Meeder Asset Management Inc. lowered its position in BB&T Corporation (NYSE:BBT) by 86.1% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,636 shares of the insurance provider’s stock after selling 103,154 shares during the period. Meeder Asset Management Inc.’s holdings in BB&T Corporation were worth $744,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in BBT. Jolley Asset Management LLC increased its stake in shares of BB&T Corporation by 1.0% in the first quarter. Jolley Asset Management LLC now owns 2,500 shares of the insurance provider’s stock worth $112,000 after buying an additional 25 shares during the period. Quadrant Capital Group LLC increased its stake in shares of BB&T Corporation by 2.6% in the first quarter. Quadrant Capital Group LLC now owns 3,152 shares of the insurance provider’s stock worth $135,000 after buying an additional 79 shares during the period. Welch Group LLC purchased a new stake in shares of BB&T Corporation during the first quarter worth approximately $151,000. North Star Investment Management Corp. increased its stake in shares of BB&T Corporation by 7.0% in the first quarter. North Star Investment Management Corp. now owns 4,229 shares of the insurance provider’s stock worth $189,000 after buying an additional 275 shares during the period. Finally, WMS Partners LLC purchased a new stake in shares of BB&T Corporation during the first quarter worth approximately $201,000. Institutional investors own 64.45% of the company’s stock.
Shares of BB&T Corporation (NYSE BBT) traded up 0.19% on Tuesday, reaching $48.25. 3,312,782 shares of the company’s stock were exchanged. The firm’s 50 day moving average price is $45.60 and its 200-day moving average price is $45.15. BB&T Corporation has a 12 month low of $36.75 and a 12 month high of $49.88. The company has a market capitalization of $38.99 billion, a P/E ratio of 18.01 and a beta of 1.07.
BB&T Corporation (NYSE:BBT) last released its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.77 EPS for the quarter, hitting analysts’ consensus estimates of $0.77. BB&T Corporation had a return on equity of 9.62% and a net margin of 19.57%. The firm had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.89 billion. During the same quarter in the prior year, the company posted $0.71 earnings per share. The firm’s revenue was up 2.4% on a year-over-year basis. On average, equities analysts anticipate that BB&T Corporation will post $2.83 EPS for the current year.
BB&T Corporation declared that its Board of Directors has approved a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $1.88 billion in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 5.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 11th will be issued a $0.33 dividend. The ex-dividend date is Wednesday, August 9th. This represents a $1.32 dividend on an annualized basis and a yield of 2.74%. This is an increase from BB&T Corporation’s previous quarterly dividend of $0.30. BB&T Corporation’s dividend payout ratio is currently 44.78%.
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A number of equities research analysts have recently commented on the stock. BidaskClub upgraded shares of BB&T Corporation from a “hold” rating to a “buy” rating in a report on Tuesday. Macquarie upgraded shares of BB&T Corporation from an “underperform” rating to a “neutral” rating in a report on Friday. BMO Capital Markets reiterated a “hold” rating and set a $49.00 price target on shares of BB&T Corporation in a report on Friday, July 21st. Hilliard Lyons downgraded shares of BB&T Corporation from a “buy” rating to a “hold” rating and set a $51.00 price target for the company. in a report on Friday, July 21st. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $49.00 price target on shares of BB&T Corporation in a report on Friday, July 14th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company. BB&T Corporation has an average rating of “Hold” and a consensus price target of $47.43.
In other BB&T Corporation news, insider Robert Jerome Johnson, Jr. sold 18,343 shares of the stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $47.19, for a total transaction of $865,606.17. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP William Rufus Yates sold 28,515 shares of the stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $47.07, for a total value of $1,342,201.05. Following 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. Corporate insiders own 0.36% 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.
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