Citigroup Inc. Reiterates Neutral Rating for BB&T Corporation (BBT)

Citigroup Inc. restated their neutral rating on shares of BB&T Corporation (NYSE:BBT) in a research note released on Monday, October 9th. They currently have a $49.00 target price on the insurance provider’s stock, up from their prior target price of $47.00.

Several other equities analysts have also weighed in on BBT. BidaskClub raised BB&T Corporation from a hold rating to a buy rating in a report on Tuesday, August 8th. Wells Fargo & Company began coverage on BB&T Corporation in a report on Wednesday, August 9th. They set a market perform rating and a $44.00 price objective for the company. Macquarie raised BB&T Corporation from an underperform rating to a neutral rating and set a $47.00 price objective for the company in a report on Friday, August 4th. BMO Capital Markets reissued a hold rating and set a $49.00 price objective on shares of BB&T Corporation in a report on Friday, July 21st. Finally, Stephens raised BB&T Corporation from an equal weight rating to an overweight rating and set a $53.00 price objective for the company in a report on Thursday, October 5th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the stock. BB&T Corporation currently has an average rating of Hold and a consensus target price of $49.18.

Shares of BB&T Corporation (NYSE:BBT) opened at 47.50 on Monday. The firm has a market cap of $38.38 billion, a P/E ratio of 17.73 and a beta of 1.07. BB&T Corporation has a 12-month low of $38.23 and a 12-month high of $49.88. The firm’s 50-day moving average price is $45.91 and its 200 day moving average price is $44.95.

BB&T Corporation (NYSE:BBT) last released its earnings results on Thursday, October 19th. The insurance provider reported $0.78 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.78. The company had revenue of $2.85 billion during the quarter, compared to analyst estimates of $2.85 billion. BB&T Corporation had a return on equity of 9.64% and a net margin of 19.42%. BB&T Corporation’s quarterly revenue was up 1.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.76 earnings per share. On average, equities analysts expect that BB&T Corporation will post $2.81 earnings per share for the current fiscal year.

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BB&T Corporation announced that its board has authorized a share buyback plan on Wednesday, June 28th that permits the company to buyback $1.88 billion in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 5.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

In other news, insider David Hudson Weaver sold 8,752 shares of BB&T Corporation stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $46.91, for a total value of $410,556.32. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP William Rufus Yates sold 28,515 shares of BB&T Corporation stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $47.07, for a total value of $1,342,201.05. Following the completion of the transaction, the executive vice president now owns 34,887 shares in the company, valued at approximately $1,642,131.09. The disclosure for this sale can be found here. Insiders have sold 55,610 shares of company stock worth $2,618,364 in the last 90 days. Company insiders own 0.36% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc grew its stake in shares of BB&T Corporation by 3.4% in the first quarter. Legal & General Group Plc now owns 3,892,901 shares of the insurance provider’s stock worth $174,020,000 after purchasing an additional 126,549 shares during the last quarter. HRT Financial LLC grew its stake in shares of BB&T Corporation by 26.2% in the first quarter. HRT Financial LLC now owns 9,179 shares of the insurance provider’s stock worth $410,000 after purchasing an additional 1,908 shares during the last quarter. Bank of America Corp DE grew its stake in shares of BB&T Corporation by 0.3% in the first quarter. Bank of America Corp DE now owns 12,766,336 shares of the insurance provider’s stock worth $570,655,000 after purchasing an additional 43,867 shares during the last quarter. Peapack Gladstone Financial Corp grew its stake in shares of BB&T Corporation by 4.8% in the first quarter. Peapack Gladstone Financial Corp now owns 270,317 shares of the insurance provider’s stock worth $12,083,000 after purchasing an additional 12,302 shares during the last quarter. Finally, Shelter Mutual Insurance Co grew its stake in shares of BB&T Corporation by 145.5% in the second quarter. Shelter Mutual Insurance Co now owns 84,200 shares of the insurance provider’s stock worth $3,823,000 after purchasing an additional 49,900 shares during the last quarter. Hedge funds and other institutional investors own 64.25% of the company’s stock.

About BB&T Corporation

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.

Analyst Recommendations for BB&T Corporation (NYSE:BBT)

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