Callan Family Office LLC Acquires New Position in Beacon Financial Corporation $BBT

Callan Family Office LLC bought a new position in shares of Beacon Financial Corporation (NYSE:BBT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 18,589 shares of the company’s stock, valued at approximately $566,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BBT. Montag A & Associates Inc. acquired a new position in Beacon Financial in the 4th quarter valued at $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Beacon Financial during the fourth quarter worth $30,000. TD Private Client Wealth LLC acquired a new stake in shares of Beacon Financial during the fourth quarter worth $32,000. Rockefeller Capital Management L.P. purchased a new stake in shares of Beacon Financial in the fourth quarter valued at $32,000. Finally, EverSource Wealth Advisors LLC purchased a new stake in shares of Beacon Financial in the fourth quarter valued at $34,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BBT has been the subject of several analyst reports. Zacks Research upgraded Beacon Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, July 3rd. Piper Sandler reissued an “overweight” rating and issued a $36.00 price target (up from $34.00) on shares of Beacon Financial in a research note on Monday, August 3rd. Keefe, Bruyette & Woods lowered their price target on Beacon Financial from $36.00 to $33.00 and set an “outperform” rating for the company in a report on Friday, May 1st. Hovde Group reaffirmed a “market perform” rating and set a $30.00 price objective (down from $33.00) on shares of Beacon Financial in a research note on Friday, May 1st. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Beacon Financial in a report on Tuesday, July 14th. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Beacon Financial has an average rating of “Hold” and an average price target of $32.50.

Beacon Financial Stock Down 0.7%

Shares of BBT opened at $31.37 on Wednesday. Beacon Financial Corporation has a fifty-two week low of $22.81 and a fifty-two week high of $32.83. The company’s fifty day moving average is $30.81 and its two-hundred day moving average is $30.24. The firm has a market cap of $2.63 billion, a PE ratio of 23.77 and a beta of 0.55. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

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

Beacon Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be given a dividend of $0.3225 per share. This represents a $1.29 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Friday, August 14th. Beacon Financial’s payout ratio is 97.73%.

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

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.