Wellington Shields Capital Management LLC Reduces Stake in BB&T Co. (BBT)
Wellington Shields Capital Management LLC lessened its position in BB&T Co. (NYSE:BBT) by 22.9% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,750 shares of the insurance provider’s stock after selling 2,000 shares during the period. Wellington Shields Capital Management LLC’s holdings in BB&T were worth $328,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of BBT. Charles Schwab Investment Advisory Inc. bought a new stake in shares of BB&T in the 2nd quarter worth $346,422,000. Bank of America Corp DE raised its stake in shares of BB&T by 18.0% in the 2nd quarter. Bank of America Corp DE now owns 28,174,029 shares of the insurance provider’s stock worth $1,421,098,000 after buying an additional 4,304,522 shares in the last quarter. Epoch Investment Partners Inc. bought a new stake in shares of BB&T in the 2nd quarter worth $100,873,000. American Century Companies Inc. raised its stake in shares of BB&T by 10.5% in the 3rd quarter. American Century Companies Inc. now owns 9,054,595 shares of the insurance provider’s stock worth $439,510,000 after buying an additional 861,733 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of BB&T by 5.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 10,461,296 shares of the insurance provider’s stock worth $527,666,000 after buying an additional 547,692 shares in the last quarter. 64.96% of the stock is currently owned by institutional investors.
In other news, Director I. Patricia Henry sold 611 shares of BB&T stock in a transaction on Wednesday, October 31st. The stock was sold at an average price of $49.50, for a total transaction of $30,244.50. Following the transaction, the director now owns 4,375 shares in the company, valued at $216,562.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Nido R. Qubein sold 2,825 shares of BB&T stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $50.19, for a total value of $141,786.75. The disclosure for this sale can be found here. Insiders own 0.51% of the company’s stock.
BB&T (NYSE:BBT) last issued its earnings results on Thursday, October 18th. The insurance provider reported $1.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.01. The business had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.93 billion. BB&T had a return on equity of 11.66% and a net margin of 23.52%. The company’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.74 EPS. As a group, research analysts expect that BB&T Co. will post 3.82 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Friday, November 9th will be issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date of this dividend is Thursday, November 8th. BB&T’s payout ratio is 51.59%.
BBT has been the topic of a number of research reports. Zacks Investment Research raised BB&T from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research note on Wednesday, October 10th. ValuEngine raised BB&T from a “sell” rating to a “hold” rating in a research note on Thursday, October 18th. BMO Capital Markets dropped their price objective on BB&T from $58.00 to $57.00 and set an “outperform” rating on the stock in a research note on Friday, October 19th. B. Riley set a $56.00 price objective on BB&T and gave the stock a “buy” rating in a research note on Monday, October 15th. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $52.00 price objective on shares of BB&T in a research note on Friday, July 20th. Nine equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. BB&T has an average rating of “Buy” and a consensus price target of $55.50.
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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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