The Manufacturers Life Insurance Company Acquires New Holdings in Beacon Financial Corporation $BBT

The Manufacturers Life Insurance Company acquired a new position in Beacon Financial Corporation (NYSE:BBT) in the second quarter, Holdings Channel reports. The fund acquired 39,691 shares of the company’s stock, valued at approximately $1,209,000.

A number of other hedge funds also recently bought and sold shares of BBT. BlackRock Inc. bought a new stake in Beacon Financial during the 2nd quarter valued at $376,552,000. Vanguard Group Inc. bought a new position in shares of Beacon Financial in the 4th quarter worth $253,245,000. State Street Corp bought a new position in shares of Beacon Financial in the 4th quarter worth $133,275,000. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Beacon Financial during the 4th quarter worth $128,643,000. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of Beacon Financial during the 4th quarter worth $128,568,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Analysts Set New Price Targets

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

Beacon Financial Stock Up 1.3%

Beacon Financial stock opened at $31.90 on Friday. 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 stock has a market capitalization of $2.67 billion, a price-to-earnings ratio of 24.17 and a beta of 0.56. Beacon Financial Corporation has a 1-year low of $22.81 and a 1-year high of $32.83. The business has a fifty day moving average price of $31.00 and a 200-day moving average price of $30.26.

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 the consensus estimate of $0.77. Beacon Financial had a return on equity of 9.15% and a net margin of 8.96%.The company had revenue of $219.19 million for the quarter. Equities research analysts forecast that Beacon Financial Corporation will post 3.04 EPS for the current fiscal year.

Beacon Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were issued a dividend of $0.3225 per share. The ex-dividend date was Friday, August 14th. This represents a $1.29 annualized dividend and a dividend yield of 4.0%. Beacon Financial’s dividend payout ratio is 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.