TIAA CREF Investment Management LLC Sells 367,893 Shares of BB&T (BBT)
TIAA CREF Investment Management LLC reduced its stake in BB&T (NYSE:BBT) by 13.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,465,688 shares of the insurance provider’s stock after selling 367,893 shares during the quarter. TIAA CREF Investment Management LLC’s holdings in BB&T were worth $122,594,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in BBT. Delpha Capital Management LLC bought a new position in BB&T in the 4th quarter worth $106,000. Kistler Tiffany Companies LLC raised its holdings in BB&T by 102.6% in the 4th quarter. Kistler Tiffany Companies LLC now owns 2,356 shares of the insurance provider’s stock worth $117,000 after purchasing an additional 1,193 shares during the period. Shamrock Asset Management LLC bought a new position in BB&T in the 4th quarter worth $123,000. Cerebellum GP LLC bought a new position in BB&T in the 4th quarter worth $123,000. Finally, Front Row Advisors LLC bought a new position in BB&T in the 4th quarter worth $142,000. 63.98% of the stock is currently owned by institutional investors.
In other news, insider Christopher L. Henson sold 48,524 shares of BB&T stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $54.75, for a total value of $2,656,689.00. Following the sale, the insider now directly owns 180,089 shares of the company’s stock, valued at $9,859,872.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Kelly S. King sold 60,000 shares of BB&T stock in a transaction dated Friday, January 19th. The stock was sold at an average price of $54.68, for a total value of $3,280,800.00. The disclosure for this sale can be found here. Insiders sold 170,078 shares of company stock worth $9,316,414 over the last ninety days. Insiders own 0.36% of the company’s stock.
BB&T (NYSE:BBT) last issued its earnings results on Thursday, January 18th. The insurance provider reported $0.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.04. BB&T had a return on equity of 9.93% and a net margin of 19.25%. The firm had revenue of $2.87 billion for the quarter, compared to analysts’ expectations of $2.86 billion. During the same period in the previous year, the firm posted $0.72 earnings per share. The business’s revenue was up 3.6% compared to the same quarter last year. research analysts anticipate that BB&T will post 3.92 EPS for the current fiscal year.
The company also recently announced a None dividend, which will be paid on Tuesday, March 20th. Stockholders of record on Tuesday, March 6th will be issued a $0.045 dividend. The ex-dividend date of this dividend is Monday, March 5th. This represents a dividend yield of 2.37%. BB&T’s dividend payout ratio (DPR) is 48.18%.
A number of brokerages recently commented on BBT. Oppenheimer reaffirmed a “hold” rating on shares of BB&T in a report on Thursday, January 18th. UBS raised BB&T from a “market perform” rating to an “outperform” rating in a report on Tuesday, January 9th. B. Riley reissued a “hold” rating and set a $55.00 price target on shares of BB&T in a report on Thursday, January 18th. BMO Capital Markets raised BB&T from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a report on Friday, February 9th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised BB&T from a “hold” rating to a “buy” rating and set a $62.00 price target on the stock in a report on Wednesday, February 28th. Fifteen research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $53.81.
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BB&T Corporation operates as a financial holding company that provides various banking and trust services for small and mid-size businesses, public agencies, local governments, and individuals. The company operates through four segments: CB-Retail, CB-Commercial, IH&PF, and FS&CF. Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.
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