New York State Teachers Retirement System Invests $2.09 Million in Beacon Financial Corporation $BBT

New York State Teachers Retirement System acquired a new position in shares of Beacon Financial Corporation (NYSE:BBT) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 79,182 shares of the company’s stock, valued at approximately $2,088,000.

Several other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. acquired a new position in Beacon Financial during the 4th quarter worth approximately $253,245,000. Massachusetts Financial Services Co. MA acquired a new stake in shares of Beacon Financial in the fourth quarter valued at approximately $35,274,000. UBS Group AG acquired a new stake in shares of Beacon Financial in the fourth quarter valued at approximately $18,815,000. Strategic Value Bank Partners LLC bought a new stake in shares of Beacon Financial in the fourth quarter worth $16,448,000. Finally, Grace & White Inc. NY acquired a new position in Beacon Financial during the fourth quarter worth $4,914,000. Institutional investors own 83.07% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Hovde Group reiterated a “market perform” rating and issued a $30.00 price target (down from $33.00) on shares of Beacon Financial in a research note on Friday, May 1st. Royal Bank Of Canada reduced their price objective on shares of Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating for the company in a research note on Friday, May 1st. Weiss Ratings upgraded Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, March 18th. Raymond James Financial downgraded Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday, May 1st. Finally, Piper Sandler reduced their price target on Beacon Financial from $35.00 to $33.00 and set an “overweight” rating for the company in a research report on Monday, May 4th. Three equities research 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’s stock. Based on data from MarketBeat.com, Beacon Financial currently has an average rating of “Hold” and a consensus target price of $31.75.

Beacon Financial Price Performance

Shares of NYSE BBT opened at $28.91 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.43. The business’s 50 day moving average price is $30.20 and its two-hundred day moving average price is $28.12. The company has a market cap of $2.43 billion, a PE ratio of 23.89 and a beta of 0.55. Beacon Financial Corporation has a twelve month low of $22.81 and a twelve month high of $32.83.

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). Beacon Financial had a net margin of 6.97% and a return on equity of 9.02%. The business had revenue of $214.72 million during the quarter. On average, analysts predict that Beacon Financial Corporation will post 3.13 EPS for the current year.

Beacon Financial Announces Dividend

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

Beacon Financial announced that its Board of Directors has approved a stock repurchase program on Wednesday, April 29th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to reacquire up to 1.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other Beacon Financial news, insider Michael W. Mccurdy sold 17,333 shares of Beacon Financial stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $31.04, for a total transaction of $538,016.32. Following the completion of the transaction, the insider directly owned 25,555 shares of the company’s stock, valued at $793,227.20. The trade was a 40.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.09% of the stock is currently owned by company insiders.

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.