Shayne & CO. LLC continued to hold its stake in BB&T Corporation (NYSE:BBT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,404 shares of the insurance provider’s stock at the end of the second quarter. BB&T Corporation makes up about 0.3% of Shayne & CO. LLC’s investment portfolio, making the stock its 18th largest position. Shayne & CO. LLC’s holdings in BB&T Corporation were worth $336,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the company. Legal & General Group Plc increased 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 buying an additional 126,549 shares during the last quarter. Heritage Trust Co purchased a new stake in shares of BB&T Corporation during the first quarter worth about $2,371,000. Peapack Gladstone Financial Corp boosted its position in 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 buying an additional 12,302 shares during the period. Glen Harbor Capital Management LLC boosted its position in BB&T Corporation by 47.5% in the first quarter. Glen Harbor Capital Management LLC now owns 23,426 shares of the insurance provider’s stock worth $1,047,000 after buying an additional 7,548 shares during the period. Finally, HRT Financial LLC boosted its position in 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 buying an additional 1,908 shares during the period. 64.46% of the stock is currently owned by hedge funds and other institutional investors.
Shares of BB&T Corporation (NYSE:BBT) traded down 0.09% during mid-day trading on Friday, reaching $46.12. The company’s stock had a trading volume of 4,394,869 shares. The stock has a market capitalization of $37.27 billion, a P/E ratio of 17.22 and a beta of 1.07. BB&T Corporation has a 12-month low of $36.75 and a 12-month high of $49.88. The company’s 50-day moving average price is $46.45 and its 200-day moving average price is $45.21.
BB&T Corporation (NYSE:BBT) last posted its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.77 EPS for the quarter, meeting the consensus estimate 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 during the quarter, compared to analysts’ expectations of $2.89 billion. During the same quarter last year, the firm earned $0.71 earnings per share. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, equities research analysts forecast that BB&T Corporation will post $2.84 earnings per share for the current fiscal year.
BB&T Corporation announced that its board has authorized a share buyback plan on Wednesday, June 28th that allows the company to repurchase $1.88 billion in outstanding shares. This repurchase authorization allows the insurance provider to purchase up to 5.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared 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. This represents a $1.32 annualized dividend and a dividend yield of 2.86%. The ex-dividend date is Wednesday, August 9th. This is a boost from BB&T Corporation’s previous quarterly dividend of $0.30. BB&T Corporation’s dividend payout ratio (DPR) is currently 49.25%.
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A number of research firms have recently commented on BBT. Wells Fargo & Company began coverage on shares of BB&T Corporation in a report on Wednesday, August 9th. They issued a “market perform” rating and a $44.00 target price for the company. BidaskClub upgraded shares of BB&T Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, August 8th. Macquarie upgraded shares of BB&T Corporation from an “underperform” rating to a “neutral” rating and set a $47.00 price target for the company in a report on Friday, August 4th. BMO Capital Markets restated a “hold” rating and set a $49.00 price target on shares of BB&T Corporation in a report on Friday, July 21st. Finally, Hilliard Lyons lowered 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. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $47.19.
In related news, EVP William Rufus Yates sold 28,515 shares of the stock in a transaction that occurred on 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 directly owns 34,887 shares in the company, valued at $1,642,131.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $865,606.17. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,610 shares of company stock valued at $2,618,364. 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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