State of Alaska Department of Revenue Makes New Investment in Beacon Financial Corporation $BBT

Key Points

• State of Alaska Department of Revenue bought a new position of 44,730 shares in Beacon Financial (about $1.18M), joining other institutions (institutional ownership ~83.1%) including Massachusetts Financial Services, which purchased roughly $35.3M of stock.
• Analyst sentiment has improved with multiple target increases and a consensus rating of "Moderate Buy" and an average price target of $33.25.
• Beacon posted a slight Q4 earnings beat ($0.79 vs. $0.78 est.), has a market cap of $2.73B and a PE of 26.63, and its stock is trading near its 12‑month high (current ~$32.48; high $32.83).

State of Alaska Department of Revenue acquired a new position in Beacon Financial Corporation (NYSE:BBT - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 44,730 shares of the company's stock, valued at approximately $1,179,000. State of Alaska Department of Revenue owned 0.05% of Beacon Financial as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Choreo LLC purchased a new position in shares of Beacon Financial in the 4th quarter valued at approximately $358,000. Brown Lisle Cummings Inc. purchased a new position in shares of Beacon Financial in the 4th quarter valued at approximately $50,000. NBT Bank N A NY purchased a new position in shares of Beacon Financial in the 4th quarter valued at approximately $36,000. Massachusetts Financial Services Co. MA purchased a new position in shares of Beacon Financial in the 4th quarter valued at approximately $35,274,000. Finally, Yousif Capital Management LLC purchased a new position in shares of Beacon Financial in the 4th quarter valued at approximately $616,000. Hedge funds and other institutional investors own 83.07% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Hovde Group raised their target price on Beacon Financial from $31.00 to $33.00 and gave the company an "outperform" rating in a research note on Tuesday, February 3rd. Zacks Research upgraded Beacon Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, February 2nd. Keefe, Bruyette & Woods raised their target price on Beacon Financial from $33.00 to $36.00 and gave the company an "outperform" rating in a research note on Friday, January 30th. Piper Sandler assumed coverage on Beacon Financial in a research note on Monday, March 16th. They issued an "overweight" rating and a $33.00 target price for the company. Finally, Royal Bank Of Canada raised their target price on Beacon Financial from $28.00 to $31.00 and gave the company a "sector perform" rating in a research note on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $33.25.

Beacon Financial Stock Up 0.5%

BBT stock opened at $32.48 on Tuesday. Beacon Financial Corporation has a twelve month low of $22.81 and a twelve month high of $32.83. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.73 billion, a PE ratio of 26.63 and a beta of 0.62. The business has a 50 day moving average of $30.30 and a 200 day moving average of $27.73.

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

Insiders Place Their Bets

In related news, insider Michael W. Mccurdy sold 17,333 shares of the firm's stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $31.04, for a total transaction of $538,016.32. Following the completion of the transaction, the insider owned 25,555 shares of the company's stock, valued at $793,227.20. This trade represents a 40.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.09% of the stock is currently owned by company insiders.

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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