Cape Cod Five Cents Savings Bank boosted its position in shares of BB&T Corporation (NYSE:BBT) by 3.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,478 shares of the insurance provider’s stock after buying an additional 4,067 shares during the period. Cape Cod Five Cents Savings Bank’s holdings in BB&T Corporation were worth $5,380,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Legal & General Group Plc raised its stake 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 worth $174,020,000 after buying an additional 126,549 shares in the last quarter. Heritage Trust Co purchased a new stake in BB&T Corporation during the first quarter worth $2,371,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in BB&T Corporation during the fourth quarter worth $1,235,000. Peapack Gladstone Financial Corp raised its stake 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 worth $12,083,000 after buying an additional 12,302 shares in the last quarter. Finally, Glen Harbor Capital Management LLC raised its stake 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 worth $1,047,000 after buying an additional 7,548 shares in the last quarter. Institutional investors and hedge funds own 64.45% of the company’s stock.
Shares of BB&T Corporation (NYSE:BBT) traded down 0.79% during trading on Friday, reaching $46.31. 4,575,041 shares of the company’s stock traded hands. The stock has a market cap of $37.42 billion, a P/E ratio of 17.29 and a beta of 1.07. BB&T Corporation has a one year low of $36.80 and a one year high of $49.88. The company has a 50 day moving average price of $46.10 and a 200-day moving average price of $45.22.
BB&T Corporation (NYSE:BBT) last issued its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.77 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.77. BB&T Corporation had a net margin of 19.57% and a return on equity of 9.62%. The company had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.89 billion. During the same quarter in the prior year, the company earned $0.71 EPS. BB&T Corporation’s quarterly revenue was up 2.4% on a year-over-year basis. On average, equities research analysts expect that BB&T Corporation will post $2.82 EPS for the current fiscal year.
BB&T Corporation announced that its board has approved a stock buyback program on Wednesday, June 28th that authorizes the company to repurchase $1.88 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to reacquire up to 5.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 11th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.85%. The ex-dividend date is Wednesday, August 9th. This is an increase from BB&T Corporation’s previous quarterly dividend of $0.30. BB&T Corporation’s dividend payout ratio is 49.25%.
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A number of analysts have recently issued reports on the stock. Macquarie raised shares of BB&T Corporation from an “underperform” rating to a “neutral” rating and set a $47.00 price target on the stock in a report on Friday, August 4th. BidaskClub raised shares of BB&T Corporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Hilliard Lyons raised shares of 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. FBR & Co reaffirmed a “hold” rating on shares of BB&T Corporation in a report on Friday, April 21st. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of BB&T Corporation in a report on Thursday, April 20th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $47.19.
In other BB&T Corporation 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 value of $1,342,201.05. Following the sale, the executive vice president now owns 34,887 shares in the company, valued at approximately $1,642,131.09. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Robert Jerome Johnson, Jr. sold 18,343 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $47.19, 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.
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.
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