Chemung Canal Trust Co. decreased its position in shares of BB&T Corporation (NYSE:BBT) by 1.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 69,516 shares of the insurance provider’s stock after selling 674 shares during the period. Chemung Canal Trust Co.’s holdings in BB&T Corporation were worth $3,157,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Sheets Smith Wealth Management increased its stake in shares of BB&T Corporation by 4.1% in the first quarter. Sheets Smith Wealth Management now owns 14,064 shares of the insurance provider’s stock worth $629,000 after buying an additional 554 shares during the period. Creative Planning boosted its position in BB&T Corporation by 20.7% in the first quarter. Creative Planning now owns 124,972 shares of the insurance provider’s stock worth $5,586,000 after buying an additional 21,435 shares in the last quarter. Denali Advisors LLC acquired a new position in BB&T Corporation during the first quarter worth approximately $3,044,000. Manning & Napier Advisors LLC boosted its position in BB&T Corporation by 13.1% in the first quarter. Manning & Napier Advisors LLC now owns 81,975 shares of the insurance provider’s stock worth $3,663,000 after buying an additional 9,524 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. boosted its position in BB&T Corporation by 2.7% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 736,299 shares of the insurance provider’s stock worth $32,912,000 after buying an additional 19,011 shares in the last quarter. Institutional investors and hedge funds own 64.45% of the company’s stock.
Shares of BB&T Corporation (NYSE:BBT) opened at 47.69 on Thursday. The stock has a market cap of $38.54 billion, a price-to-earnings ratio of 17.80 and a beta of 1.07. The firm’s 50-day moving average price is $45.93 and its 200-day moving average price is $45.20. BB&T Corporation has a 12-month low of $36.75 and a 12-month high of $49.88.
BB&T Corporation (NYSE:BBT) last posted its earnings results on Thursday, July 20th. The insurance provider reported $0.77 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.77. BB&T Corporation had a net margin of 19.57% and a return on equity of 9.62%. The firm had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.89 billion. During the same quarter last year, the firm earned $0.71 EPS. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, analysts forecast that BB&T Corporation will post $2.83 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 11th will be paid a $0.33 dividend. This is an increase from BB&T Corporation’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, August 9th. This represents a $1.32 annualized dividend and a dividend yield of 2.77%. BB&T Corporation’s payout ratio is 44.78%.
BB&T Corporation declared that its board has approved a stock buyback program on Wednesday, June 28th that allows the company to repurchase $1.88 billion in shares. This repurchase authorization allows the insurance provider to reacquire up to 5.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
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A number of research firms have recently commented on BBT. BidaskClub raised BB&T Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday. Macquarie raised BB&T Corporation from an “underperform” rating to a “neutral” rating and set a $47.00 target price on the stock in a research note on Friday, August 4th. Wells Fargo & Company began coverage on BB&T Corporation in a research note on Wednesday. They set a “market perform” rating on the stock. BMO Capital Markets reaffirmed a “hold” rating and set a $49.00 target price on shares of BB&T Corporation in a research note on Friday, July 21st. Finally, Hilliard Lyons cut BB&T Corporation from a “buy” rating to a “hold” rating and set a $51.00 target price on the stock. in a research note on Friday, July 21st. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $47.40.
In other BB&T Corporation news, EVP William Rufus Yates sold 28,515 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 34,887 shares in the company, valued at $1,642,131.09. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Robert Jerome Johnson, Jr. sold 18,343 shares of the business’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $47.19, for a total transaction of $865,606.17. The disclosure for this sale can be found here. 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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