Insider Buying: Beacon Financial (NYSE:BBT) Director Acquires 329 Shares of Company Stock

Key Points

• Director Margaret Boles Fitzgerald bought 329 shares of Beacon Financial at an average price of $30.77, investing $10,123.33 and increasing her ownership by 1.77% to 18,909 shares.
• Beacon Financial reported quarterly EPS of $0.77, slightly below the $0.78 analyst consensus, while revenue totaled $222.6 million. The company declared a quarterly dividend of $0.3225, representing a 4.2% annualized yield.
• Analyst sentiment is mixed but improving, with a consensus “Hold” rating and a $32.75 price target; 83.07% of the stock is owned by institutional investors and hedge funds.

Beacon Financial Corporation (NYSE:BBT - Get Free Report) Director Margaret Boles Fitzgerald acquired 329 shares of the firm's stock in a transaction dated Tuesday, October 27th. The stock was bought at an average cost of $30.77 per share, with a total value of $10,123.33. Following the acquisition, the director owned 18,909 shares in the company, valued at approximately $581,829.93. This trade represents a 1.77% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Beacon Financial Price Performance

NYSE BBT traded down $0.27 during trading hours on Wednesday, reaching $30.44. The company's stock had a trading volume of 104,007 shares, compared to its average volume of 857,534. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of 11.32 and a beta of 0.60. The company's 50-day moving average is $29.66 and its two-hundred day moving average is $29.84. Beacon Financial Corporation has a 1-year low of $22.81 and a 1-year high of $32.83.

Beacon Financial (NYSE:BBT - Get Free Report) last announced its earnings results on Wednesday, October 21st. The company reported $0.77 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.01). The firm had revenue of $222.60 million during the quarter. Equities analysts forecast that Beacon Financial Corporation will post 3.01 EPS for the current fiscal year.

Beacon Financial Dividend Announcement

The firm also recently declared 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. This represents a $1.29 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, November 6th. Beacon Financial's dividend payout ratio (DPR) is currently 47.96%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on BBT shares. Piper Sandler upped their price objective on shares of Beacon Financial from $33.00 to $35.00 and gave the company an "overweight" rating in a research note on Tuesday. Royal Bank Of Canada raised their target price on shares of Beacon Financial from $31.00 to $33.00 and gave the stock a "sector perform" rating in a research note on Friday. Weiss Ratings upgraded Beacon Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, October 15th. Finally, Zacks Research upgraded Beacon Financial from a "strong sell" rating to a "hold" rating in a research report on Friday, July 3rd. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $32.75.

Institutional Investors Weigh In On Beacon Financial

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

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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