Walleye Capital LLC Makes New $20.27 Million Investment in Beacon Financial Corporation $BBT

Walleye Capital LLC bought a new position in shares of Beacon Financial Corporation (NYSE:BBT) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 665,525 shares of the company’s stock, valued at approximately $20,265,000.

A number of other hedge funds have also modified their holdings of BBT. Vanguard Group Inc. acquired a new stake in shares of Beacon Financial in the fourth quarter valued at about $253,245,000. State Street Corp acquired a new position in Beacon Financial during the fourth quarter worth about $133,275,000. Fuller & Thaler Asset Management Inc. purchased a new stake in Beacon Financial during the 4th quarter valued at about $128,643,000. Dimensional Fund Advisors LP purchased a new stake in Beacon Financial during the 4th quarter valued at about $128,568,000. Finally, Azora Capital LP acquired a new stake in Beacon Financial in the 4th quarter valued at about $82,619,000. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BBT shares. Zacks Research raised shares of 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 issued a $36.00 price target (up from $34.00) on shares of Beacon Financial in a research report on Monday, August 3rd. Raymond James Financial lowered Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday, May 1st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Beacon Financial in a report on Tuesday, July 14th. Finally, Keefe, Bruyette & Woods reduced their price objective on Beacon Financial from $36.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday, May 1st. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $32.50.

Beacon Financial Trading Down 1.1%

Shares of BBT opened at $32.01 on Friday. Beacon Financial Corporation has a 12-month low of $22.81 and a 12-month high of $32.83. The firm has a market capitalization of $2.68 billion, a P/E ratio of 24.25 and a beta of 0.55. The firm has a 50-day moving average price of $30.51 and a 200 day moving average price of $30.07. The company has a current ratio of 1.00, a quick ratio of 1.01 and a debt-to-equity ratio of 0.35.

Beacon Financial (NYSE:BBT) last issued its earnings results on Wednesday, July 29th. The company reported $0.77 EPS for the quarter, hitting analysts’ consensus estimates 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 for the quarter. Sell-side analysts forecast that Beacon Financial Corporation will post 3.04 EPS for the current year.

Beacon Financial declared that its board has approved a share repurchase plan on Wednesday, April 29th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 1.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

Beacon Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be issued a dividend of $0.3225 per share. The ex-dividend date is Friday, August 14th. This represents a $1.29 dividend on an annualized basis and a dividend yield of 4.0%. Beacon Financial’s dividend payout ratio (DPR) is currently 97.73%.

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.