Oakwood Capital Management LLC CA decreased its stake in BB&T Corporation (NYSE:BBT) by 3.3% during the second quarter, Holdings Channel reports. The institutional investor owned 135,624 shares of the insurance provider’s stock after selling 4,695 shares during the period. BB&T Corporation comprises about 1.5% of Oakwood Capital Management LLC CA’s portfolio, making the stock its 21st largest position. Oakwood Capital Management LLC CA’s holdings in BB&T Corporation were worth $6,159,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Jolley Asset Management LLC increased its stake 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 valued at $112,000 after buying an additional 25 shares during the period. Quadrant Capital Group LLC increased its stake 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 valued at $135,000 after buying an additional 79 shares during the period. Liberty Capital Management Inc. acquired a new stake in BB&T Corporation during the second quarter valued at approximately $136,000. Guardian Life Insurance Co. of America increased its stake 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 valued at $140,000 after buying an additional 21 shares during the period. Finally, Pathstone Family Office LLC acquired a new stake in BB&T Corporation during the first quarter valued at approximately $150,000. 64.45% of the stock is currently owned by institutional investors.
BB&T Corporation (NYSE BBT) opened at 47.69 on Thursday. The company has a 50 day moving average of $45.88 and a 200 day moving average of $45.18. BB&T Corporation has a 1-year low of $36.75 and a 1-year high of $49.88. The firm has a market capitalization of $38.54 billion, a PE ratio of 17.80 and a beta of 1.07.
BB&T Corporation (NYSE:BBT) last released its earnings results on Thursday, July 20th. The insurance provider reported $0.77 EPS for the quarter, meeting 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 company 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 company earned $0.71 earnings per share. BB&T Corporation’s quarterly revenue was up 2.4% compared to the same quarter last year. Analysts forecast that BB&T Corporation will post $2.83 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 11th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.77%. The ex-dividend date is Wednesday, August 9th. This is an increase from BB&T Corporation’s previous quarterly dividend of $0.30. BB&T Corporation’s payout ratio is 44.78%.
BB&T Corporation declared that its board has initiated a stock repurchase program on Wednesday, June 28th that permits the company to buyback $1.88 billion in shares. This buyback authorization permits the insurance provider to reacquire up to 5.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
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Several analysts have recently commented on the stock. Wells Fargo & Company assumed coverage on shares of BB&T Corporation in a report on Wednesday. They issued a “market perform” rating on the stock. BidaskClub raised shares of BB&T Corporation from a “hold” rating to a “buy” rating in a report on Tuesday. Macquarie raised shares of BB&T Corporation from an “underperform” rating to a “neutral” rating and set a $47.00 price objective on the stock in a report on Friday, August 4th. BMO Capital Markets reaffirmed a “hold” rating and issued a $49.00 price objective on shares of BB&T Corporation in a report on Friday, July 21st. Finally, Hilliard Lyons downgraded shares of BB&T Corporation from a “buy” rating to a “hold” rating and set a $51.00 price objective on the stock. in a report on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the company. BB&T Corporation has an average rating of “Hold” and a consensus price target of $47.40.
In other news, EVP William Rufus Yates sold 28,515 shares of BB&T Corporation 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 transaction, the executive vice president now owns 34,887 shares of the company’s stock, valued at approximately $1,642,131.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robert Jerome Johnson, Jr. sold 18,343 shares of BB&T Corporation stock in a transaction 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. 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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