Engineers Gate Manager LP bought a new position in shares of BB&T Corporation (NYSE:BBT) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 45,866 shares of the insurance provider’s stock, valued at approximately $2,083,000.
Other large investors have also modified their holdings of the company. Community Bank N.A. boosted its position in BB&T Corporation by 6.2% during the second quarter. Community Bank N.A. now owns 2,474 shares of the insurance provider’s stock worth $112,000 after purchasing an additional 144 shares during the period. Liberty Capital Management Inc. bought a new position in BB&T Corporation during the second quarter worth about $136,000. Oakworth Capital Inc. boosted its position in BB&T Corporation by 51.1% during the second quarter. Oakworth Capital Inc. now owns 3,092 shares of the insurance provider’s stock worth $140,000 after purchasing an additional 1,045 shares during the period. Guardian Life Insurance Co. of America boosted its position in BB&T Corporation by 0.7% during the first quarter. Guardian Life Insurance Co. of America now owns 3,130 shares of the insurance provider’s stock worth $140,000 after purchasing an additional 21 shares during the period. Finally, Pathstone Family Office LLC bought a new position in BB&T Corporation during the first quarter worth about $150,000. Hedge funds and other institutional investors own 64.30% of the company’s stock.
BB&T Corporation (NYSE BBT) opened at 43.97 on Monday. The stock has a market capitalization of $35.53 billion, a P/E ratio of 16.41 and a beta of 1.08. BB&T Corporation has a 1-year low of $36.80 and a 1-year high of $49.88. The firm’s 50 day moving average is $46.55 and its 200 day moving average is $45.10.
BB&T Corporation (NYSE:BBT) last issued its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.77. The business had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.89 billion. BB&T Corporation had a return on equity of 9.62% and a net margin of 19.57%. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.71 EPS. On average, equities research analysts anticipate that BB&T Corporation will post $2.84 earnings per share for the current year.
BB&T Corporation announced that its board has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $1.88 billion in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 5.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 11th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 3.00%. This is a boost 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 equities analysts have weighed in on the stock. BidaskClub upgraded shares of BB&T Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, August 8th. Macquarie upgraded shares of BB&T Corporation from an “underperform” rating to a “neutral” rating and set a $47.00 target price for the company in a research report on Friday, August 4th. Wells Fargo & Company assumed coverage on shares of BB&T Corporation in a research report on Wednesday, August 9th. They set a “market perform” rating and a $44.00 target price for the company. BMO Capital Markets reiterated a “hold” rating and set a $49.00 target price on shares of BB&T Corporation in a research report on Friday, July 21st. Finally, Hilliard Lyons lowered shares of BB&T Corporation from a “buy” rating to a “hold” rating and set a $51.00 target price for the company. in a research report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have given a buy rating to the stock. BB&T Corporation has an average rating of “Hold” and a consensus target price of $47.06.
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In related news, insider David Hudson Weaver sold 8,752 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $46.91, for a total transaction of $410,556.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert Jerome Johnson, Jr. sold 18,343 shares of the stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $47.19, for a total value of $865,606.17. The disclosure for this sale can be found here. Insiders have sold a total of 55,610 shares of company stock worth $2,618,364 over the last ninety days. Insiders own 0.36% of the company’s stock.
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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