AMG Funds LLC grew its holdings in shares of BB&T Corporation (NYSE:BBT) by 0.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 71,310 shares of the insurance provider’s stock after acquiring an additional 558 shares during the period. BB&T Corporation accounts for approximately 1.8% of AMG Funds LLC’s investment portfolio, making the stock its 2nd biggest holding. AMG Funds LLC’s holdings in BB&T Corporation were worth $3,238,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Community Bank N.A. grew its stake in shares of BB&T Corporation by 6.2% in the 2nd quarter. Community Bank N.A. now owns 2,474 shares of the insurance provider’s stock valued at $112,000 after buying an additional 144 shares during the period. Liberty Capital Management Inc. acquired a new position in BB&T Corporation during the 2nd quarter valued at about $136,000. Oakworth Capital Inc. boosted its stake in BB&T Corporation by 51.1% during the 2nd quarter. Oakworth Capital Inc. now owns 3,092 shares of the insurance provider’s stock valued at $140,000 after purchasing an additional 1,045 shares during the last quarter. Guardian Life Insurance Co. of America boosted its stake in BB&T Corporation by 0.7% during the 1st quarter. Guardian Life Insurance Co. of America now owns 3,130 shares of the insurance provider’s stock valued at $140,000 after purchasing an additional 21 shares during the last quarter. Finally, Pathstone Family Office LLC acquired a new position in BB&T Corporation during the 1st quarter valued at about $150,000. Institutional investors own 64.30% of the company’s stock.
BB&T Corporation (NYSE BBT) traded down 0.27% on Friday, hitting $43.95. 1,826,082 shares of the stock were exchanged. The company has a 50-day moving average of $46.31 and a 200 day moving average of $45.00. BB&T Corporation has a 12 month low of $36.80 and a 12 month high of $49.88. The firm has a market cap of $35.52 billion, a P/E ratio of 17.87 and a beta of 1.08.
BB&T Corporation (NYSE:BBT) last announced its earnings results on Thursday, July 20th. The insurance provider reported $0.77 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.77. The company had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.89 billion. BB&T Corporation had a net margin of 19.57% and a return on equity of 9.62%. BB&T Corporation’s revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.71 earnings per share. Equities research analysts expect that BB&T Corporation will post $2.83 earnings per share for the current fiscal year.
BB&T Corporation declared that its board has approved a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $1.88 billion in shares. This repurchase authorization allows the insurance provider to buy up to 5.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 11th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.99%. The ex-dividend date was Wednesday, August 9th. This is a positive change from BB&T Corporation’s previous quarterly dividend of $0.30. BB&T Corporation’s dividend payout ratio (DPR) is 49.25%.
In other news, insider David Hudson Weaver sold 8,752 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $46.91, for a total value of $410,556.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP William Rufus Yates sold 28,515 shares of the firm’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $47.07, for a total transaction of $1,342,201.05. Following the completion of the transaction, the executive vice president now directly owns 34,887 shares of the company’s stock, valued at approximately $1,642,131.09. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 55,610 shares of company stock valued at $2,618,364. 0.36% of the stock is currently owned by insiders.
A number of equities analysts have issued reports on BBT shares. BidaskClub upgraded BB&T Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. Wells Fargo & Company began coverage on shares of BB&T Corporation in a research report on Wednesday, August 9th. They set a “market perform” rating and a $44.00 target price on the stock. Jefferies Group LLC reissued a “hold” rating and set a $49.00 target price on shares of BB&T Corporation in a research report on Friday, July 14th. Robert W. Baird reissued a “hold” rating and set a $45.00 target price on shares of BB&T Corporation in a research report on Friday, August 25th. Finally, Macquarie raised shares of BB&T Corporation from an “underperform” rating to a “neutral” rating and set a $47.00 target price on the stock in a research report on Friday, August 4th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have given a buy rating to the stock. BB&T Corporation presently has an average rating of “Hold” and a consensus target price of $47.06.
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BB&T Corporation Company Profile
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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