BB&T Corporation (NYSE:BBT) posted its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.77 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.77, MarketWatch Earnings reports. 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 for the quarter, compared to analyst estimates of $2.89 billion. During the same quarter in the prior year, the company earned $0.71 earnings per share. The company’s revenue was up 2.4% on a year-over-year basis.
BB&T Corporation (NYSE BBT) remained flat at $46.88 during trading on Friday. 3,667,873 shares of the company’s stock traded hands. BB&T Corporation has a one year low of $36.21 and a one year high of $49.88. The firm’s 50 day moving average is $45.09 and its 200 day moving average is $45.10. The stock has a market cap of $37.88 billion, a price-to-earnings ratio of 17.50 and a beta of 1.06.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 11th will be issued a dividend of $0.33 per share. This is a positive change from BB&T Corporation’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, August 9th. This represents a $1.32 annualized dividend and a dividend yield of 2.82%. BB&T Corporation’s payout ratio is presently 44.78%.
BB&T Corporation declared that its board has authorized a stock buyback plan on Wednesday, June 28th that allows the company to buyback $1.88 billion in outstanding shares. This buyback authorization allows 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 management believes its stock is undervalued.
Several research firms recently commented on BBT. BidaskClub raised BB&T Corporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. FBR & Co restated a “hold” rating on shares of BB&T Corporation in a research note on Friday, April 21st. Jefferies Group LLC restated a “hold” rating and issued a $49.00 price objective on shares of BB&T Corporation in a research note on Friday, July 14th. Hilliard Lyons upgraded shares of BB&T Corporation from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $51.00 to $49.00 in a research note on Monday, April 24th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $49.00 target price on shares of BB&T Corporation in a research note on Friday, July 21st. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the stock. BB&T Corporation currently has a consensus rating of “Hold” and a consensus target price of $47.43.
In other news, insider Robert Jerome Johnson, Jr. sold 18,343 shares of BB&T Corporation stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $47.19, for a total value of $865,606.17. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP William Rufus Yates sold 28,515 shares of BB&T Corporation stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $47.07, for a total transaction of $1,342,201.05. Following the completion of the sale, the executive vice president now owns 34,887 shares in the company, valued at $1,642,131.09. The disclosure for this sale can be found here. Company insiders own 0.36% of the company’s stock.
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About BB&T Corporation
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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