Beacon Financial (NYSE:BBT) Sees Large Volume Increase – What’s Next?

Beacon Financial Corporation (NYSE:BBT) shares saw strong trading volume on Monday . 685,768 shares changed hands during trading, a decline of 15% from the previous session’s volume of 810,198 shares.The stock last traded at $30.0060 and had previously closed at $30.83.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BBT. Piper Sandler reissued an “overweight” rating and issued a $36.00 target price (up from $34.00) on shares of Beacon Financial in a report on Monday, August 3rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Beacon Financial in a research note on Tuesday, July 14th. Finally, Zacks Research upgraded Beacon Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, July 3rd. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $32.50.

Beacon Financial Stock Performance

The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of 21.52 and a beta of 0.56. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The stock’s 50-day simple moving average is $31.14 and its 200 day simple moving average is $30.27.

Beacon Financial (NYSE:BBT) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.77 earnings per share for the quarter, hitting the consensus estimate of $0.77. Beacon Financial had a net margin of 8.96% and a return on equity of 9.15%. The company had revenue of $219.19 million during the quarter. Analysts expect 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. Investors of record on Friday, August 14th were issued a dividend of $0.3225 per share. This represents a $1.29 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend was Friday, August 14th. Beacon Financial’s dividend payout ratio (DPR) is currently 97.73%.

Hedge Funds Weigh In On Beacon Financial

Institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Beacon Financial in the second quarter valued at $376,552,000. Azora Capital LP acquired a new position in Beacon Financial during the 4th quarter worth about $82,619,000. Verition Fund Management LLC acquired a new position in Beacon Financial during the 4th quarter worth about $59,873,000. Bank of America Corp DE bought a new stake in Beacon Financial during the 2nd quarter worth about $32,394,000. Finally, Walleye Capital LLC bought a new stake in Beacon Financial during the 2nd quarter worth about $20,265,000. Institutional investors own 83.07% of the company’s stock.

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.