World Asset Management Inc Lowers Position in BB&T Corporation (NYSE:BBT)
World Asset Management Inc decreased its stake in shares of BB&T Corporation (NYSE:BBT) by 12.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 73,287 shares of the insurance provider’s stock after selling 10,410 shares during the period. World Asset Management Inc’s holdings in BB&T Corporation were worth $3,328,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in BBT. Bank of Montreal Can raised its stake in shares of BB&T Corporation by 8.2% in the first quarter. Bank of Montreal Can now owns 1,250,716 shares of the insurance provider’s stock valued at $55,906,000 after buying an additional 94,692 shares in the last quarter. Regentatlantic Capital LLC raised its stake in shares of BB&T Corporation by 5.0% in the first quarter. Regentatlantic Capital LLC now owns 5,440 shares of the insurance provider’s stock valued at $243,000 after buying an additional 257 shares in the last quarter. TNB Financial purchased a new stake in shares of BB&T Corporation during the first quarter valued at about $1,371,000. Verus Financial Partners Inc. raised its stake in shares of BB&T Corporation by 11.3% in the first quarter. Verus Financial Partners Inc. now owns 7,942 shares of the insurance provider’s stock valued at $355,000 after buying an additional 809 shares in the last quarter. Finally, Campbell Newman Asset Management Inc. purchased a new stake in shares of BB&T Corporation during the first quarter valued at about $7,590,000. Institutional investors and hedge funds own 64.45% of the company’s stock.
BB&T Corporation (BBT) opened at 46.31 on Friday. The firm has a market capitalization of $37.42 billion, a price-to-earnings 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 stock’s 50 day moving average price is $46.10 and its 200-day moving average price is $45.22.
BB&T Corporation (NYSE:BBT) last released its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.77 earnings per share (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 company had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.89 billion. During the same period last year, the firm posted $0.71 earnings per share. The business’s 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 initiated a share buyback plan on Wednesday, June 28th that allows the company to repurchase $1.88 billion in shares. This repurchase authorization allows the insurance provider to repurchase up to 5.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 11th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.85%. This is a boost from BB&T Corporation’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, August 9th. BB&T Corporation’s dividend payout ratio (DPR) is presently 49.25%.
Several equities research analysts have recently issued reports on BBT shares. FBR & Co reiterated a “hold” rating on shares of BB&T Corporation in a report on Friday, April 21st. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of BB&T Corporation in a report on Thursday, April 20th. Hilliard Lyons upgraded BB&T Corporation from a “neutral” rating to a “buy” rating and reduced their price target for the company from $51.00 to $49.00 in a report on Monday, April 24th. BidaskClub upgraded BB&T Corporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $48.00 price target on shares of BB&T Corporation in a report on Friday, June 30th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $47.19.
In other news, EVP William Rufus Yates sold 28,515 shares of the firm’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 completion of the sale, the executive vice president now directly owns 34,887 shares of the company’s stock, valued at $1,642,131.09. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robert Jerome Johnson, Jr. sold 18,343 shares of the firm’s stock in a transaction that occurred on Wednesday, July 26th. The shares were 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. 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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