Beacon Financial (NYSE:BBT) Director Buys 700 Shares of Stock

Beacon Financial Corporation (NYSE:BBT) Director Eric Rosengren bought 700 shares of Beacon Financial stock in a transaction dated Wednesday, October 28th. The shares were bought at an average cost of $30.24 per share, for a total transaction of $21,168.00. Following the completion of the transaction, the director owned 8,131 shares of the company’s stock, valued at approximately $245,881.44. This trade represents a 9.42% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Beacon Financial Trading Down 1.2%

Shares of Beacon Financial stock traded down $0.37 on Wednesday, hitting $30.34. 922,769 shares of the company traded hands, compared to its average volume of 861,628. The company has a current ratio of 0.98, a quick ratio of 1.00 and a debt-to-equity ratio of 0.31. The company has a market cap of $2.54 billion, a PE ratio of 11.28 and a beta of 0.60. The stock’s 50 day moving average price is $29.66 and its 200-day moving average price is $29.84. Beacon Financial Corporation has a 52 week low of $22.81 and a 52 week high of $32.83.

Beacon Financial (NYSE:BBT) last announced its quarterly earnings data on Wednesday, October 21st. The company reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.01). The firm had revenue of $222.60 million during the quarter. Beacon Financial had a return on equity of 10.09% and a net margin of 17.33%. Equities research analysts predict that Beacon Financial Corporation will post 3.01 EPS for the current year.

Beacon Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Friday, November 6th will be issued a $0.3225 dividend. This represents a $1.29 annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Friday, November 6th. Beacon Financial’s dividend payout ratio is currently 47.96%.

Hedge Funds Weigh In On Beacon Financial

Institutional investors have recently bought and sold shares of the business. Plimoth Trust Co. LLC raised its stake in Beacon Financial by 38.7% in the third quarter. Plimoth Trust Co. LLC now owns 10,544 shares of the company’s stock worth $295,000 after buying an additional 2,940 shares in the last quarter. Sterling Capital Management LLC boosted its position in Beacon Financial by 32.2% during the 3rd quarter. Sterling Capital Management LLC now owns 1,890 shares of the company’s stock valued at $53,000 after acquiring an additional 460 shares in the last quarter. Clark Financial Services Group Inc. BD boosted its position in Beacon Financial by 17.7% during the 3rd quarter. Clark Financial Services Group Inc. BD now owns 17,981 shares of the company’s stock valued at $503,000 after acquiring an additional 2,709 shares in the last quarter. SummerHaven Investment Management LLC bought a new stake in Beacon Financial during the 3rd quarter valued at $910,000. Finally, Congress Asset Management Co. increased its holdings in shares of Beacon Financial by 22.2% in the 3rd quarter. Congress Asset Management Co. now owns 173,531 shares of the company’s stock valued at $4,857,000 after acquiring an additional 31,504 shares during the period. 83.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BBT has been the topic of several research reports. Weiss Ratings upgraded Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 15th. Royal Bank Of Canada lifted their price objective on Beacon Financial from $31.00 to $33.00 and gave the company a “sector perform” rating in a report on Friday, October 23rd. Piper Sandler upped their price objective on shares of Beacon Financial from $33.00 to $35.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Zacks Research upgraded shares of Beacon Financial from a “strong sell” rating to a “hold” rating in a report on Friday, July 3rd. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $32.75.

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.