Beacon Financial (NYSE:BBT) Posts Quarterly Earnings Results, Hits Expectations

Beacon Financial (NYSE:BBT) posted its quarterly earnings data on Wednesday. The company reported $0.77 EPS for the quarter, hitting the consensus estimate of $0.77, FiscalAI reports. The business had revenue of $219.19 million during the quarter. Beacon Financial had a net margin of 6.97% and a return on equity of 9.02%.

Beacon Financial Stock Performance

Shares of NYSE BBT traded down $0.21 during trading on Wednesday, reaching $29.74. 1,213,186 shares of the company traded hands, compared to its average volume of 810,573. The stock has a market cap of $2.49 billion, a P/E ratio of 24.58 and a beta of 0.55. The firm’s fifty day simple moving average is $29.81 and its 200 day simple moving average is $29.71. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. Beacon Financial has a 12-month low of $22.81 and a 12-month high of $32.83.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on BBT shares. Zacks Research raised Beacon Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, July 3rd. 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 research report on Friday, May 1st. Keefe, Bruyette & Woods dropped their price target on Beacon Financial from $36.00 to $33.00 and set an “outperform” rating on the stock in a research note on Friday, May 1st. Hovde Group reissued a “market perform” rating and issued a $30.00 price objective (down from $33.00) on shares of Beacon Financial in a report on Friday, May 1st. Finally, Piper Sandler raised their price objective on Beacon Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $32.00.

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

Institutional Trading of Beacon Financial

Hedge funds have recently modified their holdings of the stock. Strategic Value Bank Partners LLC purchased a new stake in Beacon Financial in the 4th quarter worth approximately $16,448,000. Jefferies Financial Group Inc. purchased a new position in shares of Beacon Financial during the 4th quarter valued at approximately $3,048,000. UBS Group AG purchased a new position in shares of Beacon Financial during the 4th quarter valued at approximately $18,815,000. Comerica Bank acquired a new position in shares of Beacon Financial in the 4th quarter valued at $1,867,000. Finally, Vanguard Group Inc. acquired a new position in shares of Beacon Financial in the 4th quarter valued at $253,245,000. 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.