Mcrae Capital Management Inc. Acquires 10,703 Shares of BB&T Corporation (BBT)

Mcrae Capital Management Inc. raised its stake in BB&T Corporation (NYSE:BBT) by 6.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 167,968 shares of the insurance provider’s stock after buying an additional 10,703 shares during the period. BB&T Corporation makes up about 3.1% of Mcrae Capital Management Inc.’s investment portfolio, making the stock its 15th largest position. Mcrae Capital Management Inc.’s holdings in BB&T Corporation were worth $7,627,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Quadrant Capital Group LLC increased its position in shares of BB&T Corporation by 2.6% in the first quarter. Quadrant Capital Group LLC now owns 3,152 shares of the insurance provider’s stock valued at $135,000 after buying an additional 79 shares during the period. Kempner Capital Management Inc. increased its position in shares of BB&T Corporation by 9.2% in the first quarter. Kempner Capital Management Inc. now owns 37,160 shares of the insurance provider’s stock valued at $1,661,000 after buying an additional 3,140 shares during the period. Univest Corp of Pennsylvania increased its position in shares of BB&T Corporation by 3.6% in the first quarter. Univest Corp of Pennsylvania now owns 89,334 shares of the insurance provider’s stock valued at $3,993,000 after buying an additional 3,109 shares during the period. Bank of Montreal Can increased its position in shares of BB&T Corporation by 8.2% in the first quarter. Bank of Montreal Can now owns 1,250,716 shares of the insurance provider’s stock valued at $55,906,000 after buying an additional 94,692 shares during the period. Finally, Regentatlantic Capital LLC increased its position in shares of BB&T Corporation by 5.0% in the first quarter. Regentatlantic Capital LLC now owns 5,440 shares of the insurance provider’s stock valued at $243,000 after buying an additional 257 shares during the period. 64.45% of the stock is owned by institutional investors.

BB&T Corporation (NYSE:BBT) opened at 46.68 on Friday. The firm’s 50-day moving average is $46.02 and its 200-day moving average is $45.21. The company has a market capitalization of $37.72 billion, a P/E ratio of 17.42 and a beta of 1.07. BB&T Corporation has a 1-year low of $36.75 and a 1-year high of $49.88.

BB&T Corporation (NYSE:BBT) last announced 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. BB&T Corporation had a net margin of 19.57% and a return on equity of 9.62%. 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 previous year, the firm posted $0.71 earnings per share. BB&T Corporation’s revenue was up 2.4% compared to the same quarter last year. Equities research analysts predict that BB&T Corporation will post $2.82 EPS for the current year.

BB&T Corporation announced that its board has authorized a share buyback program 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 programs are usually a sign that the company’s board of directors believes its shares are undervalued.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 11th will be given a dividend of $0.33 per share. 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 2.83%. This is a positive change from BB&T Corporation’s previous quarterly dividend of $0.30. BB&T Corporation’s payout ratio is 49.25%.

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Several research analysts have recently weighed in on the stock. BidaskClub upgraded shares of BB&T Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday. Macquarie upgraded shares of BB&T Corporation from an “underperform” rating to a “neutral” rating and set a $47.00 target price for the company in a research note on Friday, August 4th. Wells Fargo & Company assumed coverage on shares of BB&T Corporation in a research note on Wednesday. They issued a “market perform” rating and a $44.00 target price for the company. FBR & Co restated a “hold” rating on shares of BB&T Corporation in a research note on Friday, April 21st. Finally, BMO Capital Markets restated a “hold” rating and issued a $49.00 target price on shares of BB&T Corporation in a research note on Friday, July 21st. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the company’s stock. BB&T Corporation has an average rating of “Hold” and an average price target of $47.19.

In related news, insider Robert Jerome Johnson, Jr. sold 18,343 shares of the business’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $47.19, for a total transaction of $865,606.17. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP William Rufus Yates sold 28,515 shares of the business’s 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 directly owns 34,887 shares in the company, valued at approximately $1,642,131.09. 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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Institutional Ownership by Quarter for BB&T Corporation (NYSE:BBT)

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