Beacon Financial (NYSE:BBT) General Counsel Sells $19,621.01 in Stock

Key Points

• General Counsel John Buckley Eagan sold 641 shares of Beacon Financial at an average price of $30.61, generating $19,621.01 and reducing his holdings by 8.33% to 7,053 shares.
• Beacon Financial shares recently traded at $30.81, while quarterly earnings of $0.77 per share slightly missed the $0.78 analyst consensus. Analysts maintain an overall “Hold” rating with an average price target of $33.00.
• The company declared a quarterly dividend of $0.3225, equivalent to $1.29 annually and a 4.2% yield; institutional investors and hedge funds own approximately 83.07% of the stock.

Beacon Financial Corporation (NYSE:BBT - Get Free Report) General Counsel John Buckley Eagan sold 641 shares of Beacon Financial stock in a transaction on Monday, October 26th. The shares were sold at an average price of $30.61, for a total transaction of $19,621.01. Following the completion of the transaction, the general counsel directly owned 7,053 shares of the company's stock, valued at $215,892.33. The trade was a 8.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Beacon Financial Price Performance

Shares of Beacon Financial stock traded up $0.74 during trading hours on Monday, reaching $30.81. The stock had a trading volume of 1,637,664 shares, compared to its average volume of 861,329. The stock's 50 day moving average is $29.72 and its 200 day moving average is $30.04. The company has a current ratio of 0.98, a quick ratio of 1.00 and a debt-to-equity ratio of 0.31. Beacon Financial Corporation has a twelve month low of $22.81 and a twelve month high of $32.83. The firm has a market capitalization of $2.58 billion, a PE ratio of 11.45 and a beta of 0.60.

Beacon Financial (NYSE:BBT - Get Free Report) last released its quarterly earnings results on Wednesday, October 21st. The company reported $0.77 earnings per share for the quarter, missing analysts' consensus estimates of $0.78 by ($0.01). Beacon Financial had a return on equity of 10.09% and a net margin of 17.33%. The business had revenue of $222.60 million during the quarter. Equities analysts expect that Beacon Financial Corporation will post 3.04 earnings per share for the current fiscal year.

Beacon Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, November 6th will be paid a $0.3225 dividend. The ex-dividend date of this dividend is Friday, November 6th. This represents a $1.29 dividend on an annualized basis and a dividend yield of 4.2%. Beacon Financial's payout ratio is presently 47.96%.

Institutional Investors Weigh In On Beacon Financial

Several institutional investors and hedge funds have recently made changes to their positions in BBT. Rockefeller Capital Management L.P. acquired a new stake in Beacon Financial in the 4th quarter valued at about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Beacon Financial during the 2nd quarter valued at about $35,000. Public Employees Retirement System of Ohio bought a new position in shares of Beacon Financial during the 2nd quarter valued at about $37,000. Trust Co. of Vermont acquired a new position in shares of Beacon Financial in the 2nd quarter worth approximately $41,000. Finally, Sterling Capital Management LLC grew its stake in shares of Beacon Financial by 32.2% in the 3rd quarter. Sterling Capital Management LLC now owns 1,890 shares of the company's stock worth $53,000 after purchasing an additional 460 shares during the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Weiss Ratings upgraded Beacon Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 15th. Piper Sandler reaffirmed an "overweight" rating and set a $36.00 price objective (up from $34.00) on shares of Beacon Financial in a research note on Monday, August 3rd. Royal Bank Of Canada lifted their price objective on Beacon Financial from $31.00 to $33.00 and gave the stock a "sector perform" rating in a research report on Friday. Finally, Zacks Research raised shares of Beacon Financial from a "strong sell" rating to a "hold" rating in a research note on Friday, July 3rd. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $33.00.

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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