Systematic Financial Management LP Invests $30.08 Million in Beacon Financial Corporation $BBT

Key Points

• Systematic Financial Management LP opened a new position in Beacon Financial, buying 1,140,629 shares valued at about $30.08 million and ending the quarter with roughly 1.36% ownership.
• Beacon Financial reported mixed quarterly results, with EPS of $0.70 missing estimates of $0.83, though revenue came in at $214.72 million and the company remains profitable with a 9.02% return on equity.
• The company announced a quarterly dividend of $0.3225 per share and a $50 million share repurchase plan, while analysts currently rate the stock a consensus Hold with an average price target of $31.75.

Systematic Financial Management LP bought a new position in Beacon Financial Corporation (NYSE:BBT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,140,629 shares of the company's stock, valued at approximately $30,078,000. Systematic Financial Management LP owned about 1.36% of Beacon Financial at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in BBT. Mayflower Financial Advisors LLC bought a new stake in shares of Beacon Financial in the 4th quarter worth about $204,000. Parsons Capital Management Inc. RI bought a new stake in shares of Beacon Financial in the 4th quarter worth about $736,000. Hennion & Walsh Asset Management Inc. bought a new stake in shares of Beacon Financial in the 4th quarter worth about $339,000. Financial Planning Hawaii Inc. bought a new stake in shares of Beacon Financial in the 4th quarter worth about $274,000. Finally, Nisa Investment Advisors LLC bought a new stake in shares of Beacon Financial in the 4th quarter worth about $59,000. Institutional investors own 83.07% of the company's stock.

Beacon Financial Trading Down 0.5%

BBT stock opened at $28.82 on Friday. The company has a market capitalization of $2.42 billion, a PE ratio of 23.81 and a beta of 0.55. Beacon Financial Corporation has a 12 month low of $22.81 and a 12 month high of $32.83. The firm's 50-day moving average is $29.87 and its 200 day moving average is $28.44. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01.

Beacon Financial (NYSE:BBT - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.13). The company had revenue of $214.72 million during the quarter. Beacon Financial had a return on equity of 9.02% and a net margin of 6.97%. On average, research analysts anticipate that Beacon Financial Corporation will post 3.13 EPS for the current year.

Beacon Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 15th will be paid a $0.3225 dividend. This represents a $1.29 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Friday, May 15th. Beacon Financial's dividend payout ratio (DPR) is currently 106.61%.

Beacon Financial declared that its board has approved a share repurchase plan on Wednesday, April 29th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to buy up to 1.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have recently issued reports on BBT. Weiss Ratings upgraded shares of Beacon Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, March 18th. Zacks Research lowered shares of Beacon Financial from a "hold" rating to a "strong sell" rating in a report on Tuesday, May 5th. Hovde Group restated a "market perform" rating and issued a $30.00 target price (down from $33.00) on shares of Beacon Financial in a report on Friday, May 1st. Raymond James Financial lowered shares of Beacon Financial from a "strong-buy" rating to a "market perform" rating in a report on Friday, May 1st. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Beacon Financial from $36.00 to $33.00 and set an "outperform" rating for the company in a report on Friday, May 1st. Three equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Beacon Financial presently has a consensus rating of "Hold" and an average target price of $31.75.

Insider Buying and Selling

In related news, insider Michael W. Mccurdy sold 17,333 shares of the firm's stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $31.04, for a total value of $538,016.32. Following 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 SEC, which is accessible through the SEC website. 1.09% of the stock is owned by corporate insiders.

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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