BB&T Co. (BBT) Position Boosted by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC increased its holdings in BB&T Co. (NYSE:BBT) by 41.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,210 shares of the insurance provider’s stock after buying an additional 5,660 shares during the quarter. Cornerstone Investment Partners LLC’s holdings in BB&T were worth $932,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Bank of America Corp DE boosted its stake in BB&T by 18.0% during the 2nd quarter. Bank of America Corp DE now owns 28,174,029 shares of the insurance provider’s stock valued at $1,421,098,000 after purchasing an additional 4,304,522 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in BB&T by 5.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 10,461,296 shares of the insurance provider’s stock valued at $527,666,000 after purchasing an additional 547,692 shares in the last quarter. Burgundy Asset Management Ltd. boosted its stake in BB&T by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 8,401,213 shares of the insurance provider’s stock valued at $423,757,000 after purchasing an additional 114,817 shares in the last quarter. American Century Companies Inc. boosted its stake in BB&T by 4.2% during the 2nd quarter. American Century Companies Inc. now owns 8,192,862 shares of the insurance provider’s stock valued at $413,248,000 after purchasing an additional 329,277 shares in the last quarter. Finally, Charles Schwab Investment Advisory Inc. bought a new position in BB&T during the 2nd quarter valued at $346,422,000. 64.75% of the stock is owned by institutional investors and hedge funds.

In other news, insider Donta L. Wilson sold 3,018 shares of the stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $51.55, for a total transaction of $155,577.90. Following the completion of the sale, the insider now owns 14,911 shares in the company, valued at approximately $768,662.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.51% of the stock is currently owned by corporate insiders.

A number of brokerages have issued reports on BBT. B. Riley decreased their price target on BB&T from $59.00 to $56.00 and set a “buy” rating for the company in a research note on Friday, July 20th. BMO Capital Markets decreased their price target on BB&T from $58.00 to $57.00 and set an “outperform” rating for the company in a research note on Friday. ValuEngine lowered BB&T from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Zacks Investment Research lowered BB&T from a “buy” rating to a “hold” rating in a research note on Friday, October 12th. Finally, FIG Partners lowered BB&T from an “outperform” rating to a “market perform” rating in a research note on Friday, July 20th. Eleven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. BB&T currently has an average rating of “Buy” and an average price target of $54.58.

Shares of NYSE:BBT traded up $0.75 on Friday, reaching $49.03. 447,292 shares of the company traded hands, compared to its average volume of 3,780,399. BB&T Co. has a fifty-two week low of $44.62 and a fifty-two week high of $56.31. The company has a market capitalization of $36.95 billion, a PE ratio of 15.56, a price-to-earnings-growth ratio of 1.17 and a beta of 1.05. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.88 and a current ratio of 0.88.

BB&T (NYSE:BBT) last announced its quarterly earnings data on Thursday, October 18th. The insurance provider reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.01. BB&T had a return on equity of 11.02% and a net margin of 22.53%. The company had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter in the prior year, the firm earned $0.74 EPS. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. As a group, research analysts forecast that BB&T Co. will post 4 EPS for the current fiscal year.

BB&T Profile

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.

Featured Article: How to Use the New Google Finance Tool

Want to see what other hedge funds are holding BBT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BB&T Co. (NYSE:BBT).

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

Receive News & Ratings for BB&T Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BB&T and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply