Corient Private Wealth LP Purchases Shares of 63,569 Beacon Financial Corporation $BBT

Corient Private Wealth LP acquired a new position in Beacon Financial Corporation (NYSE:BBT) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 63,569 shares of the company’s stock, valued at approximately $1,936,000.

Other hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Beacon Financial during the 2nd quarter worth approximately $376,552,000. Vanguard Group Inc. acquired a new position in shares of Beacon Financial in the fourth quarter valued at $253,245,000. State Street Corp acquired a new position in shares of Beacon Financial in the fourth quarter valued at $133,275,000. Fuller & Thaler Asset Management Inc. bought a new position in Beacon Financial in the fourth quarter worth $128,643,000. Finally, Dimensional Fund Advisors LP bought a new position in Beacon Financial in the fourth quarter worth $128,568,000. Institutional investors own 83.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on BBT shares. Piper Sandler reissued 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. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Beacon Financial in a report on Tuesday, July 14th. Finally, Zacks Research upgraded shares of Beacon Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, July 3rd. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $32.50.

Beacon Financial Price Performance

Beacon Financial stock opened at $31.29 on Thursday. 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 company has a market capitalization of $2.62 billion, a PE ratio of 23.70 and a beta of 0.56. Beacon Financial Corporation has a one year low of $22.81 and a one year high of $32.83. The business has a 50 day simple moving average of $30.97 and a 200 day simple moving average of $30.24.

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

Beacon Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were paid a $0.3225 dividend. This represents a $1.29 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Friday, August 14th. Beacon Financial’s payout ratio is currently 97.73%.

Beacon Financial 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.