Brokerages Set Beacon Financial Corporation (NYSE:BBT) Target Price at $32.00

Shares of Beacon Financial Corporation (NYSE:BBT) have been assigned a consensus rating of “Hold” from the seven research firms that are covering the company, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $32.00.

Several brokerages have issued reports on BBT. Piper Sandler boosted their target price on shares of Beacon Financial from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Raymond James Financial cut Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday, May 1st. 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 report on Friday, May 1st. Zacks Research raised Beacon Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, July 3rd. Finally, Royal Bank Of Canada dropped their price target on 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.

Institutional Trading of Beacon Financial

A number of hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. increased its stake in Beacon Financial by 11.2% in the 1st quarter. Blue Trust Inc. now owns 3,220 shares of the company’s stock valued at $97,000 after buying an additional 325 shares during the period. PNC Financial Services Group Inc. lifted its position in Beacon Financial by 2.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 14,869 shares of the company’s stock worth $446,000 after buying an additional 354 shares in the last quarter. Montag A & Associates Inc. purchased a new stake in Beacon Financial in the 4th quarter worth approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Beacon Financial during the 4th quarter valued at $30,000. Finally, TD Private Client Wealth LLC acquired a new stake in shares of Beacon Financial during the 4th quarter valued at $32,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

Beacon Financial Stock Performance

Beacon Financial stock opened at $30.50 on Friday. Beacon Financial has a fifty-two week low of $22.81 and a fifty-two week high of $32.83. The firm’s 50 day simple moving average is $29.58 and its 200-day simple moving average is $29.56. 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 P/E ratio of 25.21 and a beta of 0.55.

Beacon Financial (NYSE:BBT) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.13). Beacon Financial had a net margin of 6.97% and a return on equity of 9.02%. The firm had revenue of $214.72 million during the quarter. As a group, equities research analysts predict that Beacon Financial will post 3.13 EPS for the current 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. This represents a $1.29 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend was Friday, May 15th. Beacon Financial’s payout ratio is 106.61%.

Beacon Financial declared that its Board of Directors has authorized a share repurchase plan on Wednesday, April 29th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 1.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors 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.