Beacon Financial (NYSE:BBT) Hits New 12-Month High – Here’s Why
by Sarita Garza · The Markets DailyBeacon Financial Corporation (NYSE:BBT – Get Free Report)’s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $32.58 and last traded at $32.78, with a volume of 99522 shares changing hands. The stock had previously closed at $31.62.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on BBT. Piper Sandler began coverage on shares of Beacon Financial in a research note on Monday, March 16th. They issued an “overweight” rating and a $33.00 target price on the stock. Royal Bank Of Canada boosted their target price on shares of Beacon Financial from $28.00 to $31.00 and gave the company a “sector perform” rating in a research note on Friday, January 30th. Weiss Ratings upgraded shares of Beacon Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, March 18th. Hovde Group boosted their target price on shares of Beacon Financial from $31.00 to $33.00 and gave the company an “outperform” rating in a research note on Tuesday, February 3rd. Finally, Zacks Research upgraded shares of Beacon Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $33.25.
Get Our Latest Report on Beacon Financial
Beacon Financial Trading Up 2.2%
The company’s 50-day moving average is $30.25 and its 200-day moving average is $27.62. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of 26.49 and a beta of 0.62. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.00 and a current ratio of 1.00.
Beacon Financial (NYSE:BBT – Get Free Report) last issued its quarterly earnings results on Wednesday, January 28th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.01. Beacon Financial had a net margin of 5.85% and a return on equity of 8.95%.
Insider Transactions at Beacon Financial
In related news, insider Michael W. Mccurdy sold 17,333 shares of the company’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $31.04, for a total transaction of $538,016.32. Following the transaction, the insider owned 25,555 shares in the company, valued at $793,227.20. This represents a 40.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.09% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Montag A & Associates Inc. acquired a new position in Beacon Financial during the 4th quarter valued at about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Beacon Financial during the 4th quarter valued at about $30,000. TD Private Client Wealth LLC acquired a new position in Beacon Financial during the 4th quarter valued at about $32,000. Rockefeller Capital Management L.P. acquired a new position in Beacon Financial during the 4th quarter valued at about $32,000. Finally, EverSource Wealth Advisors LLC acquired a new position in Beacon Financial during the 4th quarter valued at about $34,000. Institutional investors and hedge funds 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.