Beacon Financial (NYSE:BBT) Posts Quarterly Earnings Results, Misses Estimates By $0.13 EPS

Beacon Financial (NYSE:BBT) issued its quarterly earnings results on Wednesday. The company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.13), FiscalAI reports. Beacon Financial had a return on equity of 8.95% and a net margin of 5.85%.The business had revenue of $214.72 million for the quarter.

Beacon Financial Trading Down 1.6%

BBT stock traded down $0.50 during trading on Wednesday, hitting $31.32. The company had a trading volume of 639,261 shares, compared to its average volume of 785,849. The business has a 50-day moving average of $30.37 and a 200-day moving average of $27.96. Beacon Financial has a one year low of $22.81 and a one year high of $32.83. The stock has a market cap of $2.63 billion, a PE ratio of 25.67 and a beta of 0.62. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.32.

Analyst Ratings Changes

BBT has been the subject of several analyst reports. Weiss Ratings raised shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, March 18th. Royal Bank Of Canada lifted their target price on Beacon Financial from $28.00 to $31.00 and gave the stock a “sector perform” rating in a report on Friday, January 30th. Piper Sandler assumed coverage on Beacon Financial in a report on Monday, March 16th. They set an “overweight” rating and a $33.00 target price for the company. Hovde Group boosted their price target on Beacon Financial from $31.00 to $33.00 and gave the company an “outperform” rating in a research note on Tuesday, February 3rd. Finally, Zacks Research raised Beacon Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Beacon Financial presently has an average rating of “Moderate Buy” and an average target price of $33.25.

Insider Buying and Selling

In related news, insider Michael W. Mccurdy sold 17,333 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $31.04, for a total value of $538,016.32. Following the sale, the insider directly owned 25,555 shares in the company, valued at $793,227.20. This represents a 40.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.09% of the stock is owned by insiders.

Institutional Trading of Beacon Financial

Several institutional investors have recently added to or reduced their stakes in BBT. Montag A & Associates Inc. bought a new stake in Beacon Financial in the fourth quarter valued at approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Beacon Financial during the 4th quarter worth approximately $30,000. TD Private Client Wealth LLC bought a new position in shares of Beacon Financial during the 4th quarter worth approximately $32,000. Rockefeller Capital Management L.P. bought a new position in shares of Beacon Financial during the 4th quarter worth approximately $32,000. Finally, EverSource Wealth Advisors LLC bought a new position in shares of Beacon Financial during the 4th quarter worth approximately $34,000. 83.07% of the stock is currently owned by institutional investors.

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.