Bayview Asset Management LLC Makes New $14.37 Million Investment in Beacon Financial Corporation $BBT

Bayview Asset Management LLC bought a new position in shares of Beacon Financial Corporation (NYSE:BBT) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 544,828 shares of the company’s stock, valued at approximately $14,367,000. Beacon Financial comprises 3.3% of Bayview Asset Management LLC’s holdings, making the stock its largest holding.

A number of other large investors also recently bought and sold shares of the company. Montag A & Associates Inc. bought a new position in Beacon Financial during the 4th quarter worth approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Beacon Financial during the 4th quarter worth approximately $30,000. TD Private Client Wealth LLC bought a new position in Beacon Financial during the 4th quarter worth approximately $32,000. EverSource Wealth Advisors LLC bought a new position in Beacon Financial during the 4th quarter worth approximately $34,000. Finally, Torren Management LLC bought a new position in Beacon Financial during the 4th quarter worth approximately $35,000. Institutional investors own 83.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on BBT shares. Piper Sandler reduced their target price on Beacon Financial from $35.00 to $33.00 and set an “overweight” rating on the stock in a report on Monday, May 4th. Weiss Ratings raised Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, March 18th. Royal Bank Of Canada reduced their target price on Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating on the stock in a report on Friday, May 1st. Zacks Research downgraded Beacon Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Finally, Keefe, Bruyette & Woods cut their price target on Beacon Financial from $36.00 to $33.00 and set an “outperform” rating on the stock in a report on Friday, May 1st. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $31.75.

Beacon Financial Trading Up 1.0%

Shares of NYSE BBT opened at $30.40 on Friday. The company has a market cap of $2.55 billion, a price-to-earnings ratio of 25.12 and a beta of 0.56. Beacon Financial Corporation has a 12-month low of $22.81 and a 12-month high of $32.83. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. The stock’s 50 day simple moving average is $29.86 and its 200 day simple moving average is $28.84.

Beacon Financial (NYSE:BBT) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.13). The company had revenue of $214.72 million during the quarter. Beacon Financial had a return on equity of 9.02% and a net margin of 6.97%. Equities research analysts expect that Beacon Financial Corporation will post 3.13 EPS for the current year.

Beacon Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were issued a $0.3225 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.29 annualized dividend and a dividend yield of 4.2%. Beacon Financial’s dividend payout ratio (DPR) is 106.61%.

Beacon Financial announced that its Board of Directors has initiated a stock repurchase program on Wednesday, April 29th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 1.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

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.