Hennessy Advisors Inc. Makes New Investment in Beacon Financial Corporation $BBT

Key Points

• Hennessy Advisors initiated a new stake in Beacon Financial (NYSE:BBT) in Q4, buying 65,000 shares worth about $1.714 million, representing roughly 0.08% of the company at quarter end while institutional investors own about 83.07% of the stock.
• Analysts have turned more positive lately — including Keefe, Bruyette & Woods raising its target to $36 and Hovde to $33 — leaving a MarketBeat consensus rating of “Moderate Buy” and a consensus price target of $33.25.
• Fundamentals show a Q4 EPS beat of $0.79 (vs. $0.78), a market cap of $2.64 billion and a P/E of 25.71; meanwhile insider Michael W. McCurdy sold 17,333 shares (a 40.4% reduction), with insiders owning 1.09%.

Hennessy Advisors Inc. bought a new position in shares of Beacon Financial Corporation (NYSE:BBT - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 65,000 shares of the company's stock, valued at approximately $1,714,000. Hennessy Advisors Inc. owned about 0.08% of Beacon Financial at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Trust Co. of Vermont purchased a new stake in Beacon Financial during the 4th quarter worth approximately $35,000. NBT Bank N A NY purchased a new stake in Beacon Financial during the 4th quarter worth approximately $36,000. Brown Lisle Cummings Inc. purchased a new stake in Beacon Financial during the 4th quarter worth approximately $50,000. Nisa Investment Advisors LLC purchased a new stake in Beacon Financial during the 4th quarter worth approximately $59,000. Finally, Blue Trust Inc. purchased a new stake in Beacon Financial during the 4th quarter worth approximately $76,000. Hedge funds and other institutional investors own 83.07% of the company's stock.

Beacon Financial Stock Performance

Shares of NYSE BBT opened at $31.37 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.32. Beacon Financial Corporation has a 12 month low of $22.81 and a 12 month high of $32.83. The company has a 50 day simple moving average of $30.29 and a two-hundred day simple moving average of $27.77. The stock has a market cap of $2.64 billion, a price-to-earnings ratio of 25.71 and a beta of 0.62.

Beacon Financial (NYSE:BBT - Get Free Report) last announced its quarterly earnings data on Wednesday, January 28th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.78 by $0.01. Beacon Financial had a net margin of 5.85% and a return on equity of 8.95%. As a group, analysts predict that Beacon Financial Corporation will post 3.64 earnings per share for the current year.

Insider Activity

In related news, insider Michael W. Mccurdy sold 17,333 shares of the business's stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $31.04, for a total value of $538,016.32. Following the completion of the transaction, the insider directly owned 25,555 shares in the company, valued at $793,227.20. The trade was a 40.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.09% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have commented on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Beacon Financial from $33.00 to $36.00 and gave the company an "outperform" rating in a research note on Friday, January 30th. Royal Bank Of Canada lifted their price objective on shares of Beacon Financial from $28.00 to $31.00 and gave the company a "sector perform" rating in a research note on Friday, January 30th. Zacks Research upgraded shares of Beacon Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, February 2nd. Hovde Group lifted their price objective on shares of Beacon Financial from $31.00 to $33.00 and gave the company an "outperform" rating in a research note on Tuesday, February 3rd. Finally, Weiss Ratings upgraded shares of Beacon Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, March 18th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $33.25.

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.

Want to see what other hedge funds are holding BBT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Beacon Financial Corporation (NYSE:BBT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.