Intech Investment Management LLC Takes $746,000 Position in Beacon Financial Corporation $BBT

Intech Investment Management LLC bought a new stake in shares of Beacon Financial Corporation (NYSE:BBT) in the 4th quarter, HoldingsChannel.com reports. The fund bought 28,293 shares of the company’s stock, valued at approximately $746,000.

Other institutional investors have also recently made changes to their positions in the company. Montag A & Associates Inc. purchased a new position in shares of Beacon Financial during the 4th quarter valued at approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Beacon Financial in the 4th quarter valued at $30,000. TD Private Client Wealth LLC acquired a new stake in Beacon Financial in the 4th quarter valued at $32,000. EverSource Wealth Advisors LLC acquired a new stake in Beacon Financial in the 4th quarter valued at $34,000. Finally, Torren Management LLC acquired a new stake in Beacon Financial in the 4th quarter valued at $35,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

Beacon Financial Stock Up 1.1%

NYSE BBT opened at $29.15 on Tuesday. Beacon Financial Corporation has a 52 week low of $22.81 and a 52 week high of $32.83. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.43. The business’s fifty day simple moving average is $29.84 and its 200-day simple moving average is $28.72. The firm has a market cap of $2.44 billion, a PE ratio of 24.09 and a beta of 0.56.

Beacon Financial (NYSE:BBT) last posted 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 return on equity of 9.02% and a net margin of 6.97%.The company had revenue of $214.72 million for the quarter. As a group, equities analysts anticipate that Beacon Financial Corporation will post 3.13 earnings per share for the current year.

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

Beacon Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were issued a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Friday, May 15th. Beacon Financial’s payout ratio is currently 106.61%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BBT. Weiss Ratings raised shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, March 18th. Zacks Research cut shares of Beacon Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Royal Bank Of Canada dropped their price target on shares of Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research note on Friday, May 1st. Hovde Group reissued 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. Finally, Raymond James Financial cut shares of Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research note on Friday, May 1st. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Beacon Financial presently has a consensus rating of “Hold” and a consensus price target 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.