Professional Advisory Services Inc. increased its stake in shares of BB&T Corporation (NYSE:BBT) by 4.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 205,356 shares of the insurance provider’s stock after buying an additional 8,281 shares during the period. BB&T Corporation comprises approximately 2.0% of Professional Advisory Services Inc.’s holdings, making the stock its 28th largest position. Professional Advisory Services Inc.’s holdings in BB&T Corporation were worth $9,325,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in the stock. Legal & General Group Plc increased its position in BB&T Corporation by 3.4% in the first quarter. Legal & General Group Plc now owns 3,892,901 shares of the insurance provider’s stock valued at $174,020,000 after buying an additional 126,549 shares in the last quarter. Heritage Trust Co bought a new position in BB&T Corporation during the first quarter valued at $2,371,000. Peapack Gladstone Financial Corp increased its position in BB&T Corporation by 4.8% in the first quarter. Peapack Gladstone Financial Corp now owns 270,317 shares of the insurance provider’s stock valued at $12,083,000 after buying an additional 12,302 shares in the last quarter. Glen Harbor Capital Management LLC increased its position in BB&T Corporation by 47.5% in the first quarter. Glen Harbor Capital Management LLC now owns 23,426 shares of the insurance provider’s stock valued at $1,047,000 after buying an additional 7,548 shares in the last quarter. Finally, Korea Investment CORP increased its position in BB&T Corporation by 5.5% in the first quarter. Korea Investment CORP now owns 219,824 shares of the insurance provider’s stock valued at $9,826,000 after buying an additional 11,363 shares in the last quarter. 64.42% of the stock is currently owned by hedge funds and other institutional investors.
BB&T Corporation (BBT) traded up 1.09% during trading on Friday, hitting $48.36. The stock had a trading volume of 4,518,130 shares. The company has a market cap of $39.08 billion, a P/E ratio of 18.05 and a beta of 1.07. The firm has a 50 day moving average of $45.29 and a 200-day moving average of $45.09. BB&T Corporation has a one year low of $36.45 and a one year high of $49.88.
BB&T Corporation (NYSE:BBT) last issued its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.77 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.77. 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 during the quarter, compared to analysts’ expectations of $2.89 billion. During the same period in the previous year, the firm posted $0.71 earnings per share. The company’s revenue was up 2.4% on a year-over-year basis. Equities analysts anticipate that BB&T Corporation will post $2.83 earnings per share for the current fiscal year.
BB&T Corporation declared that its board has approved a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $1.88 billion in shares. This buyback authorization authorizes 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 company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 11th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, August 9th. This is a boost from BB&T Corporation’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.73%. BB&T Corporation’s payout ratio is presently 44.78%.
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BBT has been the topic of several analyst reports. BidaskClub raised BB&T Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Hilliard Lyons raised BB&T Corporation from a “neutral” rating to a “buy” rating and cut their price objective for the company from $51.00 to $49.00 in a research report on Monday, April 24th. FBR & Co reaffirmed a “hold” rating on shares of BB&T Corporation in a research report on Friday, April 21st. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of BB&T Corporation in a research report on Thursday, April 20th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $49.00 price objective on shares of BB&T Corporation in a research report on Friday, July 14th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $47.43.
In other news, EVP William Rufus Yates sold 28,515 shares of BB&T Corporation stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $47.07, for a total value of $1,342,201.05. Following the completion of the sale, the executive vice president now directly owns 34,887 shares of the company’s stock, valued at $1,642,131.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robert Jerome Johnson, Jr. sold 18,343 shares of BB&T Corporation 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 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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