Municipal Employees Retirement System of Michigan decreased its stake in shares of BB&T Corporation (NYSE:BBT) by 13.1% during the second quarter, Holdings Channel reports. The firm owned 49,500 shares of the insurance provider’s stock after selling 7,450 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in BB&T Corporation were worth $2,248,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in BBT. Guardian Life Insurance Co. of America increased its stake in shares of BB&T Corporation by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 3,130 shares of the insurance provider’s stock worth $140,000 after buying an additional 21 shares during the last quarter. Jolley Asset Management LLC increased its stake in shares of BB&T Corporation by 1.0% in the first quarter. Jolley Asset Management LLC now owns 2,500 shares of the insurance provider’s stock worth $112,000 after buying an additional 25 shares during the last quarter. Canal Capital Management LLC increased its stake in shares of BB&T Corporation by 0.6% in the second quarter. Canal Capital Management LLC now owns 7,832 shares of the insurance provider’s stock worth $356,000 after buying an additional 48 shares during the last quarter. Quadrant Capital Group LLC increased its stake in shares of 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 last quarter. Finally, Cookson Peirce & Co. Inc. increased its stake in shares of BB&T Corporation by 1.1% in the first quarter. Cookson Peirce & Co. Inc. now owns 7,470 shares of the insurance provider’s stock worth $334,000 after buying an additional 80 shares during the last quarter. 64.45% of the stock is currently owned by institutional investors.

BB&T Corporation (NYSE:BBT) opened at 47.69 on Thursday. The stock has a market cap of $38.54 billion, a P/E ratio of 17.80 and a beta of 1.07. BB&T Corporation has a 12-month low of $36.45 and a 12-month high of $49.88. The company has a 50 day moving average of $45.88 and a 200-day moving average of $45.18.

BB&T Corporation (NYSE:BBT) last issued 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 return on equity of 9.62% and a net margin of 19.57%. The firm had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.89 billion. During the same quarter 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. Equities analysts forecast that BB&T Corporation will post $2.83 earnings per share for the current 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 business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 11th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.77%. The ex-dividend date is Wednesday, August 9th. This is a positive change from BB&T Corporation’s previous quarterly dividend of $0.30. BB&T Corporation’s dividend payout ratio is currently 44.78%.

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A number of analysts have recently issued reports on the stock. Wells Fargo & Company assumed coverage on shares of BB&T Corporation in a report on Wednesday. They set a “market perform” rating on the stock. BidaskClub raised shares of BB&T Corporation from a “hold” rating to a “buy” rating in a report on Tuesday. BMO Capital Markets reaffirmed a “hold” rating and set a $49.00 price target on shares of BB&T Corporation in a report on Friday, July 21st. Hilliard Lyons downgraded shares of BB&T Corporation from a “buy” rating to a “hold” rating and set a $51.00 price target on the stock. in a report on Friday, July 21st. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $49.00 price target on shares of BB&T Corporation in a report on Friday, July 14th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $47.40.

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. 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.

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

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