Banque Pictet & Cie SA grew its stake in shares of BB&T (NYSE:BBT) by 857.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 49,129 shares of the insurance provider’s stock after purchasing an additional 43,996 shares during the period. Banque Pictet & Cie SA’s holdings in BB&T were worth $2,557,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of BBT. Millennium Management LLC purchased a new stake in shares of BB&T during the 4th quarter worth $67,159,000. AXA boosted its position in shares of BB&T by 223.2% during the 4th quarter. AXA now owns 1,678,491 shares of the insurance provider’s stock worth $83,454,000 after purchasing an additional 1,159,200 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of BB&T by 9.8% during the 4th quarter. Bank of New York Mellon Corp now owns 9,689,965 shares of the insurance provider’s stock worth $481,786,000 after purchasing an additional 860,902 shares in the last quarter. Conning Inc. boosted its position in shares of BB&T by 3,301.2% during the 1st quarter. Conning Inc. now owns 747,011 shares of the insurance provider’s stock worth $38,874,000 after purchasing an additional 725,048 shares in the last quarter. Finally, Mackenzie Financial Corp purchased a new stake in shares of BB&T during the 4th quarter worth $32,059,000. Institutional investors own 63.56% of the company’s stock.
In other BB&T news, insider William Rufus Yates sold 16,279 shares of the company’s stock in a transaction dated Tuesday, May 8th. The shares were sold at an average price of $54.20, for a total value of $882,321.80. Following the transaction, the insider now directly owns 42,101 shares in the company, valued at approximately $2,281,874.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Clarke R. Starnes III sold 22,629 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $55.40, for a total transaction of $1,253,646.60. Following the completion of the transaction, the insider now owns 107,933 shares in the company, valued at $5,979,488.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 316,048 shares of company stock worth $17,014,541. 0.51% of the stock is owned by insiders.
BB&T (NYSE:BBT) last released its earnings results on Thursday, April 19th. The insurance provider reported $0.94 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.02. The company had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.85 billion. BB&T had a net margin of 21.63% and a return on equity of 10.38%. The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.46 EPS. analysts forecast that BB&T will post 4 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Friday, May 11th will be issued a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 2.71%. This is a positive change from BB&T’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Thursday, May 10th. BB&T’s dividend payout ratio is 47.77%.
Several brokerages have commented on BBT. Morgan Stanley boosted their target price on shares of BB&T from $58.00 to $59.00 and gave the stock an “equal weight” rating in a research report on Friday, February 2nd. ValuEngine upgraded shares of BB&T from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Zacks Investment Research upgraded shares of BB&T from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a research report on Wednesday, February 28th. Royal Bank of Canada boosted their price objective on shares of BB&T to $59.00 and gave the stock an “outperform” rating in a research report on Friday, January 19th. Finally, BMO Capital Markets boosted their price objective on shares of BB&T to $64.00 and gave the stock a “market perform” rating in a research report on Friday, January 19th. Thirteen investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $54.48.
BB&T Corporation operates as a financial holding company that provides various banking and trust services for small and mid-size businesses, public agencies, local governments, and individuals. The company operates through four segments: CB-Retail, CB-Commercial, IH&PF, and FS&CF. Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.
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