OLD Mutual Customised Solutions Proprietary Ltd. raised its position in BB&T Corporation (NYSE:BBT) by 10.7% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 30,563 shares of the insurance provider’s stock after buying an additional 2,963 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd.’s holdings in BB&T Corporation were worth $1,366,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of BBT. HighTower Advisors LLC increased its position in shares of BB&T Corporation by 4.8% in the first quarter. HighTower Advisors LLC now owns 250,107 shares of the insurance provider’s stock worth $11,172,000 after buying an additional 11,424 shares during the period. Family Management Corp increased its position in shares of BB&T Corporation by 0.5% in the first quarter. Family Management Corp now owns 44,338 shares of the insurance provider’s stock worth $1,982,000 after buying an additional 213 shares during the period. Westwood Holdings Group Inc. increased its position in BB&T Corporation by 100.1% in the first quarter. Westwood Holdings Group Inc. now owns 1,806,209 shares of the insurance provider’s stock valued at $80,738,000 after buying an additional 903,335 shares during the last quarter. Colonial Trust Advisors increased its position in BB&T Corporation by 1.6% in the first quarter. Colonial Trust Advisors now owns 83,556 shares of the insurance provider’s stock valued at $3,595,000 after buying an additional 1,289 shares during the last quarter. Finally, Westover Capital Advisors LLC increased its position in BB&T Corporation by 45.1% in the first quarter. Westover Capital Advisors LLC now owns 64,302 shares of the insurance provider’s stock valued at $2,874,000 after buying an additional 19,979 shares during the last quarter. Hedge funds and other institutional investors own 64.45% of the company’s stock.
Shares of BB&T Corporation (BBT) opened at 47.69 on Thursday. The stock has a market cap of $38.54 billion, a P/E ratio of 17.80 and a beta of 1.07. The firm’s 50-day moving average is $45.93 and its 200 day moving average is $45.20. BB&T Corporation has a 52-week low of $36.75 and a 52-week high of $49.88.
BB&T Corporation (NYSE:BBT) last issued its earnings results on Thursday, July 20th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.77. The business had revenue of $2.86 billion during 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 quarter in the previous year, the business earned $0.71 EPS. Analysts forecast that BB&T Corporation will post $2.82 earnings per share for the current fiscal year.
BB&T Corporation announced that its Board of Directors has approved a stock repurchase plan 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 plans are usually an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 11th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.77%. 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. BB&T Corporation’s dividend payout ratio is currently 44.78%.
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BBT has been the topic of several recent analyst reports. Macquarie upgraded shares of BB&T Corporation from an “underperform” rating to a “neutral” rating and set a $47.00 price objective on the stock in a research report on Friday, August 4th. BidaskClub upgraded shares of BB&T Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Hilliard Lyons raised shares of BB&T Corporation from a “neutral” rating to a “buy” rating and cut their target price for the company from $51.00 to $49.00 in a research note on Monday, April 24th. FBR & Co reaffirmed a “hold” rating on shares of BB&T Corporation in a research note on Friday, April 21st. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of BB&T Corporation in a research note on Thursday, April 20th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company’s stock. BB&T Corporation has an average rating of “Hold” and an average target price of $47.40.
In other BB&T Corporation news, EVP William Rufus Yates sold 28,515 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 34,887 shares of the company’s stock, valued at approximately $1,642,131.09. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Robert Jerome Johnson, Jr. sold 18,343 shares of the company’s 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 disclosure for this sale can be found here. 0.36% of the stock is owned by corporate insiders.
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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