Chemical Bank raised its stake in BB&T Corporation (NYSE:BBT) by 2.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,728 shares of the insurance provider’s stock after purchasing an additional 103 shares during the quarter. Chemical Bank’s holdings in BB&T Corporation were worth $215,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of BBT. Waldron LP grew its stake in BB&T Corporation by 152.5% in the first quarter. Waldron LP now owns 17,170 shares of the insurance provider’s stock valued at $689,000 after purchasing an additional 10,370 shares in the last quarter. ING Groep NV grew its stake in BB&T Corporation by 501.8% in the first quarter. ING Groep NV now owns 281,245 shares of the insurance provider’s stock valued at $12,572,000 after purchasing an additional 234,510 shares in the last quarter. Welch Group LLC bought a new position in BB&T Corporation in the first quarter valued at approximately $151,000. Tyers Asset Management LLC grew its stake in BB&T Corporation by 47.5% in the first quarter. Tyers Asset Management LLC now owns 11,024 shares of the insurance provider’s stock valued at $493,000 after purchasing an additional 3,552 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in BB&T Corporation by 1.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,325,114 shares of the insurance provider’s stock valued at $103,933,000 after purchasing an additional 34,702 shares in the last quarter. Hedge funds and other institutional investors own 64.30% of the company’s stock.
Shares of BB&T Corporation (NYSE BBT) opened at 44.14 on Friday. BB&T Corporation has a 12-month low of $36.80 and a 12-month high of $49.88. The company’s 50-day moving average price is $46.23 and its 200 day moving average price is $44.97. The firm has a market capitalization of $35.67 billion, a PE ratio of 17.94 and a beta of 1.08.
BB&T Corporation (NYSE:BBT) last announced its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.77 earnings per share for the quarter, meeting the consensus estimate of $0.77. BB&T Corporation had a return on equity of 9.62% and a net margin of 19.57%. The business had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.89 billion. During the same period in the prior year, the company earned $0.71 earnings per share. BB&T Corporation’s revenue was up 2.4% compared to the same quarter last year. On average, equities analysts forecast that BB&T Corporation will post $2.83 earnings per share for the current year.
BB&T Corporation declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $1.88 billion in shares. This buyback authorization permits the insurance provider to purchase up to 5.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 11th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.99%. This is a positive change from BB&T Corporation’s previous quarterly dividend of $0.30. The ex-dividend date was Wednesday, August 9th. BB&T Corporation’s dividend payout ratio is 49.25%.
A number of research analysts have weighed in on the company. BidaskClub upgraded BB&T Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, August 8th. BMO Capital Markets restated a “hold” rating and issued a $49.00 price target on shares of BB&T Corporation in a research note on Friday, July 21st. Hilliard Lyons downgraded BB&T Corporation from a “buy” rating to a “hold” rating and set a $51.00 price target for the company. in a research note on Friday, July 21st. Jefferies Group LLC reiterated a “hold” rating and set a $49.00 target price on shares of BB&T Corporation in a research note on Friday. Finally, Wells Fargo & Company initiated coverage on BB&T Corporation in a research note on Wednesday, August 9th. They set a “market perform” rating and a $44.00 target price for the company. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $47.06.
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In other BB&T Corporation news, EVP William Rufus Yates sold 28,515 shares of the stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $47.07, for a total transaction of $1,342,201.05. Following the completion of the transaction, the executive vice president now directly owns 34,887 shares of the company’s stock, valued at $1,642,131.09. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider David Hudson Weaver sold 8,752 shares of the stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $46.91, for a total value of $410,556.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 55,610 shares of company stock valued at $2,618,364. 0.36% of the stock is owned by corporate insiders.
BB&T Corporation Profile
BB&T Corporation is a financial holding company. The Company conducts its business operations primarily through its bank subsidiary, Branch Banking and Trust Company (Branch Bank), and other nonbank subsidiaries. Its segments include Community Banking, Residential Mortgage Banking, Dealer Financial Services, Specialized Lending, Insurance Holdings and Financial Services.
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