North Point Portfolio Managers Corp OH reduced its position in shares of BB&T Corporation (NYSE:BBT) by 1.4% during the second quarter, Holdings Channel reports. The firm owned 303,484 shares of the insurance provider’s stock after selling 4,419 shares during the period. BB&T Corporation accounts for approximately 2.4% of North Point Portfolio Managers Corp OH’s investment portfolio, making the stock its 23rd largest position. North Point Portfolio Managers Corp OH’s holdings in BB&T Corporation were worth $13,781,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Jolley Asset Management LLC increased its position in 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 position in 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. Liberty Capital Management Inc. bought a new position in BB&T Corporation during the second quarter worth $136,000. Guardian Life Insurance Co. of America increased its position in BB&T Corporation by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 3,130 shares of the insurance provider’s stock worth $140,000 after buying an additional 21 shares during the period. Finally, Pathstone Family Office LLC bought a new position in BB&T Corporation during the first quarter worth $150,000. 64.45% of the stock is currently owned by institutional investors.
BB&T Corporation (BBT) opened at 47.69 on Thursday. The firm’s 50-day moving average price is $45.88 and its 200-day moving average price is $45.18. The company has a market cap of $38.54 billion, a PE ratio of 17.80 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.
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, hitting the Zacks’ consensus estimate of $0.77. BB&T Corporation had a net margin of 19.57% and a return on equity of 9.62%. The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.89 billion. During the same quarter in the prior year, the business posted $0.71 EPS. The firm’s revenue was up 2.4% compared to the same quarter last year. Equities research analysts forecast that BB&T Corporation will post $2.83 earnings per share for the current fiscal year.
BB&T Corporation announced that its board has authorized a share buyback program on Wednesday, June 28th that allows the company to repurchase $1.88 billion in outstanding shares. This repurchase authorization allows the insurance provider to buy up to 5.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend is Wednesday, August 9th. This is a positive change 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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BBT has been the topic of a number of analyst reports. BidaskClub raised BB&T Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday. Hilliard Lyons raised BB&T Corporation from a “neutral” rating to a “buy” rating and cut their price target for the company from $51.00 to $49.00 in a research note on Monday, April 24th. BMO Capital Markets reissued a “hold” rating and issued a $49.00 price target on shares of BB&T Corporation in a research note on Friday, July 21st. Jefferies Group LLC reissued a “hold” rating and issued a $49.00 price target on shares of BB&T Corporation in a research note on Friday, July 14th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of BB&T Corporation in a research note on Thursday, April 20th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $47.40.
In related news, insider Robert Jerome Johnson, Jr. sold 18,343 shares of the company’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $47.19, for a total value of $865,606.17. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP William Rufus Yates sold 28,515 shares of the company’s stock in a transaction dated 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 disclosure for this sale can be found here. Corporate insiders own 0.36% of the company’s stock.
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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