Is there a word or phrase for giving something to a highly respected person?

The word bestow comes to mind.

to convey as a gift —usually used with on or upon

The university bestowed on her an honorary degree.

Google:

Confer or present (an honor, right, or gift).
"the office was bestowed on him by the chief of state"
synonyms: confer on, grant, accord, afford, endow

Present comes to mind. It's also part of the definition of bestow in mplungjan's answer.

Particularly the definition:

Give or award formally or ceremonially.

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"They presented him with extravagant gifts"

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You will present something to them.

I have tried to think of how it could be applied to non physical gifts such as respect, but in those cases I don't think it works well, though I think it could fit if the sentence was structured right.

Something like:

He was presented with a display of respect and loyalty.