Beacon Financial Corporation $BBT Shares Bought by Sei Investments Co.

Sei Investments Co. raised its position in Beacon Financial Corporation (NYSE:BBT) by 144.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,623 shares of the company’s stock after purchasing an additional 37,616 shares during the quarter. Sei Investments Co.’s holdings in Beacon Financial were worth $1,909,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Zacks Research raised shares of Beacon Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, July 3rd. Raymond James Financial cut shares of Beacon Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday, May 1st. Piper Sandler reiterated an “overweight” rating and issued a $36.00 price target (up from $34.00) on shares of Beacon Financial in a report on Monday, August 3rd. Keefe, Bruyette & Woods cut 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. Finally, Hovde Group restated a “market perform” rating and set a $30.00 price objective (down from $33.00) on shares of Beacon Financial in a research note on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $32.50.

Beacon Financial Price Performance

Shares of NYSE BBT opened at $31.52 on Monday. The company has a quick ratio of 1.01, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. Beacon Financial Corporation has a fifty-two week low of $22.81 and a fifty-two week high of $32.83. The business has a 50 day moving average price of $30.19 and a two-hundred day moving average price of $29.95. The firm has a market cap of $2.64 billion, a PE ratio of 23.88 and a beta of 0.55.

Beacon Financial (NYSE:BBT) last announced its earnings results on Wednesday, July 29th. The company reported $0.77 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.77. The company had revenue of $219.19 million for the quarter. Beacon Financial had a return on equity of 9.15% and a net margin of 8.96%. Sell-side analysts expect that Beacon Financial Corporation will post 3.04 earnings per share for the current fiscal year.

Beacon Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be issued a $0.3225 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.29 annualized dividend and a yield of 4.1%. Beacon Financial’s dividend payout ratio is currently 97.73%.

Beacon Financial declared that its Board of Directors has authorized a stock buyback program on Wednesday, April 29th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to purchase up to 1.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.