BOSTON (AP) — BOSTON (AP) — Beacon Financial Corporation (BBT) on Wednesday reported first-quarter net income of $46.2 million.
The Boston-based bank said it had earnings of 55 cents per share. Earnings, adjusted for non-recurring costs, came to 70 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.
The bank holding company posted revenue of $316.3 million in the period. Its revenue net of interest expense was $214.7 million, which also missed Street forecasts. Three analysts surveyed by Zacks expected $228.9 million.
Beacon shares have climbed 19% since the beginning of the year, while the S&P’s 500 index has risen 4%. In the final minutes of trading on Wednesday, shares hit $31.34, an increase of 25% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BBT at https://www.zacks.com/ap/BBT
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