Thompson Siegel & Walmsley LLC Acquires New Position in Beacon Financial Corporation $BBT

Thompson Siegel & Walmsley LLC acquired a new stake in shares of Beacon Financial Corporation (NYSE:BBT) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 261,325 shares of the company’s stock, valued at approximately $6,891,000. Thompson Siegel & Walmsley LLC owned approximately 0.31% of Beacon Financial at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Montag A & Associates Inc. purchased a new position in Beacon Financial during the 4th quarter valued at about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Beacon Financial during the 4th quarter valued at about $30,000. TD Private Client Wealth LLC purchased a new position in Beacon Financial during the 4th quarter valued at about $32,000. EverSource Wealth Advisors LLC purchased a new position in Beacon Financial during the 4th quarter valued at about $34,000. Finally, Torren Management LLC purchased a new position in Beacon Financial during the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Beacon Financial Stock Down 1.9%

NYSE:BBT opened at $28.54 on Tuesday. The company has a market cap of $2.39 billion, a PE ratio of 23.59 and a beta of 0.56. Beacon Financial Corporation has a twelve month low of $22.81 and a twelve 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 company’s 50 day moving average is $29.90 and its two-hundred day moving average is $28.60.

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

Beacon Financial announced that its Board of Directors has approved a stock repurchase plan on Wednesday, April 29th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to purchase up to 1.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Beacon Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were given a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Friday, May 15th. Beacon Financial’s payout ratio is currently 106.61%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Raymond James Financial downgraded shares of Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday, May 1st. Weiss Ratings raised shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, March 18th. 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 research report on Friday, May 1st. Zacks Research downgraded shares of Beacon Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Finally, Piper Sandler cut their price objective on shares of Beacon Financial from $35.00 to $33.00 and set an “overweight” rating on the stock in a research report on Monday, May 4th. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $31.75.

Beacon Financial 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.