Sumitomo Mitsui Asset Management Company LTD lowered its position in BB&T Corporation (NYSE:BBT) by 3.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 64,440 shares of the insurance provider’s stock after selling 2,210 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in BB&T Corporation were worth $2,926,000 as of its most recent filing with the SEC.
Other large investors have also recently made changes to their positions in the company. PM CAPITAL Ltd boosted its stake in shares of BB&T Corporation by 19.0% in the second quarter. PM CAPITAL Ltd now owns 406,505 shares of the insurance provider’s stock worth $18,458,000 after buying an additional 65,000 shares during the period. MCF Advisors LLC boosted its stake in shares of BB&T Corporation by 1.0% in the second quarter. MCF Advisors LLC now owns 73,498 shares of the insurance provider’s stock worth $3,338,000 after buying an additional 726 shares during the period. Carroll Financial Associates Inc. boosted its stake in BB&T Corporation by 3.3% in the second quarter. Carroll Financial Associates Inc. now owns 167,105 shares of the insurance provider’s stock valued at $7,588,000 after buying an additional 5,312 shares during the last quarter. Breton Hill Capital Ltd. boosted its stake in BB&T Corporation by 39.7% in the second quarter. Breton Hill Capital Ltd. now owns 31,625 shares of the insurance provider’s stock valued at $1,436,000 after buying an additional 8,991 shares during the last quarter. Finally, Quantitative Systematic Strategies LLC boosted its stake in BB&T Corporation by 67.1% in the second quarter. Quantitative Systematic Strategies LLC now owns 25,494 shares of the insurance provider’s stock valued at $1,161,000 after buying an additional 10,235 shares during the last quarter. Institutional investors and hedge funds own 64.46% of the company’s stock.
Shares of BB&T Corporation (NYSE:BBT) traded up 0.19% during mid-day trading on Friday, reaching $46.25. 2,509,467 shares of the company’s stock traded hands. The company has a 50 day moving average of $46.43 and a 200 day moving average of $45.22. 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 $37.37 billion, a price-to-earnings ratio of 17.26 and a beta of 1.07.
BB&T Corporation (NYSE:BBT) last posted its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.77. The firm had revenue of $2.86 billion for 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% compared to the same quarter last year. During the same period in the prior year, the business earned $0.71 EPS. Analysts expect that BB&T Corporation will post $2.84 earnings per share for the current fiscal year.
The firm 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 dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.86%. This is a boost from BB&T Corporation’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, August 9th. BB&T Corporation’s dividend payout ratio is presently 49.25%.
BB&T Corporation announced that its board has approved a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $1.88 billion in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 5.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.
Several research firms have weighed in on BBT. BMO Capital Markets restated a “hold” rating and issued a $48.00 price objective on shares of BB&T Corporation in a research report on Friday, June 30th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of BB&T Corporation in a research report on Thursday, April 20th. BidaskClub upgraded shares of BB&T Corporation from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. Hilliard Lyons cut shares of BB&T Corporation from a “buy” rating to a “hold” rating and set a $51.00 price objective for the company. in a research report on Friday, July 21st. Finally, Macquarie upgraded shares of BB&T Corporation from an “underperform” rating to a “neutral” rating and set a $47.00 price objective for the company in a research report on Friday, August 4th. One equities research 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’s stock. The company has an average rating of “Hold” and a consensus price target of $47.19.
In other BB&T Corporation news, EVP William Rufus Yates sold 28,515 shares of the stock in a transaction that occurred 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 directly owns 34,887 shares in the company, valued at approximately $1,642,131.09. The transaction was disclosed in a document filed 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 that occurred 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. 0.36% of the stock is currently owned by corporate insiders.
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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