Hsbc Holdings PLC Acquires Shares of 50,729 Beacon Financial Corporation $BBT

Hsbc Holdings PLC bought a new stake in Beacon Financial Corporation (NYSE:BBT) in the 4th quarter, Holdings Channel.com reports. The fund bought 50,729 shares of the company’s stock, valued at approximately $1,339,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Montag A & Associates Inc. acquired a new position in shares of Beacon Financial during the fourth quarter valued at $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Beacon Financial in the fourth quarter valued at about $30,000. TD Private Client Wealth LLC acquired a new stake in Beacon Financial in the fourth quarter worth about $32,000. EverSource Wealth Advisors LLC acquired a new stake in Beacon Financial in the fourth quarter worth about $34,000. Finally, Trust Co. of Vermont bought a new stake in Beacon Financial during the 4th quarter worth about $35,000. Institutional investors own 83.07% of the company’s stock.

Beacon Financial Stock Performance

Shares of NYSE:BBT opened at $30.86 on Thursday. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of 25.50 and a beta of 0.55. The firm’s 50 day simple moving average is $29.57 and its 200 day simple moving average is $29.29. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01. Beacon Financial Corporation has a fifty-two week low of $22.81 and a fifty-two week high of $32.83.

Beacon Financial (NYSE:BBT) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.13). The firm had revenue of $214.72 million for the quarter. Beacon Financial had a return on equity of 9.02% and a net margin of 6.97%. As a group, sell-side analysts forecast that Beacon Financial Corporation will post 3.13 earnings per share for the current year.

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

Beacon Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were given a dividend of $0.3225 per share. This represents a $1.29 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, May 15th. Beacon Financial’s dividend payout ratio (DPR) is currently 106.61%.

Analysts Set New Price Targets

A number of research analysts have issued reports on BBT shares. Hovde Group restated 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. Zacks Research cut shares of Beacon Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Royal Bank Of Canada dropped their price target on shares of Beacon Financial from $33.00 to $31.00 and set a “sector perform” rating for the company in a research note on Friday, May 1st. Weiss Ratings upgraded shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, March 18th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Beacon Financial from $36.00 to $33.00 and set an “outperform” rating on the stock in a research note on Friday, May 1st. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $32.00.

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.