Maltese Capital Management LLC Acquires Shares of 220,000 Beacon Financial Corporation $BBT

Maltese Capital Management LLC acquired a new stake in Beacon Financial Corporation (NYSE:BBT) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 220,000 shares of the company’s stock, valued at approximately $5,801,000. Maltese Capital Management LLC owned about 0.26% of Beacon Financial at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. bought a new position in shares of Beacon Financial during the fourth quarter worth about $253,245,000. State Street Corp bought a new position in shares of Beacon Financial during the fourth quarter worth about $133,275,000. Fuller & Thaler Asset Management Inc. bought a new position in shares of Beacon Financial during the fourth quarter worth about $128,643,000. Dimensional Fund Advisors LP bought a new position in shares of Beacon Financial during the fourth quarter worth about $128,568,000. Finally, Verition Fund Management LLC bought a new position in shares of Beacon Financial during the fourth quarter worth about $59,873,000. Institutional investors own 83.07% of the company’s stock.

Beacon Financial Stock Performance

BBT opened at $29.78 on Tuesday. The business’s 50 day moving average is $29.86 and its 200-day moving average is $28.90. The stock has a market cap of $2.50 billion, a PE ratio of 24.61 and a beta of 0.56. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. Beacon Financial Corporation has a twelve month low of $22.81 and a twelve month high of $32.83.

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

Beacon Financial declared that its board has approved a share buyback plan on Wednesday, April 29th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 1.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Beacon Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were issued a dividend of $0.3225 per share. This represents a $1.29 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Friday, May 15th. Beacon Financial’s payout ratio is 106.61%.

Analyst Ratings Changes

Several research firms have weighed in on BBT. Piper Sandler lowered their target price on shares of Beacon Financial from $35.00 to $33.00 and set an “overweight” rating for the company in a research note on Monday, May 4th. Keefe, Bruyette & Woods lowered their target price on shares of Beacon Financial from $36.00 to $33.00 and set an “outperform” rating for the company in a research note on Friday, May 1st. Royal Bank Of Canada cut their target price on shares of Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating on the stock in a report on Friday, May 1st. Weiss Ratings raised shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, March 18th. Finally, Raymond James Financial cut shares of Beacon Financial from a “strong-buy” rating to a “market perform” rating in a report on Friday, May 1st. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $31.75.

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.