Trust Co. of Vermont Acquires 4,728 Shares of BB&T Corporation (NYSE:BBT)
Trust Co. of Vermont raised its position in shares of BB&T Corporation (NYSE:BBT) by 8.2% during the second quarter, Holdings Channel reports. The fund owned 62,539 shares of the insurance provider’s stock after buying an additional 4,728 shares during the period. Trust Co. of Vermont’s holdings in BB&T Corporation were worth $2,839,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in BBT. Virtu Financial LLC acquired a new position in shares of BB&T Corporation during the second quarter worth approximately $260,000. Kempner Capital Management Inc. boosted its position in shares of BB&T Corporation by 1.3% in the second quarter. Kempner Capital Management Inc. now owns 37,626 shares of the insurance provider’s stock worth $1,709,000 after buying an additional 466 shares during the last quarter. Union Bankshares Corp boosted its position in shares of BB&T Corporation by 0.5% in the second quarter. Union Bankshares Corp now owns 105,600 shares of the insurance provider’s stock worth $4,795,000 after buying an additional 572 shares during the last quarter. Banced Corp boosted its position in shares of BB&T Corporation by 6.7% in the second quarter. Banced Corp now owns 7,860 shares of the insurance provider’s stock worth $357,000 after buying an additional 494 shares during the last quarter. Finally, Private Trust Co. NA boosted its position in shares of BB&T Corporation by 7.4% in the second quarter. Private Trust Co. NA now owns 9,441 shares of the insurance provider’s stock worth $428,000 after buying an additional 647 shares during the last quarter. 64.42% of the stock is currently owned by institutional investors and hedge funds.
BB&T Corporation (BBT) traded up 1.23% during midday trading on Friday, hitting $48.43. 1,468,648 shares of the company traded hands. BB&T Corporation has a 12-month low of $36.45 and a 12-month high of $49.88. The stock has a market cap of $39.14 billion, a P/E ratio of 18.08 and a beta of 1.07. The stock has a 50 day moving average of $45.29 and a 200 day moving average of $45.09.
BB&T Corporation (NYSE:BBT) last issued its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.77 EPS for the quarter, meeting analysts’ consensus estimates of $0.77. The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.89 billion. BB&T Corporation had a return on equity of 9.62% and a net margin of 19.57%. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the company earned $0.71 earnings per share. Equities research analysts predict that BB&T Corporation will post $2.83 EPS for the current fiscal year.
BB&T Corporation declared that its Board of Directors has authorized a stock buyback plan 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 plans are typically a sign that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 11th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.76%. This is a positive change from BB&T Corporation’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, August 9th. BB&T Corporation’s dividend payout ratio (DPR) is 44.78%.
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A number of brokerages have recently commented on BBT. Macquarie raised shares of BB&T Corporation from an “underperform” rating to a “neutral” rating in a report on Friday. BMO Capital Markets reaffirmed a “hold” rating and issued a $49.00 target price on shares of BB&T Corporation in a report on Friday, July 21st. Hilliard Lyons lowered 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 research report on Friday, July 21st. Jefferies Group LLC reiterated a “hold” rating and issued a $49.00 price objective on shares of BB&T Corporation in a research report on Friday, July 14th. Finally, BidaskClub upgraded shares of BB&T Corporation from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $47.43.
In related news, 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 owns 34,887 shares of the company’s stock, valued at $1,642,131.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 disclosure for this sale can be found here. 0.36% of the stock is currently owned by company insiders.
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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