BlackRock Inc. Has $2.12 Billion Stake in BB&T Corporation (BBT)
BlackRock Inc. boosted its stake in BB&T Corporation (NYSE:BBT) by 2,875.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,331,820 shares of the insurance provider’s stock after buying an additional 45,740,906 shares during the period. BlackRock Inc. owned 0.06% of BB&T Corporation worth $2,115,732,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BBT. Heritage Trust Co purchased a new position in BB&T Corporation during the first quarter valued at $2,371,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in BB&T Corporation during the fourth quarter valued at $1,235,000. Glen Harbor Capital Management LLC increased 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. Peapack Gladstone Financial Corp increased 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, Korea Investment CORP increased its position in BB&T Corporation by 5.5% in the first quarter. Korea Investment CORP now owns 219,824 shares of the insurance provider’s stock valued at $9,826,000 after buying an additional 11,363 shares during the period. 64.23% of the stock is currently owned by institutional investors and hedge funds.
Shares of BB&T Corporation (NYSE BBT) opened at 44.91 on Tuesday. The firm has a 50-day moving average of $43.22 and a 200-day moving average of $45.26. BB&T Corporation has a 1-year low of $36.19 and a 1-year high of $49.88. The firm has a market capitalization of $36.44 billion, a PE ratio of 17.55 and a beta of 1.06.
BB&T Corporation (NYSE:BBT) last issued its quarterly earnings results on Thursday, April 20th. The insurance provider reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.01. The company had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.80 billion. BB&T Corporation had a net margin of 19.06% and a return on equity of 9.49%. The business’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period last year, the business earned $0.69 EPS. On average, equities research analysts anticipate that BB&T Corporation will post $2.84 EPS for the current fiscal year.
BB&T Corporation declared that its board has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to repurchase $1.88 billion in shares. This repurchase authorization permits the insurance provider to repurchase up to 5.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
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BBT has been the topic of several analyst reports. Royal Bank Of Canada reissued a “buy” rating and issued a $50.00 target price on shares of BB&T Corporation in a research report on Tuesday, April 4th. BidaskClub raised shares of BB&T Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Hilliard Lyons raised shares of BB&T Corporation from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $51.00 to $49.00 in a research report on Monday, April 24th. FBR & Co reissued a “hold” rating on shares of BB&T Corporation in a research report on Friday, April 21st. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of BB&T Corporation in a research report on Thursday, April 20th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $47.21.
In related news, insider Clarke R. Starnes III sold 53,594 shares of the firm’s stock in a transaction on Friday, April 21st. The shares were sold at an average price of $43.37, for a total value of $2,324,371.78. Following the completion of the transaction, the insider now directly owns 131,350 shares of the company’s stock, valued at $5,696,649.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.36% of the stock is currently owned by company 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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