Beacon Financial (NYSE:BBT) Stock: Insider Eric Rosengren Buys 700 Shares

Beacon Financial Corporation (NYSE:BBT) Director Eric Rosengren acquired 700 shares of the firm’s stock in a transaction dated Wednesday, October 28th. The stock was bought at an average price of $30.24 per share, for a total transaction of $21,168.00. Following the acquisition, the director owned 8,131 shares of the company’s stock, valued at approximately $245,881.44. This trade represents a 9.42% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.

Beacon Financial Trading Up 0.9%

Shares of BBT stock opened at $30.64 on Friday. The stock has a market capitalization of $2.57 billion, a PE ratio of 10.03 and a beta of 0.60. Beacon Financial Corporation has a 1-year low of $22.81 and a 1-year high of $32.83. The business has a 50-day moving average of $29.59 and a 200 day moving average of $29.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.98 and a quick ratio of 1.00.

Beacon Financial (NYSE:BBT) last issued its earnings results on Wednesday, October 21st. The company reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.01). The firm had revenue of $222.60 million during the quarter. Beacon Financial had a return on equity of 10.09% and a net margin of 17.33%. As a group, sell-side analysts anticipate that Beacon Financial Corporation will post 3.00 earnings per share for the current year.

Beacon Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, November 6th will be paid a dividend of $0.3225 per share. The ex-dividend date of this dividend is Friday, November 6th. This represents a $1.29 annualized dividend and a dividend yield of 4.2%. Beacon Financial’s payout ratio is 47.96%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on BBT shares. Zacks Research raised shares of Beacon Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, July 3rd. Weiss Ratings upgraded shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 15th. Royal Bank Of Canada upped their price target on Beacon Financial from $31.00 to $33.00 and gave the stock a “sector perform” rating in a research note on Friday, October 23rd. Finally, Piper Sandler lifted their price target on shares of Beacon Financial from $33.00 to $35.00 and gave the company an “overweight” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $32.75.

Institutional Trading of Beacon Financial

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in Beacon Financial in the second quarter worth approximately $376,552,000. Bank of America Corp DE bought a new stake in shares of Beacon Financial during the 2nd quarter valued at $32,394,000. Walleye Capital LLC bought a new stake in shares of Beacon Financial during the 2nd quarter valued at $20,265,000. Bank of New York Mellon Corp purchased a new stake in shares of Beacon Financial in the 2nd quarter worth $16,478,000. Finally, Principal Financial Group Inc. increased its stake in shares of Beacon Financial by 1.9% in the 1st quarter. Principal Financial Group Inc. now owns 407,331 shares of the company’s stock worth $12,220,000 after purchasing an additional 7,443 shares in the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

About Beacon Financial

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.