Synovus Financial Corp Has $1.98 Million Holdings in BB&T Corporation (BBT)
Synovus Financial Corp raised its stake in shares of BB&T Corporation (NYSE:BBT) by 10.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 42,321 shares of the insurance provider’s stock after acquiring an additional 4,061 shares during the period. Synovus Financial Corp’s holdings in BB&T were worth $1,982,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Glassman Wealth Services raised its stake in BB&T by 0.4% during the 2nd quarter. Glassman Wealth Services now owns 4,757 shares of the insurance provider’s stock valued at $216,000 after acquiring an additional 18 shares during the last quarter. WMS Partners LLC raised its stake in shares of BB&T by 0.8% during the 2nd quarter. WMS Partners LLC now owns 4,527 shares of the insurance provider’s stock worth $206,000 after buying an additional 36 shares in the last quarter. Sii Investments Inc. WI raised its stake in shares of BB&T by 0.9% during the 2nd quarter. Sii Investments Inc. WI now owns 6,636 shares of the insurance provider’s stock worth $301,000 after buying an additional 58 shares in the last quarter. Schafer Cullen Capital Management Inc. raised its stake in shares of BB&T by 0.5% during the 2nd quarter. Schafer Cullen Capital Management Inc. now owns 14,105 shares of the insurance provider’s stock worth $641,000 after buying an additional 75 shares in the last quarter. Finally, Sandy Spring Bank raised its stake in shares of BB&T by 0.8% during the 2nd quarter. Sandy Spring Bank now owns 11,100 shares of the insurance provider’s stock worth $504,000 after buying an additional 85 shares in the last quarter. 65.20% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on BBT. BidaskClub raised BB&T from a “hold” rating to a “buy” rating in a research note on Tuesday, August 8th. FBR & Co set a $48.00 target price on BB&T and gave the stock a “hold” rating in a research note on Friday, October 20th. Wells Fargo & Company began coverage on BB&T in a research note on Wednesday, August 9th. They set a “market perform” rating and a $44.00 target price for the company. Stephens raised BB&T from an “equal weight” rating to an “overweight” rating and set a $53.00 target price for the company in a research note on Thursday, October 5th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $48.00 target price on shares of BB&T in a research note on Sunday, October 22nd. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $49.24.
BB&T (NYSE:BBT) last released its quarterly earnings results on Thursday, October 19th. The insurance provider reported $0.78 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.78. The business had revenue of $2.85 billion for the quarter, compared to analysts’ expectations of $2.85 billion. BB&T had a return on equity of 9.64% and a net margin of 19.42%. The company’s revenue was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.76 EPS. analysts expect that BB&T Corporation will post 3.1 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 10th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend was Thursday, November 9th. BB&T’s dividend payout ratio is currently 49.07%.
In other BB&T news, Chairman Kelly S. King sold 66,372 shares of the stock in a transaction on Friday, October 20th. The stock was sold at an average price of $47.53, for a total transaction of $3,154,661.16. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP W Bennett Bradley sold 7,762 shares of the stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $48.16, for a total value of $373,817.92. Following the sale, the executive vice president now owns 24,341 shares in the company, valued at approximately $1,172,262.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 182,150 shares of company stock worth $8,712,859. Insiders own 0.36% of the company’s stock.
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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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