collectively own 83.07% of the company.
• BBT was trading at $31.41, near its 12-month high of $32.83, with a market capitalization of $2.63 billion. The company reported quarterly EPS of $0.77, matching analyst estimates, on revenue of $219.19 million.
• Beacon Financial paid a quarterly dividend of $0.3225, equivalent to an annualized $1.29 and a 4.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $32.50.

Empowered Funds LLC acquired a new stake in shares of Beacon Financial Corporation (NYSE:BBT - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 377,912 shares of the company's stock, valued at approximately $11,507,000. Empowered Funds LLC owned about 0.45% of Beacon Financial as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BBT. Farther Finance Advisors LLC purchased a new position in shares of Beacon Financial in the fourth quarter valued at $89,000. CWM LLC purchased a new position in Beacon Financial during the fourth quarter valued at approximately $416,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Beacon Financial during the 4th quarter worth approximately $517,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Beacon Financial during the 4th quarter worth approximately $1,070,000. Finally, Arizona State Retirement System purchased a new stake in Beacon Financial in the 4th quarter worth approximately $618,000. Hedge funds and other institutional investors own 83.07% of the company's stock.

Beacon Financial Price Performance

BBT opened at $31.41 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $2.63 billion, a P/E ratio of 23.80 and a beta of 0.55. The stock has a 50-day moving average price of $30.93 and a 200-day moving average price of $30.26. Beacon Financial Corporation has a 12-month low of $22.81 and a 12-month high of $32.83.

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, meeting analysts' consensus estimates of $0.77. The company had revenue of $219.19 million for the quarter. Beacon Financial had a return on equity of 9.15% and a net margin of 8.96%. Equities analysts predict that Beacon Financial Corporation will post 3.04 earnings per share for the current fiscal year.

Beacon Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were issued a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Friday, August 14th. Beacon Financial's payout ratio is presently 97.73%.

Analyst Upgrades and Downgrades

BBT has been the subject of several recent analyst reports. Zacks Research upgraded Beacon Financial from a "strong sell" rating to a "hold" rating in a research report on Friday, July 3rd. Weiss Ratings reiterated a "buy (b-)" rating on shares of Beacon Financial in a research report on Tuesday, July 14th. Finally, Piper Sandler reissued 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. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $32.50.

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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