Beacon Financial Posts 3Q EPS of $0.73
BBT sits 23% above its 52-week low of $22.81.
Summary
Beacon Financial reported third-quarter EPS of $0.73. That is down from $0.77 in Q2, a sequential decline of four cents, though the headline gives no year-ago comparison or revenue detail. The Q2 print was flattered by merger-related cost savings, and the 10-Q flagged sharply higher nonperforming assets with a thinner loan loss allowance, so the step-down in earnings is consistent with credit costs building. The company also carries a new $175 million 6.25% subordinated note due 2036, which adds interest expense versus the $75 million 2029 notes it redeemed. Sean Gray took over as CEO on September 21, so this is his first quarterly print.
At the time of this announcement, BBT was trading at $28.00 on NYSE in the Finance sector, with a market capitalization of approximately $2.3B. The 52-week trading range was $22.81 to $32.83. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.