Jennison Associates LLC Increases Stock Holdings in BB&T Co. (NYSE:BBT)

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Jennison Associates LLC increased its holdings in shares of BB&T Co. (NYSE:BBT) by 20.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,373,683 shares of the insurance provider’s stock after buying an additional 397,054 shares during the quarter. Jennison Associates LLC owned 0.31% of BB&T worth $116,619,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Cynosure Management LLC purchased a new stake in BB&T during the 2nd quarter valued at about $542,000. Westhampton Capital LLC purchased a new stake in BB&T during the 2nd quarter valued at about $491,000. Associated Banc Corp grew its stake in BB&T by 4.3% during the 2nd quarter. Associated Banc Corp now owns 108,788 shares of the insurance provider’s stock valued at $5,344,000 after purchasing an additional 4,483 shares during the last quarter. Tower Bridge Advisors grew its stake in BB&T by 0.4% during the 2nd quarter. Tower Bridge Advisors now owns 288,212 shares of the insurance provider’s stock valued at $14,160,000 after purchasing an additional 1,037 shares during the last quarter. Finally, Richard C. Young & CO. LTD. grew its stake in BB&T by 1.6% during the 2nd quarter. Richard C. Young & CO. LTD. now owns 206,770 shares of the insurance provider’s stock valued at $10,159,000 after purchasing an additional 3,187 shares during the last quarter. Hedge funds and other institutional investors own 68.38% of the company’s stock.

BBT has been the topic of several research analyst reports. ValuEngine upgraded BB&T from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Wells Fargo & Co set a $55.00 price target on BB&T and gave the company a “buy” rating in a research note on Friday, August 16th. Deutsche Bank set a $59.00 price target on BB&T and gave the company a “buy” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. dropped their price target on BB&T from $51.50 to $50.50 and set a “neutral” rating on the stock in a research note on Tuesday, July 9th. Finally, Morgan Stanley set a $51.00 price target on BB&T and gave the company a “hold” rating in a research note on Friday, August 9th. Eight research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $53.95.

In other news, insider David Hudson Weaver sold 21,705 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $51.44, for a total value of $1,116,505.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Louis B. Lynn sold 2,500 shares of the business’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $48.33, for a total value of $120,825.00. The disclosure for this sale can be found here. Insiders own 0.49% of the company’s stock.

Shares of BBT stock traded down $1.43 on Friday, hitting $45.25. The company had a trading volume of 3,146,683 shares, compared to its average volume of 4,617,520. The firm has a market cap of $35.76 billion, a P/E ratio of 11.17, a price-to-earnings-growth ratio of 1.18 and a beta of 1.12. The company has a 50-day moving average price of $49.01 and a 200-day moving average price of $49.16. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.79. BB&T Co. has a twelve month low of $40.68 and a twelve month high of $52.58.

BB&T (NYSE:BBT) last issued its quarterly earnings data on Thursday, July 18th. The insurance provider reported $1.12 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.04. The business had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.01 billion. BB&T had a return on equity of 12.23% and a net margin of 23.58%. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.01 EPS. Equities research analysts expect that BB&T Co. will post 4.22 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Wednesday, August 14th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, August 13th. This represents a $1.80 annualized dividend and a dividend yield of 3.98%. BB&T’s dividend payout ratio (DPR) is presently 44.44%.

About BB&T

BB&T Corporation, a holding company, provides banking and trust services for small and mid-size businesses, public agencies, local governments, corporations, and individuals in the Southeastern and Mid-Atlantic United States. The company operates through four segments: Community Banking Retail and Consumer Finance, Community Banking Commercial, Insurance Holdings, and Financial Services and Commercial Finance.

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Institutional Ownership by Quarter for BB&T (NYSE:BBT)

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