Susquehanna International Group LLP Sells 64,684 Shares of Beacon Financial Corporation $BBT

Key Points

• Susquehanna International Group LLP cut its Beacon Financial stake by 85.2% in the second quarter, selling 64,684 shares and retaining 11,218 shares valued at approximately $342,000. Institutional investors collectively own 83.07% of the company.
• Analyst sentiment is mixed, with three Buy ratings and four Holds; the stock has an average rating of “Hold” and an average price target of $32.50. Piper Sandler raised its target to $36 while maintaining an Overweight rating.
• Beacon Financial reported quarterly EPS of $0.77, matching estimates, on $219.19 million in revenue. It also paid a quarterly dividend of $0.3225, equal to a $1.29 annualized payout and a 4.2% yield.

Susquehanna International Group LLP decreased its position in Beacon Financial Corporation (NYSE:BBT - Free Report) by 85.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 11,218 shares of the company's stock after selling 64,684 shares during the period. Susquehanna International Group LLP's holdings in Beacon Financial were worth $342,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in BBT. Montag A & Associates Inc. acquired a new stake in Beacon Financial during the 4th quarter worth $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Beacon Financial in the fourth quarter valued at about $30,000. TD Private Client Wealth LLC acquired a new position in Beacon Financial in the fourth quarter valued at about $32,000. Rockefeller Capital Management L.P. acquired a new position in Beacon Financial in the fourth quarter valued at about $32,000. Finally, EverSource Wealth Advisors LLC bought a new stake in shares of Beacon Financial in the fourth quarter worth about $34,000. Institutional investors and hedge funds own 83.07% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Piper Sandler reiterated 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. Zacks Research raised Beacon Financial from a "strong sell" rating to a "hold" rating in a research note on Friday, July 3rd. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Beacon Financial in a report on Tuesday, July 14th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $32.50.

Beacon Financial Stock Performance

BBT opened at $30.37 on Wednesday. The business's 50-day moving average price is $30.96 and its two-hundred day moving average price is $30.24. Beacon Financial Corporation has a 1 year low of $22.81 and a 1 year high of $32.83. The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of 23.01 and a beta of 0.56. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Beacon Financial (NYSE:BBT - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.77 earnings per share for the quarter, hitting the consensus estimate of $0.77. The company had revenue of $219.19 million during the quarter. Beacon Financial had a return on equity of 9.15% and a net margin of 8.96%. Equities analysts expect that Beacon Financial Corporation will post 3.04 EPS for the current fiscal year.

Beacon Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were paid a $0.3225 dividend. The ex-dividend date was Friday, August 14th. This represents a $1.29 annualized dividend and a yield of 4.2%. Beacon Financial's payout ratio is presently 97.73%.

About Beacon Financial

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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