Beacon Financial (NYSE:BBT) Stock: Insider Eric Rosengren Acquires 700 Shares

Key Points

• Director Eric Rosengren bought 700 shares of Beacon Financial at an average price of $30.24, investing $21,168 and increasing his holdings by 9.42% to 8,131 shares.
• Beacon Financial’s shares traded at $30.34, while the company reported quarterly EPS of $0.77, slightly below the $0.78 consensus estimate. Analysts maintain a consensus “Hold” rating with a $32.75 target price.
• The company declared a quarterly dividend of $0.3225 per share, equating to an annualized $1.29 payout and a 4.3% yield; institutional investors own 83.07% of the stock.

Beacon Financial Corporation (NYSE:BBT - Get Free Report) Director Eric Rosengren bought 700 shares of the business's stock in a transaction that occurred on Wednesday, October 28th. The stock was acquired at an average cost of $30.24 per share, with a total value of $21,168.00. Following the completion of the acquisition, the director owned 8,131 shares of the company's stock, valued at $245,881.44. This represents a 9.42% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Beacon Financial Price Performance

BBT traded down $0.37 during trading hours on Wednesday, hitting $30.34. The company's stock had a trading volume of 922,769 shares, compared to its average volume of 861,628. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 11.28 and a beta of 0.60. The business's 50-day moving average price is $29.66 and its 200-day moving average price is $29.84. 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 12 month low of $22.81 and a 12 month high of $32.83.

Beacon Financial (NYSE:BBT - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The company reported $0.77 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.01). Beacon Financial had a net margin of 17.33% and a return on equity of 10.09%. The business had revenue of $222.60 million for the quarter. Sell-side analysts expect that Beacon Financial Corporation will post 3.01 earnings per share for the current fiscal year.

Beacon Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, November 6th will be given a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Friday, November 6th. Beacon Financial's dividend payout ratio is currently 47.96%.

Hedge Funds Weigh In On Beacon Financial

Several hedge funds have recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Beacon Financial during the second quarter worth $35,000. Rockefeller Capital Management L.P. bought a new position in shares of Beacon Financial in the fourth quarter worth about $32,000. Public Employees Retirement System of Ohio purchased a new position in Beacon Financial in the 2nd quarter worth about $37,000. Trust Co. of Vermont purchased a new position in Beacon Financial in the 2nd quarter worth about $41,000. Finally, Sterling Capital Management LLC increased its stake in 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 buying an additional 460 shares during the period. Institutional investors own 83.07% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. Royal Bank Of Canada lifted their price target on Beacon Financial from $31.00 to $33.00 and gave the stock a "sector perform" rating in a research report on Friday, October 23rd. 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 raised their price objective on Beacon Financial from $33.00 to $35.00 and gave the company an "overweight" rating in a research note on Tuesday. Finally, Zacks Research upgraded Beacon Financial from a "strong sell" rating to a "hold" rating in a report on Friday, July 3rd. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, Beacon Financial has an average rating of "Hold" and a consensus target price of $32.75.

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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