Investors Asset Management of Georgia Inc. GA ADV raised its position in shares of BB&T Corporation (NYSE:BBT) by 2.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 9,878 shares of the insurance provider’s stock after buying an additional 250 shares during the period. Investors Asset Management of Georgia Inc. GA ADV’s holdings in BB&T Corporation were worth $449,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. Manning & Napier Advisors LLC boosted its stake in BB&T Corporation by 13.1% in the first quarter. Manning & Napier Advisors LLC now owns 81,975 shares of the insurance provider’s stock worth $3,663,000 after buying an additional 9,524 shares during the period. Sheets Smith Wealth Management boosted its stake in BB&T Corporation by 4.1% in the first quarter. Sheets Smith Wealth Management now owns 14,064 shares of the insurance provider’s stock worth $629,000 after buying an additional 554 shares during the period. Gulf International Bank UK Ltd boosted its stake in BB&T Corporation by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 250,898 shares of the insurance provider’s stock worth $11,215,000 after buying an additional 3,370 shares during the period. Koshinski Asset Management Inc. boosted its stake in BB&T Corporation by 8.8% in the first quarter. Koshinski Asset Management Inc. now owns 8,559 shares of the insurance provider’s stock worth $383,000 after buying an additional 692 shares during the period. Finally, Quadrant Capital Group LLC boosted its stake in 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 worth $135,000 after buying an additional 79 shares during the period. Hedge funds and other institutional investors own 64.46% of the company’s stock.
BB&T Corporation (BBT) traded down 0.09% during trading on Friday, reaching $46.12. 4,394,869 shares of the company traded hands. The company has a market cap of $37.27 billion, a PE ratio of 17.22 and a beta of 1.07. BB&T Corporation has a 12 month low of $36.80 and a 12 month high of $49.88. The company’s 50-day moving average is $46.45 and its 200 day moving average is $45.21.
BB&T Corporation (NYSE:BBT) last issued 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 company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.89 billion. During the same period in the prior year, the firm earned $0.71 earnings per share. BB&T Corporation’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, analysts anticipate that BB&T Corporation will post $2.84 earnings per share for the current year.
BB&T Corporation announced that its Board of Directors has initiated a stock 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 reacquire up to 5.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 11th will be given 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 positive change 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%.
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BBT has been the subject of a number of analyst reports. FBR & Co reiterated a “hold” rating on shares of BB&T Corporation in a research note on Friday, April 21st. Hilliard Lyons upgraded shares of BB&T Corporation from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $51.00 to $49.00 in a research note on Monday, April 24th. BidaskClub upgraded shares of BB&T Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. BMO Capital Markets restated a “hold” rating and issued a $48.00 price objective on shares of BB&T Corporation in a research note on Friday, June 30th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $49.00 price objective on shares of BB&T Corporation in a research note on Friday, July 14th. One equities 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 stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $47.19.
In other 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 transaction 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 $1,642,131.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David Hudson Weaver sold 8,752 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $46.91, for a total value of $410,556.32. The disclosure for this sale can be found here. Insiders have sold 55,610 shares of company stock worth $2,618,364 over the last ninety days. 0.36% of the stock is owned by 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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