The Manufacturers Life Insurance Company Buys Shares of 39,691 Beacon Financial Corporation $BBT

Key Points

• The Manufacturers Life Insurance Company purchased 39,691 shares of Beacon Financial, valued at approximately $1.21 million. Institutional investors collectively own 83.07% of the company’s stock.
• Beacon Financial reported quarterly earnings of $0.77 per share, matching analyst expectations, on revenue of $219.19 million. The stock was trading at $31.90, near its 52-week high of $32.83.
• The company paid a quarterly dividend of $0.3225, equivalent to an annualized $1.29 payout and a 4.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $32.50.

The Manufacturers Life Insurance Company bought a new stake in shares of Beacon Financial Corporation (NYSE:BBT - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 39,691 shares of the company's stock, valued at approximately $1,209,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. bought a new stake in shares of Beacon Financial during the 4th quarter worth approximately $253,245,000. UBS Group AG bought a new position in Beacon Financial in the 4th quarter valued at $18,815,000. Pictet Asset Management Holding SA purchased a new stake in Beacon Financial in the fourth quarter worth $319,000. New York State Teachers Retirement System purchased a new stake in Beacon Financial in the fourth quarter worth $2,088,000. Finally, Strs Ohio bought a new stake in shares of Beacon Financial during the fourth quarter worth $775,000. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Beacon Financial Trading Up 1.3%

BBT opened at $31.90 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The stock's fifty day moving average is $31.00 and its two-hundred day moving average is $30.26. The company has a market capitalization of $2.67 billion, a P/E ratio of 24.17 and a beta of 0.56. Beacon Financial Corporation has a 52 week low of $22.81 and a 52 week high of $32.83.

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

Beacon Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were paid a $0.3225 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.29 dividend on an annualized basis and a yield of 4.0%. Beacon Financial's dividend payout ratio is 97.73%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Zacks Research raised shares of Beacon Financial from a "strong sell" rating to a "hold" rating in a research note on Friday, July 3rd. Piper Sandler reaffirmed an "overweight" rating and issued a $36.00 price target (up from $34.00) on shares of Beacon Financial in a research note on Monday, August 3rd. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Beacon Financial in a report on Tuesday, July 14th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $32.50.

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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