Beacon Financial (NYSE:BBT) Price Target Raised to $35.00

Beacon Financial (NYSE:BBT) had its target price lifted by Piper Sandler from $33.00 to $35.00 in a report released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts also recently issued reports about the stock. Royal Bank Of Canada boosted their target price on shares of Beacon Financial from $31.00 to $33.00 and gave the stock a “sector perform” rating in a research note on Friday, October 23rd. Zacks Research raised Beacon Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, July 3rd. Finally, Weiss Ratings upgraded Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 15th. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $32.75.

Beacon Financial Price Performance

Beacon Financial stock opened at $30.64 on Tuesday. The business’s fifty day moving average is $29.59 and its two-hundred day moving average is $29.87. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.00 and a current ratio of 0.98. The firm has a market cap of $2.57 billion, a P/E ratio of 10.03 and a beta of 0.60. Beacon Financial has a 52 week low of $22.81 and a 52 week high of $32.83.

Beacon Financial (NYSE:BBT) last released its quarterly earnings results on Wednesday, October 21st. The company reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.01). Beacon Financial had a net margin of 17.33% and a return on equity of 10.09%. The business had revenue of $222.60 million during the quarter. Equities research analysts forecast that Beacon Financial will post 3.00 earnings per share for the current fiscal year.

Beacon Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Friday, November 6th will be issued a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date is Friday, November 6th. Beacon Financial’s dividend payout ratio is currently 47.96%.

Insiders Place Their Bets

In related news, Director Thomas Hollister bought 3,450 shares of Beacon Financial stock in a transaction on Monday, October 26th. The shares were purchased at an average price of $30.43 per share, for a total transaction of $104,983.50. Following the completion of the acquisition, the director owned 28,876 shares in the company, valued at approximately $878,696.68. This represents a 13.57% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought a total of 4,479 shares of company stock valued at $136,275 over the last quarter. Corporate insiders own 1.09% of the company’s stock.

Institutional Trading of Beacon Financial

Hedge funds have recently modified their holdings of the company. Rockefeller Capital Management L.P. bought a new stake in shares of Beacon Financial in the fourth quarter worth about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Beacon Financial during the second quarter worth about $35,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Beacon Financial during the second quarter worth about $37,000. Trust Co. of Vermont bought a new position in shares of Beacon Financial during the 2nd quarter valued at about $41,000. Finally, Sterling Capital Management LLC lifted its holdings in shares of Beacon Financial by 32.2% during the 3rd quarter. Sterling Capital Management LLC now owns 1,890 shares of the company’s stock valued at $53,000 after purchasing an additional 460 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.