203,893 Shares in Beacon Financial Corporation $BBT Purchased by Legal & General Group Plc

Legal & General Group Plc bought a new position in shares of Beacon Financial Corporation (NYSE:BBT) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 203,893 shares of the company’s stock, valued at approximately $5,377,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BBT. Mayflower Financial Advisors LLC purchased a new position in Beacon Financial during the fourth quarter worth approximately $204,000. Parsons Capital Management Inc. RI purchased a new position in Beacon Financial during the fourth quarter worth approximately $736,000. Hennion & Walsh Asset Management Inc. purchased a new position in Beacon Financial during the fourth quarter worth approximately $339,000. Financial Planning Hawaii Inc. purchased a new position in Beacon Financial during the fourth quarter worth approximately $274,000. Finally, Nisa Investment Advisors LLC purchased a new position in Beacon Financial during the fourth quarter worth approximately $59,000. 83.07% of the stock is owned by institutional investors and hedge funds.

Beacon Financial Price Performance

NYSE:BBT opened at $28.87 on Monday. The stock has a 50 day moving average price of $29.85 and a 200 day moving average price of $28.69. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market cap of $2.42 billion, a PE ratio of 23.86 and a beta of 0.56. Beacon Financial Corporation has a one year low of $22.81 and a one year high of $32.83.

Beacon Financial (NYSE:BBT) last posted its 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 business 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%. Equities research analysts expect that Beacon Financial Corporation will post 3.13 EPS for the current fiscal year.

Beacon Financial Dividend Announcement

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

Beacon Financial announced that its board has initiated a stock repurchase program on Wednesday, April 29th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to buy up to 1.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BBT shares. Hovde Group reiterated a “market perform” rating and set a $30.00 price target (down from $33.00) on shares of Beacon Financial in a research report on Friday, May 1st. Raymond James Financial downgraded Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday, May 1st. Keefe, Bruyette & Woods lowered their price target on Beacon Financial from $36.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday, May 1st. Zacks Research downgraded Beacon Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings upgraded Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, March 18th. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price 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.