Hsbc Holdings PLC Makes New Investment in Beacon Financial Corporation $BBT

Key Points

• HSBC Holdings opened a new position in Beacon Financial during the fourth quarter, buying 50,729 shares worth about $1.34 million. The stake represented roughly 0.06% of the company.
• Institutional interest in Beacon Financial remains high, with hedge funds and other investors holding about 83.07% of the stock. Several firms, including Vanguard, UBS, and Strategic Value Bank Partners, also added new positions.
• Analysts are mixed on the stock: Beacon Financial has a consensus “Hold” rating and an average price target of $32.00. The company also reported quarterly EPS of $0.70, below estimates, while paying a 4.3% dividend yield and authorizing a $50 million share repurchase program.

Hsbc Holdings PLC acquired a new position in Beacon Financial Corporation (NYSE:BBT - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 50,729 shares of the company's stock, valued at approximately $1,339,000. Hsbc Holdings PLC owned approximately 0.06% of Beacon Financial at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Strategic Value Bank Partners LLC acquired a new position in Beacon Financial in the fourth quarter valued at approximately $16,448,000. Comerica Bank acquired a new stake in shares of Beacon Financial during the 4th quarter worth approximately $1,867,000. UBS Group AG acquired a new stake in shares of Beacon Financial during the 4th quarter worth approximately $18,815,000. Jefferies Financial Group Inc. bought a new stake in shares of Beacon Financial in the 4th quarter valued at $3,048,000. Finally, Vanguard Group Inc. acquired a new position in shares of Beacon Financial during the fourth quarter valued at about $253,245,000. 83.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BBT has been the subject of several research reports. Raymond James Financial downgraded Beacon Financial from a "strong-buy" rating to a "market perform" rating in a research note on Friday, May 1st. Royal Bank Of Canada cut their price target on Beacon Financial from $33.00 to $31.00 and set a "sector perform" rating on the stock in a report on Friday, May 1st. Weiss Ratings raised Beacon Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, March 18th. Keefe, Bruyette & Woods decreased their price target on shares of Beacon Financial from $36.00 to $33.00 and set an "outperform" rating for the company in a research note on Friday, May 1st. Finally, Piper Sandler upped their price objective on shares of Beacon Financial from $33.00 to $34.00 and gave the stock an "overweight" rating in a report on Friday, June 26th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Beacon Financial presently has an average rating of "Hold" and a consensus target price of $32.00.

Beacon Financial Trading Up 0.1%

NYSE BBT opened at $30.23 on Monday. 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 business has a fifty day simple moving average of $29.38 and a 200 day simple moving average of $29.41. Beacon Financial Corporation has a 12 month low of $22.81 and a 12 month high of $32.83. The firm has a market capitalization of $2.53 billion, a P/E ratio of 24.98 and a beta of 0.55.

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 (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 return on equity of 9.02% and a net margin of 6.97%. On average, analysts predict that Beacon Financial Corporation will post 3.13 EPS for the current fiscal year.

Beacon Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were given a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Friday, May 15th. Beacon Financial's dividend payout ratio is presently 106.61%.

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

Beacon Financial Company 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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