Empowered Funds LLC Buys 22,180 Shares of Beacon Financial Corporation $BBT

Empowered Funds LLC raised its stake in Beacon Financial Corporation (NYSE:BBT) by 7.2% in the 1st quarter, Holdings Channel.com reports. The fund owned 331,066 shares of the company’s stock after buying an additional 22,180 shares during the quarter. Empowered Funds LLC’s holdings in Beacon Financial were worth $9,932,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several brokerages have commented on BBT. Royal Bank Of Canada lowered their price objective on shares of Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating for the company in a research report on Friday, May 1st. Hovde Group reaffirmed a “market perform” rating and issued a $30.00 target price (down from $33.00) on shares of Beacon Financial in a report on Friday, May 1st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Beacon Financial in a research note on Tuesday, July 14th. Zacks Research raised Beacon Financial from a “strong sell” rating to a “hold” rating in a report on Friday, July 3rd. Finally, Piper Sandler upped their price objective on Beacon Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Beacon Financial has a consensus rating of “Hold” and an average price target of $32.00.

Beacon Financial Price Performance

Shares of NYSE:BBT opened at $30.56 on Friday. Beacon Financial Corporation has a one year low of $22.81 and a one year high of $32.83. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $2.56 billion, a price-to-earnings ratio of 23.15 and a beta of 0.55. The firm has a 50 day simple moving average of $29.86 and a 200 day simple moving average of $29.75.

Beacon Financial (NYSE:BBT) last posted its earnings results on Wednesday, July 29th. The company reported $0.77 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.77. The firm had revenue of $219.19 million for the quarter. Beacon Financial had a net margin of 8.96% and a return on equity of 9.21%. Research analysts predict that Beacon Financial Corporation will post 3.13 earnings per share for the current fiscal year.

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

Beacon Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be given a dividend of $0.3225 per share. The ex-dividend date is Friday, August 14th. This represents a $1.29 dividend on an annualized basis and a yield of 4.2%. Beacon Financial’s payout ratio is currently 106.61%.

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.