Mercer Capital Advisers Inc. purchased a new stake in BB&T Corporation (NYSE:BBT) during the second quarter, according to its most recent filing with the SEC. The fund purchased 4,098 shares of the insurance provider’s stock, valued at approximately $186,000.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Guardian Life Insurance Co. of America increased its position in BB&T Corporation by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 3,130 shares of the insurance provider’s stock valued at $140,000 after buying an additional 21 shares during the period. Jolley Asset Management LLC increased its position in BB&T Corporation by 1.0% in the first quarter. Jolley Asset Management LLC now owns 2,500 shares of the insurance provider’s stock valued at $112,000 after buying an additional 25 shares during the period. Canal Capital Management LLC increased its position in BB&T Corporation by 0.6% in the second quarter. Canal Capital Management LLC now owns 7,832 shares of the insurance provider’s stock valued at $356,000 after buying an additional 48 shares during the period. Cookson Peirce & Co. Inc. increased its position in BB&T Corporation by 1.1% in the first quarter. Cookson Peirce & Co. Inc. now owns 7,470 shares of the insurance provider’s stock valued at $334,000 after buying an additional 80 shares during the period. Finally, WealthTrust Axiom LLC increased its position in BB&T Corporation by 1.3% in the first quarter. WealthTrust Axiom LLC now owns 6,849 shares of the insurance provider’s stock valued at $306,000 after buying an additional 85 shares during the period. 64.46% of the stock is currently owned by hedge funds and other institutional investors.
Shares of BB&T Corporation (NYSE BBT) opened at 46.86 on Tuesday. BB&T Corporation has a 12-month low of $36.75 and a 12-month high of $49.88. The company has a market cap of $37.87 billion, a PE ratio of 17.49 and a beta of 1.07. The company has a 50-day moving average of $46.21 and a 200 day moving average of $45.20.
BB&T Corporation (NYSE:BBT) last released its earnings results on Thursday, July 20th. The insurance provider reported $0.77 earnings per share for the quarter, hitting analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $2.89 billion. During the same quarter last year, the firm posted $0.71 earnings per share. The business’s revenue was up 2.4% compared to the same quarter last year. On average, equities research analysts expect that BB&T Corporation will post $2.84 EPS for the current year.
BB&T Corporation declared that its board has initiated a share repurchase program on Wednesday, June 28th that permits the company to buyback $1.88 billion in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 5.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 11th will be paid a $0.33 dividend. This is a positive change from BB&T Corporation’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, August 9th. This represents a $1.32 dividend on an annualized basis and a yield of 2.82%. BB&T Corporation’s dividend payout ratio (DPR) is presently 49.25%.
Several brokerages have recently issued reports on BBT. BMO Capital Markets restated a “hold” rating and issued a $49.00 target price on shares of BB&T Corporation in a report on Friday, July 21st. BidaskClub upgraded shares of BB&T Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, August 8th. Hilliard Lyons cut shares of BB&T Corporation from a “buy” rating to a “hold” rating and set a $51.00 target price on the stock. in a report on Friday, July 21st. Jefferies Group LLC restated a “hold” rating and issued a $49.00 target price on shares of BB&T Corporation in a report on Friday, July 14th. Finally, Wells Fargo & Company began coverage on shares of BB&T Corporation in a report on Wednesday, August 9th. They issued a “market perform” rating and a $44.00 target price on the stock. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $47.19.
In other news, EVP William Rufus Yates sold 28,515 shares of the stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $47.07, for a total transaction of $1,342,201.05. Following the transaction, the executive vice president now owns 34,887 shares of the company’s stock, valued at approximately $1,642,131.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Robert Jerome Johnson, Jr. sold 18,343 shares of the stock in a transaction on Wednesday, July 26th. The stock was 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. Company insiders own 0.36% of the company’s stock.
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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