Y Intercept Hong Kong Ltd Buys New Position in Beacon Financial Corporation $BBT

Y Intercept Hong Kong Ltd bought a new stake in Beacon Financial Corporation (NYSE:BBT) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 29,461 shares of the company’s stock, valued at approximately $884,000.

Several other institutional investors also recently added to or reduced their stakes in BBT. Louisiana State Employees Retirement System acquired a new position in shares of Beacon Financial during the first quarter worth approximately $1,116,000. Blue Trust Inc. grew its stake in shares of Beacon Financial by 11.2% in the first quarter. Blue Trust Inc. now owns 3,220 shares of the company’s stock worth $97,000 after acquiring an additional 325 shares during the last quarter. Flywheel Private Wealth LLC bought a new position in Beacon Financial during the first quarter worth $663,000. SG Americas Securities LLC bought a new position in Beacon Financial during the first quarter worth $892,000. Finally, Hsbc Holdings PLC acquired a new position in Beacon Financial during the 4th quarter valued at $1,339,000. 83.07% of the stock is owned by institutional investors.

Beacon Financial Stock Up 0.1%

BBT opened at $30.23 on Monday. The company has a market capitalization of $2.53 billion, a P/E ratio of 24.98 and a beta of 0.55. 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 firm’s fifty day moving average price is $29.38 and its two-hundred day moving average price is $29.41. Beacon Financial Corporation has a fifty-two week low of $22.81 and a fifty-two week high of $32.83.

Beacon Financial (NYSE:BBT) last announced 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 business had revenue of $214.72 million during the quarter. Beacon Financial had a net margin of 6.97% and a return on equity of 9.02%. On average, analysts anticipate that Beacon Financial Corporation 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. Investors of record on Friday, May 15th were paid a $0.3225 dividend. 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 4.3%. Beacon Financial’s payout ratio is presently 106.61%.

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

Analysts Set New Price Targets

A number of brokerages have weighed in on BBT. Weiss Ratings raised shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, March 18th. Raymond James Financial downgraded shares of Beacon Financial from a “strong-buy” rating to a “market perform” rating in a report on Friday, May 1st. Royal Bank Of Canada cut 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 report on Friday, May 1st. Zacks Research upgraded shares of Beacon Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, July 3rd. Finally, Hovde Group reissued a “market perform” rating and set a $30.00 target price (down from $33.00) on shares of Beacon Financial in a research report on Friday, May 1st. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Beacon Financial presently has a consensus rating of “Hold” and a consensus price target of $32.00.

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.