Beacon Financial (NYSE:BBT) Posts Earnings Results

by · The Markets Daily

Beacon Financial (NYSE:BBT – Get Free Report) posted its quarterly earnings data on Wednesday. The company reported $0.77 earnings per share for the quarter, FiscalAI reports. Beacon Financial had a return on equity of 9.15% and a net margin of 8.96%. The firm had revenue of $222.60 million during the quarter.

Beacon Financial Stock Performance

BBT traded up $0.11 on Wednesday, reaching $28.01. 901,679 shares of the stock were exchanged, compared to its average volume of 844,510. The company’s 50-day moving average price is $29.89 and its 200 day moving average price is $30.06. Beacon Financial has a fifty-two week low of $22.81 and a fifty-two week high of $32.83. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market capitalization of $2.35 billion, a PE ratio of 21.22 and a beta of 0.60.

Beacon Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were paid a $0.3225 dividend. The ex-dividend date was Friday, August 14th. This represents a $1.29 dividend on an annualized basis and a yield of 4.6%. Beacon Financial’s dividend payout ratio (DPR) is 97.73%.

Institutional Inflows and Outflows

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Royal Bank Of Canada lowered their price target on Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating for the company in a report on Friday, October 9th. Zacks Research upgraded Beacon Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, July 3rd. Piper Sandler restated an “overweight” rating and set a $36.00 price objective (up from $34.00) on shares of Beacon Financial in a report on Monday, August 3rd. Finally, Weiss Ratings raised shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 15th. Three investment 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 stock currently has an average rating of “Hold” and an average price target of $32.50.

View Our Latest Analysis on BBT

Beacon Financial Company Profile

(Get Free Report)

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.

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