Beacon Financial (NYSE:BBT) Sees Strong Trading Volume – Here’s What Happened

Beacon Financial Corporation (NYSE:BBT) saw an uptick in trading volume on Monday . Approximately 685,768 shares were traded during mid-day trading, a decline of 15% from the previous session’s volume of 810,198 shares.The stock last traded at $30.0060 and had previously closed at $30.83.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Beacon Financial in a research report on Tuesday, July 14th. Piper Sandler reiterated an “overweight” rating and set a $36.00 price target (up from $34.00) on shares of Beacon Financial in a report on Monday, August 3rd. Finally, Zacks Research raised Beacon Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, July 3rd. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $32.50.

Beacon Financial Trading Down 3.1%

The firm has a market capitalization of $2.50 billion, a PE ratio of 22.63 and a beta of 0.56. 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 fifty day moving average of $31.20 and a 200-day moving average of $30.29.

Beacon Financial (NYSE:BBT) last issued its earnings results on Wednesday, July 29th. The company reported $0.77 earnings per share for the quarter, hitting the consensus estimate 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%. On average, sell-side analysts anticipate that Beacon Financial Corporation will post 3.04 earnings per share for the current fiscal year.

Beacon Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were paid a $0.3225 dividend. The ex-dividend date was Friday, August 14th. This represents a $1.29 dividend on an annualized basis and a yield of 4.3%. Beacon Financial’s payout ratio is 97.73%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BBT. Tidal Investments LLC acquired a new position in Beacon Financial during the second quarter worth $557,000. Integrated Wealth Concepts LLC acquired a new position in shares of Beacon Financial during the 2nd quarter valued at about $207,000. Corient Private Wealth LP raised its stake in shares of Beacon Financial by 7.1% in the 2nd quarter. Corient Private Wealth LP now owns 67,429 shares of the company’s stock valued at $2,053,000 after acquiring an additional 4,496 shares in the last quarter. Susquehanna Fundamental Investments LLC lifted its holdings in Beacon Financial by 231.6% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 80,781 shares of the company’s stock worth $2,460,000 after purchasing an additional 56,422 shares during the last quarter. Finally, Two Sigma Securities LLC bought a new stake in Beacon Financial during the second quarter worth approximately $293,000. 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.