Profund Advisors LLC Trims Stake in BB&T Corporation (BBT)

Profund Advisors LLC cut its stake in shares of BB&T Corporation (NYSE:BBT) by 35.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,425 shares of the insurance provider’s stock after selling 16,869 shares during the quarter. Profund Advisors LLC’s holdings in BB&T Corporation were worth $1,382,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Glassman Wealth Services boosted its stake in shares of BB&T Corporation by 0.4% during the 2nd quarter. Glassman Wealth Services now owns 4,757 shares of the insurance provider’s stock worth $216,000 after acquiring an additional 18 shares in the last quarter. Guardian Life Insurance Co. of America boosted its stake in shares of BB&T Corporation by 0.7% during the 1st quarter. Guardian Life Insurance Co. of America now owns 3,130 shares of the insurance provider’s stock worth $140,000 after acquiring an additional 21 shares in the last quarter. WMS Partners LLC boosted its stake in shares of BB&T Corporation by 0.8% during the 2nd quarter. WMS Partners LLC now owns 4,527 shares of the insurance provider’s stock worth $206,000 after acquiring an additional 36 shares in the last quarter. Canal Capital Management LLC boosted its stake in shares of BB&T Corporation by 0.6% during the 2nd quarter. Canal Capital Management LLC now owns 7,832 shares of the insurance provider’s stock worth $356,000 after acquiring an additional 48 shares in the last quarter. Finally, Chemical Bank boosted its stake in shares of BB&T Corporation by 2.2% during the 2nd quarter. Chemical Bank now owns 4,728 shares of the insurance provider’s stock worth $215,000 after acquiring an additional 103 shares in the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

Shares of BB&T Corporation (NYSE BBT) opened at 44.65 on Wednesday. The stock has a market capitalization of $36.08 billion, a price-to-earnings ratio of 18.15 and a beta of 1.08. BB&T Corporation has a one year low of $36.80 and a one year high of $49.88. The company’s 50 day moving average price is $46.08 and its 200 day moving average price is $44.85.

BB&T Corporation (NYSE:BBT) last announced its earnings results on Thursday, July 20th. The insurance provider reported $0.77 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.77. The firm had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.89 billion. BB&T Corporation had a net margin of 19.57% and a return on equity of 9.62%. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.71 EPS. On average, analysts expect that BB&T Corporation will post $2.83 earnings per share for the current fiscal year.

BB&T Corporation announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that allows the company to buyback $1.88 billion in outstanding shares. This buyback authorization allows the insurance provider to repurchase up to 5.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 11th were paid a $0.33 dividend. The ex-dividend date was Wednesday, August 9th. This is a positive change from BB&T Corporation’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 2.96%. BB&T Corporation’s dividend payout ratio is presently 49.25%.

In related news, insider David Hudson Weaver sold 8,752 shares of the company’s 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert Jerome Johnson, Jr. sold 18,343 shares of the company’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $47.19, for a total transaction of $865,606.17. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,610 shares of company stock valued at $2,618,364. Company insiders own 0.36% of the company’s stock.

A number of research firms have recently issued reports on BBT. BidaskClub lowered BB&T Corporation from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Jefferies Group LLC restated a “hold” rating and issued a $49.00 target price on shares of BB&T Corporation in a report on Friday, July 14th. Hilliard Lyons lowered BB&T Corporation from a “buy” rating to a “hold” rating and set a $51.00 target price for the company. in a report on Friday, July 21st. BMO Capital Markets restated a “hold” rating and issued a $48.00 target price on shares of BB&T Corporation in a report on Friday, June 30th. Finally, Robert W. Baird restated a “hold” rating and issued a $45.00 target price on shares of BB&T Corporation in a report on Friday, August 25th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $47.06.

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BB&T Corporation Company 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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Institutional Ownership by Quarter for BB&T Corporation (NYSE:BBT)

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