BB&T Corporation (BBT) Stake Raised by Louisiana State Employees Retirement System
Louisiana State Employees Retirement System boosted its position in BB&T Corporation (NYSE:BBT) by 1.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 50,300 shares of the insurance provider’s stock after buying an additional 600 shares during the period. Louisiana State Employees Retirement System’s holdings in BB&T Corporation were worth $2,284,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Heritage Trust Co acquired a new position in shares of BB&T Corporation during the first quarter valued at $2,371,000. Legal & General Group Plc raised its stake in 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 valued at $174,020,000 after buying an additional 126,549 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in BB&T Corporation during the fourth quarter valued at about $1,235,000. Peapack Gladstone Financial Corp raised 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 buying an additional 12,302 shares during the period. Finally, Glen Harbor Capital Management LLC raised its stake in shares of 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. Institutional investors own 64.42% of the company’s stock.
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Shares of BB&T Corporation (NYSE BBT) traded up 1.12% during trading on Tuesday, hitting $47.85. The stock had a trading volume of 4,752,378 shares. The stock’s 50 day moving average is $45.18 and its 200-day moving average is $45.08. The company has a market cap of $38.67 billion, a PE ratio of 17.85 and a beta of 1.06. BB&T Corporation has a 12-month low of $36.21 and a 12-month high of $49.88.
BB&T Corporation (NYSE:BBT) last released its earnings results on Thursday, July 20th. The insurance provider reported $0.77 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.77. The firm had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.89 billion. BB&T Corporation had a return on equity of 9.62% and a net margin of 19.57%. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.71 earnings per share. Analysts forecast that BB&T Corporation will post $2.83 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 11th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend is Wednesday, August 9th. This is an increase from BB&T Corporation’s previous quarterly dividend of $0.30. BB&T Corporation’s dividend payout ratio is 44.78%.
BB&T Corporation announced that its board has initiated a share 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 stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
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A number of equities research analysts have issued reports on the stock. BMO Capital Markets reaffirmed a “hold” rating and set a $49.00 price objective on shares of BB&T Corporation in a report on Friday, July 21st. Hilliard Lyons downgraded BB&T Corporation from a “buy” rating to a “hold” rating and set a $51.00 price target for the company. in a research report on Friday, July 21st. BidaskClub upgraded BB&T Corporation from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. Jefferies Group LLC reiterated a “hold” rating and set a $49.00 target price on shares of BB&T Corporation in a research report on Friday, July 14th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $50.00 target price on shares of BB&T Corporation in a research report on Tuesday, April 4th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $47.43.
In other news, EVP William Rufus Yates sold 28,515 shares of the stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $47.07, for a total transaction of $1,342,201.05. Following the completion of the sale, the executive vice president now owns 34,887 shares in the company, valued at approximately $1,642,131.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert Jerome Johnson, Jr. sold 18,343 shares of the stock in a transaction on Wednesday, July 26th. The shares were 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. 0.36% of the stock is currently owned by corporate insiders.
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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