Systematic Financial Management LP Buys Shares of 1,140,629 Beacon Financial Corporation $BBT

Systematic Financial Management LP bought a new stake in shares of Beacon Financial Corporation (NYSE:BBT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,140,629 shares of the company’s stock, valued at approximately $30,078,000.

A number of other institutional investors have also added to or reduced their stakes in BBT. Mayflower Financial Advisors LLC purchased a new position in Beacon Financial during the 4th quarter valued at about $204,000. Parsons Capital Management Inc. RI purchased a new position in Beacon Financial during the 4th quarter valued at about $736,000. Hennion & Walsh Asset Management Inc. purchased a new position in Beacon Financial during the 4th quarter valued at about $339,000. Financial Planning Hawaii Inc. purchased a new position in Beacon Financial during the 4th quarter valued at about $274,000. Finally, Nisa Investment Advisors LLC purchased a new position in Beacon Financial during the 4th quarter valued at about $59,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Royal Bank Of Canada cut their target price on shares of Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Friday, May 1st. Weiss Ratings raised shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, March 18th. Hovde Group reissued a “market perform” rating and set a $30.00 target price (down from $33.00) on shares of Beacon Financial in a research report on Friday, May 1st. Piper Sandler lowered their price target on shares of Beacon Financial from $35.00 to $33.00 and set an “overweight” rating on the stock in a report on Monday, May 4th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Beacon Financial from $36.00 to $33.00 and set an “outperform” rating on the stock in a report on Friday, May 1st. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $31.75.

Beacon Financial Stock Down 0.5%

NYSE:BBT opened at $28.82 on Friday. Beacon Financial Corporation has a fifty-two week low of $22.81 and a fifty-two week high of $32.83. The stock has a market capitalization of $2.42 billion, a P/E ratio of 23.81 and a beta of 0.55. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.01 and a current ratio of 1.01. The company’s 50-day simple moving average is $29.87 and its 200-day simple moving average is $28.44.

Beacon Financial (NYSE:BBT) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.13). Beacon Financial had a net margin of 6.97% and a return on equity of 9.02%. The firm had revenue of $214.72 million during the quarter. On average, equities analysts anticipate that Beacon Financial Corporation will post 3.13 earnings per share for the current fiscal year.

Beacon Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 15th will be issued a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Friday, May 15th. Beacon Financial’s dividend payout ratio (DPR) is currently 106.61%.

Beacon Financial announced that its board has approved a share repurchase program on Wednesday, April 29th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 1.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Beacon Financial

In other news, insider Michael W. Mccurdy sold 17,333 shares of the firm’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $31.04, for a total value of $538,016.32. Following the sale, the insider directly owned 25,555 shares in the company, valued at approximately $793,227.20. This trade represents a 40.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.09% of the company’s stock.

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.