Intech Investment Management LLC Purchases Shares of 28,293 Beacon Financial Corporation $BBT

Intech Investment Management LLC purchased a new stake in shares of Beacon Financial Corporation (NYSE:BBT) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 28,293 shares of the company’s stock, valued at approximately $746,000.

Other hedge funds have also modified their holdings of the company. Montag A & Associates Inc. purchased a new stake in shares of Beacon Financial during the fourth quarter valued at about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Beacon Financial in the fourth quarter worth about $30,000. TD Private Client Wealth LLC acquired a new stake in Beacon Financial in the fourth quarter worth about $32,000. EverSource Wealth Advisors LLC acquired a new stake in Beacon Financial in the fourth quarter worth about $34,000. Finally, Trust Co. of Vermont acquired a new stake in Beacon Financial in the fourth quarter worth about $35,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

Beacon Financial Stock Performance

BBT opened at $29.15 on Tuesday. 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 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $2.44 billion, a PE ratio of 24.09 and a beta of 0.56. The firm has a 50 day moving average of $29.84 and a two-hundred day moving average of $28.72.

Beacon Financial (NYSE:BBT) last posted its quarterly earnings results 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 for the quarter. Beacon Financial had a return on equity of 9.02% and a net margin of 6.97%. On average, analysts anticipate that Beacon Financial Corporation will post 3.13 EPS for the current year.

Beacon Financial Dividend Announcement

The company also recently announced 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 of this dividend was Friday, May 15th. Beacon Financial’s payout ratio is 106.61%.

Beacon Financial declared that its board has authorized a stock repurchase plan on Wednesday, April 29th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to repurchase up to 1.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

BBT has been the subject of several research analyst reports. Weiss Ratings raised shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, March 18th. Royal Bank Of Canada decreased 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. Raymond James Financial lowered shares of Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday, May 1st. Keefe, Bruyette & Woods decreased their price objective on shares of Beacon Financial from $36.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, May 1st. Finally, Piper Sandler decreased their price objective on shares of 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 research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $31.75.

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.