Chemung Canal Trust Co. Reduces Position in BB&T Corporation (BBT)

Chemung Canal Trust Co. decreased its stake in BB&T Corporation (NYSE:BBT) by 1.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 70,190 shares of the insurance provider’s stock after selling 1,205 shares during the period. Chemung Canal Trust Co.’s holdings in BB&T Corporation were worth $3,138,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Legal & General Group Plc boosted 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 during the period. Heritage Trust Co purchased a new position in BB&T Corporation during the first quarter valued at approximately $2,371,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in BB&T Corporation during the fourth quarter valued at approximately $1,235,000. Peapack Gladstone Financial Corp boosted 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 during the period. Finally, Glen Harbor Capital Management LLC boosted 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 during the period. Hedge funds and other institutional investors own 64.46% of the company’s stock.

BB&T Corporation (NYSE:BBT) traded down 0.09% during mid-day trading on Friday, hitting $46.12. The company’s stock had a trading volume of 4,394,869 shares. The firm has a market cap of $37.27 billion, a price-to-earnings ratio of 17.22 and a beta of 1.07. BB&T Corporation has a 52-week low of $36.80 and a 52-week high of $49.88. The firm has a 50 day moving average of $46.45 and a 200-day moving average of $45.21.

BB&T Corporation (NYSE:BBT) last announced its earnings results on Thursday, July 20th. The insurance provider reported $0.77 EPS for the quarter, meeting 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 during the quarter, compared to analysts’ expectations of $2.89 billion. During the same period in the prior year, the company earned $0.71 earnings per share. The firm’s revenue was up 2.4% on a year-over-year basis. On average, equities research analysts expect that BB&T Corporation will post $2.84 EPS for the current fiscal year.

BB&T Corporation declared that its Board of Directors has authorized a share 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 buy up to 5.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are 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 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 2.86%. BB&T Corporation’s dividend payout ratio is 49.25%.

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BBT has been the subject of a number of recent research reports. FBR & Co reaffirmed a “hold” rating on shares of BB&T Corporation in a report on Friday, April 21st. Hilliard Lyons raised BB&T Corporation from a “neutral” rating to a “buy” rating and dropped their price target for the company from $51.00 to $49.00 in a report on Monday, April 24th. BidaskClub raised BB&T Corporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. BMO Capital Markets reaffirmed a “hold” rating and set a $48.00 price target on shares of BB&T Corporation in a report on Friday, June 30th. Finally, Jefferies Group LLC reiterated 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 issued a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $47.19.

In other news, insider David Hudson Weaver sold 8,752 shares of the stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $46.91, for a total value of $410,556.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 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 disclosure for this sale can be found here. Over the last three months, insiders sold 55,610 shares of company stock valued at $2,618,364. Corporate 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.

Institutional Ownership by Quarter for BB&T Corporation (NYSE:BBT)

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