First Trust Advisors LP lifted its position in BB&T Co. (NYSE:BBT) by 10.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,326,871 shares of the insurance provider’s stock after purchasing an additional 129,225 shares during the period. First Trust Advisors LP owned about 0.17% of BB&T worth $70,815,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Haverford Trust Co. grew its stake in BB&T by 1.0% during the third quarter. Haverford Trust Co. now owns 745,530 shares of the insurance provider’s stock valued at $39,789,000 after acquiring an additional 7,359 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in BB&T by 7.8% during the third quarter. Daiwa Securities Group Inc. now owns 31,529 shares of the insurance provider’s stock valued at $1,683,000 after acquiring an additional 2,278 shares in the last quarter. Kornitzer Capital Management Inc. KS grew its stake in BB&T by 2.0% during the third quarter. Kornitzer Capital Management Inc. KS now owns 769,875 shares of the insurance provider’s stock valued at $41,088,000 after acquiring an additional 14,985 shares in the last quarter. Eastern Bank grew its stake in BB&T by 1.8% during the third quarter. Eastern Bank now owns 59,634 shares of the insurance provider’s stock valued at $3,182,000 after acquiring an additional 1,083 shares in the last quarter. Finally, Fulcrum Capital LLC purchased a new position in BB&T during the third quarter valued at $411,000. 70.13% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently weighed in on the stock. UBS Group cut their target price on shares of BB&T from $53.00 to $52.00 and set a “neutral” rating for the company in a research note on Monday, October 21st. Deutsche Bank set a $59.00 target price on shares of BB&T and gave the company a “buy” rating in a research note on Friday, July 26th. ValuEngine raised shares of BB&T from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Jefferies Financial Group raised shares of BB&T from a “hold” rating to a “buy” rating and raised their target price for the company from $52.00 to $58.00 in a research note on Tuesday, October 8th. Finally, Wells Fargo & Co set a $55.00 target price on shares of BB&T and gave the company a “buy” rating in a research note on Friday, August 16th. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $54.50.
BB&T (NYSE:BBT) last issued its quarterly earnings data on Thursday, October 17th. The insurance provider reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.04. BB&T had a net margin of 23.17% and a return on equity of 12.25%. The business had revenue of $3 billion during the quarter, compared to analysts’ expectations of $2.99 billion. During the same period last year, the company posted $1.01 EPS. The business’s revenue was up 2.6% on a year-over-year basis. On average, analysts expect that BB&T Co. will post 4.21 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a $0.45 dividend. The ex-dividend date is Thursday, November 7th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.28%. BB&T’s payout ratio is currently 44.44%.
In other BB&T news, major shareholder Global Food Holdings Lp 3G sold 25,068,657 shares of BB&T stock in a transaction on Monday, September 16th. The shares were sold at an average price of $28.44, for a total value of $712,952,605.08. Also, Director K. David Jr. Boyer sold 4,285 shares of BB&T stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $52.64, for a total transaction of $225,562.40. The disclosure for this sale can be found here. Insiders sold a total of 25,077,442 shares of company stock valued at $713,290,667 over the last three months. Corporate insiders own 0.49% of the company’s stock.
BB&T Company 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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