Fifth Third Bancorp Has $2.17 Million Position in Beacon Financial Corporation $BBT

Fifth Third Bancorp boosted its holdings in Beacon Financial Corporation (NYSE:BBT - Free Report) by 12,076.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,327 shares of the company's stock after buying an additional 71,733 shares during the quarter. Fifth Third Bancorp owned approximately 0.09% of Beacon Financial worth $2,170,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in BBT. Mayflower Financial Advisors LLC bought a new stake in Beacon Financial during the 4th quarter worth approximately $204,000. Parsons Capital Management Inc. RI bought a new position in shares of Beacon Financial during the fourth quarter valued at $736,000. Hennion & Walsh Asset Management Inc. bought a new position in shares of Beacon Financial during the fourth quarter valued at $339,000. Financial Planning Hawaii Inc. acquired a new position in shares of Beacon Financial during the fourth quarter worth $274,000. Finally, Nisa Investment Advisors LLC acquired a new position in shares of Beacon Financial during the fourth quarter worth $59,000. 83.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on BBT shares. Raymond James Financial lowered Beacon Financial from a "strong-buy" rating to a "market perform" rating in a research report on Friday, May 1st. Hovde Group reiterated a "market perform" rating and issued a $30.00 price target (down from $33.00) on shares of Beacon Financial in a research report on Friday, May 1st. Weiss Ratings reissued a "buy (b-)" rating on shares of Beacon Financial in a research note on Tuesday, July 14th. Piper Sandler raised their price objective on Beacon Financial from $33.00 to $34.00 and gave the stock an "overweight" rating in a research report on Friday, June 26th. Finally, Keefe, Bruyette & Woods cut their price objective on Beacon Financial from $36.00 to $33.00 and set an "outperform" rating on the stock in a research note on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, Beacon Financial currently has an average rating of "Hold" and a consensus price target of $32.00.

Beacon Financial Stock Performance

Shares of BBT opened at $30.51 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $2.56 billion, a P/E ratio of 25.21 and a beta of 0.55. The firm's fifty day simple moving average is $29.62 and its two-hundred day simple moving average is $29.59. 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 posted its quarterly earnings data on Wednesday, April 29th. The company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.13). Beacon Financial had a return on equity of 9.02% and a net margin of 6.97%.The business had revenue of $214.72 million during the quarter. As a group, analysts predict that Beacon Financial Corporation will post 3.13 EPS for the current year.

Beacon Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were paid a $0.3225 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.29 annualized dividend and a yield of 4.2%. Beacon Financial's payout ratio is 106.61%.

Beacon Financial announced that its Board of Directors has approved a stock repurchase program on Wednesday, April 29th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to buy up to 1.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its stock is 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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