BB&T Corporation (BBT) Shares Sold by Stearns Financial Services Group
Stearns Financial Services Group lowered its position in BB&T Corporation (NYSE:BBT) by 3.4% during the second quarter, Holdings Channel reports. The institutional investor owned 65,987 shares of the insurance provider’s stock after selling 2,322 shares during the period. BB&T Corporation makes up 0.7% of Stearns Financial Services Group’s portfolio, making the stock its 25th largest position. Stearns Financial Services Group’s holdings in BB&T Corporation were worth $2,996,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of BBT. CAPROCK Group Inc. increased its position in BB&T Corporation by 51.6% in the first quarter. CAPROCK Group Inc. now owns 24,117 shares of the insurance provider’s stock valued at $1,078,000 after buying an additional 8,209 shares during the last quarter. Candriam Luxembourg S.C.A. increased its position in BB&T Corporation by 17.8% in the first quarter. Candriam Luxembourg S.C.A. now owns 69,196 shares of the insurance provider’s stock valued at $3,093,000 after buying an additional 10,436 shares during the last quarter. Diversified Trust Co increased its position in BB&T Corporation by 2.4% in the first quarter. Diversified Trust Co now owns 7,332 shares of the insurance provider’s stock valued at $328,000 after buying an additional 174 shares during the last quarter. OLD Point Trust & Financial Services N A increased its position in BB&T Corporation by 12.0% in the first quarter. OLD Point Trust & Financial Services N A now owns 62,436 shares of the insurance provider’s stock valued at $2,791,000 after buying an additional 6,700 shares during the last quarter. Finally, Cape Cod Five Cents Savings Bank increased its position in BB&T Corporation by 1.4% in the first quarter. Cape Cod Five Cents Savings Bank now owns 114,411 shares of the insurance provider’s stock valued at $5,114,000 after buying an additional 1,565 shares during the last quarter. 64.46% of the stock is owned by hedge funds and other institutional investors.
Shares of BB&T Corporation (NYSE BBT) opened at 46.12 on Friday. BB&T Corporation has a 12 month low of $36.75 and a 12 month high of $49.88. The firm’s 50-day moving average price is $46.45 and its 200-day moving average price is $45.21. The firm has a market cap of $37.27 billion, a PE ratio of 17.22 and a beta of 1.07.
BB&T Corporation (NYSE:BBT) last issued its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.77. The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.89 billion. BB&T Corporation had a return on equity of 9.62% and a net margin of 19.57%. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.71 earnings per share. Analysts expect that BB&T Corporation will post $2.84 earnings per share for the current year.
BB&T Corporation announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to buyback $1.88 billion in shares. This buyback authorization allows the insurance provider to buy up to 5.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 11th will be issued a dividend of $0.33 per share. This is a positive change from BB&T Corporation’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, August 9th. This represents a $1.32 annualized dividend and a dividend yield of 2.86%. BB&T Corporation’s dividend payout ratio (DPR) is presently 49.25%.
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BBT has been the topic of several research reports. Macquarie upgraded BB&T Corporation from an “underperform” rating to a “neutral” rating and set a $47.00 price objective on the stock in a report on Friday, August 4th. BidaskClub upgraded BB&T Corporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Hilliard Lyons upgraded BB&T Corporation from a “neutral” rating to a “buy” rating and cut their price target for the company from $51.00 to $49.00 in a report on Monday, April 24th. FBR & Co reiterated a “hold” rating on shares of BB&T Corporation in a report on Friday, April 21st. Finally, Wells Fargo & Company began coverage on BB&T Corporation in a report on Wednesday, August 9th. They issued a “market perform” rating and a $44.00 price target on the stock. 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. BB&T Corporation has a consensus 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 firm’s stock in a transaction dated Wednesday, July 26th. The stock was 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 of the company’s stock, valued at $1,642,131.09. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider David Hudson Weaver sold 8,752 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $46.91, for a total value of $410,556.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 55,610 shares of company stock worth $2,618,364. 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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