BB&T Corporation (BBT) Stake Boosted by Great West Life Assurance Co. Can

Great West Life Assurance Co. Can raised its position in BB&T Corporation (NYSE:BBT) by 13.9% during the second quarter, Holdings Channel reports. The firm owned 740,580 shares of the insurance provider’s stock after buying an additional 90,315 shares during the period. Great West Life Assurance Co. Can’s holdings in BB&T Corporation were worth $33,600,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Probity Advisors Inc. increased its stake in shares of BB&T Corporation by 8.7% in the second quarter. Probity Advisors Inc. now owns 25,736 shares of the insurance provider’s stock worth $1,169,000 after buying an additional 2,052 shares during the period. First Merchants Corp increased its stake in shares of BB&T Corporation by 12.6% in the second quarter. First Merchants Corp now owns 73,990 shares of the insurance provider’s stock worth $3,359,000 after buying an additional 8,272 shares during the period. IBM Retirement Fund increased its stake in shares of BB&T Corporation by 118.5% in the second quarter. IBM Retirement Fund now owns 19,812 shares of the insurance provider’s stock worth $1,005,000 after buying an additional 10,744 shares during the period. NGAM Advisors L.P. increased its stake in shares of BB&T Corporation by 3.8% in the second quarter. NGAM Advisors L.P. now owns 92,776 shares of the insurance provider’s stock worth $4,213,000 after buying an additional 3,414 shares during the period. Finally, Eastern Bank increased its stake in shares of BB&T Corporation by 4.0% in the second quarter. Eastern Bank now owns 66,271 shares of the insurance provider’s stock worth $3,009,000 after buying an additional 2,566 shares during the period. 64.45% of the stock is owned by institutional investors.

BB&T Corporation (NYSE BBT) opened at 47.69 on Thursday. The company has a 50-day moving average price of $45.93 and a 200 day moving average price of $45.20. The firm 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 issued its earnings results on Thursday, July 20th. The insurance provider reported $0.77 earnings per share (EPS) 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 firm had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.89 billion. During the same quarter last year, the company posted $0.71 earnings per share. BB&T Corporation’s revenue was up 2.4% on a year-over-year basis. Equities research analysts anticipate that BB&T Corporation will post $2.83 EPS for the current year.

BB&T Corporation declared that its Board of Directors has initiated 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 shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 11th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, August 9th. This represents a $1.32 dividend on an annualized basis and a yield of 2.77%. 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 44.78%.

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A number of brokerages have issued reports on BBT. Wells Fargo & Company began coverage on BB&T Corporation in a report on Wednesday. They set a “market perform” rating for the company. BidaskClub raised BB&T Corporation from a “hold” rating to a “buy” rating in a report on Tuesday. Macquarie raised BB&T Corporation from an “underperform” rating to a “neutral” rating and set a $47.00 target price for the company in a report on Friday, August 4th. BMO Capital Markets reissued a “hold” rating and issued a $49.00 target price on shares of BB&T Corporation in a report on Friday, July 21st. Finally, Hilliard Lyons downgraded BB&T Corporation from a “buy” rating to a “hold” rating and set a $51.00 target price for the company. in a report on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $47.40.

In other BB&T Corporation news, insider Robert Jerome Johnson, Jr. sold 18,343 shares of the firm’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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP William Rufus Yates sold 28,515 shares of the firm’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 transaction, the executive vice president now directly owns 34,887 shares in the company, valued at approximately $1,642,131.09. The disclosure for this sale can be found here. Company 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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Institutional Ownership by Quarter for BB&T Corporation (NYSE:BBT)

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