BB&T Corporation (NYSE:BBT) is River Wealth Advisors LLC’s 7th Largest Position
River Wealth Advisors LLC cut its position in BB&T Corporation (NYSE:BBT) by 0.2% during the second quarter, Holdings Channel reports. The fund owned 79,769 shares of the insurance provider’s stock after selling 123 shares during the period. BB&T Corporation accounts for about 1.7% of River Wealth Advisors LLC’s portfolio, making the stock its 7th largest position. River Wealth Advisors LLC’s holdings in BB&T Corporation were worth $3,622,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Jolley Asset Management LLC increased its position 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. Liberty Capital Management Inc. acquired a new position in shares of BB&T Corporation during the second quarter worth $136,000. Guardian Life Insurance Co. of America increased its position 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. Pathstone Family Office LLC acquired a new position in shares of BB&T Corporation during the first quarter worth $150,000. Finally, Welch Group LLC acquired a new position in shares of BB&T Corporation during the first quarter worth $151,000. Hedge funds and other institutional investors own 64.45% of the company’s stock.
Shares of BB&T Corporation (NYSE:BBT) opened at 46.31 on Friday. BB&T Corporation has a 52-week low of $36.80 and a 52-week high of $49.88. The firm’s 50 day moving average price is $46.10 and its 200 day moving average price is $45.22. 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 (NYSE:BBT) last posted its earnings results on Thursday, July 20th. The insurance provider reported $0.77 EPS for the quarter, hitting analysts’ consensus estimates of $0.77. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.89 billion. BB&T Corporation had a net margin of 19.57% and a return on equity of 9.62%. The firm’s revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.71 EPS. On average, analysts expect that BB&T Corporation will post $2.82 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 11th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.85%. The ex-dividend date is Wednesday, August 9th. This is a boost from BB&T Corporation’s previous quarterly dividend of $0.30. BB&T Corporation’s dividend payout ratio (DPR) is currently 49.25%.
BB&T Corporation declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that allows the company to buyback $1.88 billion in outstanding shares. This buyback authorization allows the insurance provider to reacquire up to 5.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.
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A number of brokerages have recently weighed in on BBT. BidaskClub upgraded BB&T Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, August 8th. Macquarie upgraded BB&T Corporation from an “underperform” rating to a “neutral” rating and set a $47.00 target price on the stock in a research note on Friday, August 4th. Wells Fargo & Company began coverage on BB&T Corporation in a research note on Wednesday. They issued a “market perform” rating and a $44.00 target price on the stock. FBR & Co restated a “hold” rating on shares of BB&T Corporation in a research note on Friday, April 21st. Finally, BMO Capital Markets restated a “hold” rating and issued a $49.00 target price on shares of BB&T Corporation in a research note on Friday, July 21st. One research 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. The stock presently has an average rating of “Hold” and an average target price of $47.19.
In other news, EVP William Rufus Yates sold 28,515 shares of BB&T Corporation stock in a transaction on Wednesday, July 26th. The shares were 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 owns 34,887 shares in the company, valued at approximately $1,642,131.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert Jerome Johnson, Jr. sold 18,343 shares of BB&T Corporation stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $47.19, for a total transaction of $865,606.17. The disclosure for this sale can be found here. Company 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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