SummerHaven Investment Management LLC Makes New $910,000 Investment in Beacon Financial Corporation $BBT

SummerHaven Investment Management LLC acquired a new stake in shares of Beacon Financial Corporation (NYSE:BBT) during the third quarter, according to its most recent filing with the SEC. The fund acquired 33,801 shares of the company’s stock, valued at approximately $910,000.

A number of other institutional investors have also added to or reduced their stakes in BBT. Jupiter Topco LLC bought a new stake in Beacon Financial during the 2nd quarter worth approximately $1,106,000. Legal & General Group Plc purchased a new stake in Beacon Financial in the 2nd quarter worth approximately $5,756,000. Bank of America Corp DE purchased a new stake in Beacon Financial in the 2nd quarter worth approximately $32,394,000. The Manufacturers Life Insurance Company bought a new position in Beacon Financial in the 2nd quarter valued at $1,209,000. Finally, Corient Private Wealth LP bought a new position in Beacon Financial in the 2nd quarter valued at $1,936,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Analyst Upgrades and Downgrades

BBT has been the topic of several research analyst reports. Zacks Research raised shares of Beacon Financial from a “strong sell” rating to a “hold” rating in a report on Friday, July 3rd. Royal Bank Of Canada lowered their price objective on Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Friday, October 9th. Piper Sandler reissued an “overweight” rating and set a $36.00 price objective (up from $34.00) on shares of Beacon Financial in a research note on Monday, August 3rd. Finally, Weiss Ratings upgraded Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $32.50.

Beacon Financial Price Performance

BBT opened at $27.51 on Friday. The stock has a 50-day moving average price of $30.05 and a 200-day moving average price of $30.08. Beacon Financial Corporation has a 12-month low of $22.81 and a 12-month high of $32.83. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $2.31 billion, a P/E ratio of 20.84 and a beta of 0.60.

Beacon Financial (NYSE:BBT) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.77 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.77. The company had revenue of $219.19 million for the quarter. Beacon Financial had a return on equity of 9.15% and a net margin of 8.96%. Equities analysts predict that Beacon Financial Corporation will post 3.04 earnings per share for the current fiscal year.

Beacon Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were given a dividend of $0.3225 per share. This represents a $1.29 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date was Friday, August 14th. Beacon Financial’s dividend payout ratio (DPR) is presently 97.73%.

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.