Pictet Asset Management Ltd. Increases Stake in BB&T Co. (NYSE:BBT)

Pictet Asset Management Ltd. boosted its stake in shares of BB&T Co. (NYSE:BBT) by 32.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 504,514 shares of the insurance provider’s stock after acquiring an additional 123,841 shares during the quarter. Pictet Asset Management Ltd. owned 0.07% of BB&T worth $24,787,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. raised its position in BB&T by 10.7% during the first quarter. BlackRock Inc. now owns 59,338,587 shares of the insurance provider’s stock valued at $2,761,026,000 after acquiring an additional 5,759,090 shares in the last quarter. Northern Trust Corp raised its position in BB&T by 0.5% during the second quarter. Northern Trust Corp now owns 11,353,698 shares of the insurance provider’s stock valued at $557,808,000 after acquiring an additional 60,096 shares in the last quarter. Geode Capital Management LLC raised its position in BB&T by 6.8% during the fourth quarter. Geode Capital Management LLC now owns 9,220,118 shares of the insurance provider’s stock valued at $398,655,000 after acquiring an additional 590,366 shares in the last quarter. American Century Companies Inc. raised its position in BB&T by 0.6% during the first quarter. American Century Companies Inc. now owns 9,180,892 shares of the insurance provider’s stock valued at $427,187,000 after acquiring an additional 55,869 shares in the last quarter. Finally, Charles Schwab Investment Advisory Inc. raised its position in BB&T by 3.7% during the second quarter. Charles Schwab Investment Advisory Inc. now owns 7,563,821 shares of the insurance provider’s stock valued at $371,610,000 after acquiring an additional 267,503 shares in the last quarter. Institutional investors own 70.26% of the company’s stock.

Shares of BB&T stock traded up $0.61 on Friday, reaching $53.40. The company’s stock had a trading volume of 145,320 shares, compared to its average volume of 4,355,941. The company has a market capitalization of $39.26 billion, a P/E ratio of 13.19, a PEG ratio of 1.34 and a beta of 1.15. BB&T Co. has a 52-week low of $40.68 and a 52-week high of $53.05. The stock has a 50-day moving average price of $48.10 and a 200-day moving average price of $48.91. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.79.

BB&T (NYSE:BBT) last issued its quarterly earnings results on Thursday, July 18th. The insurance provider reported $1.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.04. The firm had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.01 billion. BB&T had a return on equity of 12.23% and a net margin of 23.58%. The business’s revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 earnings per share. Sell-side analysts forecast that BB&T Co. will post 4.24 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Wednesday, August 14th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend was Tuesday, August 13th. BB&T’s dividend payout ratio is presently 44.44%.

BBT has been the subject of several recent research reports. Deutsche Bank set a $59.00 price target on BB&T and gave the company a “buy” rating in a research report on Friday, July 26th. UBS Group cut their price objective on BB&T from $55.00 to $53.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Morgan Stanley set a $51.00 price objective on BB&T and gave the company a “hold” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. cut their price objective on BB&T from $51.50 to $50.50 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. Finally, Wells Fargo & Co set a $55.00 price objective on BB&T and gave the company a “buy” rating in a research report on Friday, August 16th. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $53.95.

In other news, Director Nido R. Qubein sold 4,500 shares of BB&T stock in a transaction that occurred on Sunday, September 1st. The stock was sold at an average price of $25.00, for a total value of $112,500.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider David Hudson Weaver sold 21,705 shares of BB&T stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $51.44, for a total value of $1,116,505.20. The disclosure for this sale can be found here. Insiders own 0.49% of the company’s stock.

About BB&T

BB&T Corporation, a holding company, provides banking and trust services for small and mid-size businesses, public agencies, local governments, corporations, and individuals in the Southeastern and Mid-Atlantic United States. The company operates through four segments: Community Banking Retail and Consumer Finance, Community Banking Commercial, Insurance Holdings, and Financial Services and Commercial Finance.

Further Reading: Are analyst ratings accurate?

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

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