507,886 Shares in Beacon Financial Corporation $BBT Bought by Bridgeway Capital Management LLC

Bridgeway Capital Management LLC bought a new position in Beacon Financial Corporation (NYSE:BBT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 507,886 shares of the company’s stock, valued at approximately $13,393,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Montag A & Associates Inc. acquired a new stake in shares of Beacon Financial in the fourth quarter worth $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Beacon Financial in the fourth quarter worth $30,000. TD Private Client Wealth LLC acquired a new stake in shares of Beacon Financial in the fourth quarter worth $32,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Beacon Financial in the fourth quarter worth $34,000. Finally, Torren Management LLC acquired a new stake in shares of Beacon Financial in the fourth quarter worth $35,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on BBT shares. Weiss Ratings raised Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, March 18th. 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 research report on Friday, May 1st. Keefe, Bruyette & Woods decreased their target price on Beacon Financial from $36.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, May 1st. Zacks Research cut Beacon Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Finally, Royal Bank Of Canada decreased their target price on 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. 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $31.75.

Beacon Financial Price Performance

BBT opened at $29.34 on Thursday. The stock has a market cap of $2.46 billion, a price-to-earnings ratio of 24.25 and a beta of 0.56. Beacon Financial Corporation has a 1 year low of $22.81 and a 1 year 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 stock has a fifty day moving average price of $29.83 and a 200 day moving average price of $28.96.

Beacon Financial (NYSE:BBT) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.13). The firm 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%. Analysts forecast that Beacon Financial Corporation will post 3.13 EPS for the current fiscal year.

Beacon Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were given a dividend of $0.3225 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.29 dividend on an annualized basis and a yield of 4.4%. Beacon Financial’s dividend payout ratio (DPR) is presently 106.61%.

Beacon Financial announced that its board has initiated a share repurchase plan on Wednesday, April 29th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to reacquire up to 1.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

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.