Pictet Asset Management Ltd. Boosts Stock Position in BB&T Co. (NYSE:BBT)

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Pictet Asset Management Ltd. lifted its position in BB&T Co. (NYSE:BBT) by 32.5% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 504,514 shares of the insurance provider’s stock after buying an additional 123,841 shares during the quarter. Pictet Asset Management Ltd.’s holdings in BB&T were worth $24,787,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Advisory Services Network LLC raised its holdings in shares of BB&T by 34.3% in the 1st quarter. Advisory Services Network LLC now owns 49,790 shares of the insurance provider’s stock valued at $2,317,000 after buying an additional 12,729 shares during the period. ZWJ Investment Counsel Inc. increased its holdings in BB&T by 4.4% during the 1st quarter. ZWJ Investment Counsel Inc. now owns 29,093 shares of the insurance provider’s stock worth $1,354,000 after purchasing an additional 1,228 shares during the period. Banyan Capital Management Inc. increased its holdings in BB&T by 3.4% during the 2nd quarter. Banyan Capital Management Inc. now owns 61,361 shares of the insurance provider’s stock worth $3,015,000 after purchasing an additional 2,005 shares during the period. Advisor Group Inc. increased its holdings in BB&T by 26.7% during the 1st quarter. Advisor Group Inc. now owns 78,824 shares of the insurance provider’s stock worth $3,670,000 after purchasing an additional 16,608 shares during the period. Finally, Canal Capital Management LLC increased its holdings in BB&T by 50.7% during the 2nd quarter. Canal Capital Management LLC now owns 8,871 shares of the insurance provider’s stock worth $436,000 after purchasing an additional 2,984 shares during the period. Hedge funds and other institutional investors own 70.26% of the company’s stock.

In other news, Director Nido R. Qubein sold 4,500 shares of the stock in a transaction dated Sunday, September 1st. The stock was sold at an average price of $25.00, for a total value of $112,500.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider David Hudson Weaver sold 21,705 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $51.44, for a total value of $1,116,505.20. The disclosure for this sale can be found here. Corporate insiders own 0.49% of the company’s stock.

Several brokerages have weighed in on BBT. Deutsche Bank set a $59.00 price target on BB&T and gave the stock a “buy” rating in a report on Friday, July 26th. JPMorgan Chase & Co. cut their price target on BB&T from $51.50 to $50.50 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. UBS Group cut their price target on BB&T from $55.00 to $53.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Wells Fargo & Co set a $55.00 price target on BB&T and gave the stock a “buy” rating in a report on Friday, August 16th. Finally, Morgan Stanley set a $51.00 price target on BB&T and gave the stock a “hold” rating in a report on Friday, August 9th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $53.95.

Shares of BBT traded up $0.61 during mid-day trading on Friday, reaching $53.40. The company’s stock had a trading volume of 145,320 shares, compared to its average volume of 4,355,941. BB&T Co. has a 12-month low of $40.68 and a 12-month high of $53.05. The stock has a market cap of $39.26 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 1.34 and a beta of 1.15. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.88 and a quick ratio of 0.87. The company’s 50 day moving average is $48.10 and its 200 day moving average is $48.91.

BB&T (NYSE:BBT) last released its quarterly earnings data on Thursday, July 18th. The insurance provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. BB&T had a return on equity of 12.23% and a net margin of 23.58%. The business had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.01 billion. During the same quarter in the prior year, the business posted $1.01 EPS. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. As a group, sell-side analysts anticipate that BB&T Co. will post 4.24 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Wednesday, August 14th were issued a $0.45 dividend. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.37%. BB&T’s payout ratio is currently 44.44%.

BB&T Profile

BB&T Corporation, a holding company, provides banking and trust services for small and mid-size businesses, public agencies, local governments, corporations, and individuals in the Southeastern and Mid-Atlantic United States. The company operates through four segments: Community Banking Retail and Consumer Finance, Community Banking Commercial, Insurance Holdings, and Financial Services and Commercial Finance.

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Want to see what other hedge funds are holding BBT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BB&T Co. (NYSE:BBT).

Institutional Ownership by Quarter for BB&T (NYSE:BBT)

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