Bridge Creek Capital Management LLC Reduces Holdings in BB&T Co. (BBT)
Bridge Creek Capital Management LLC lowered its stake in BB&T Co. (NYSE:BBT) by 2.9% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 79,645 shares of the insurance provider’s stock after selling 2,350 shares during the period. BB&T accounts for approximately 2.0% of Bridge Creek Capital Management LLC’s holdings, making the stock its 13th biggest position. Bridge Creek Capital Management LLC’s holdings in BB&T were worth $3,959,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. First Merchants Corp grew its position in BB&T by 9.1% during the 3rd quarter. First Merchants Corp now owns 80,743 shares of the insurance provider’s stock worth $3,790,000 after purchasing an additional 6,753 shares in the last quarter. Bank of Hawaii purchased a new position in BB&T during the 3rd quarter worth approximately $657,000. Bank of New York Mellon Corp grew its position in BB&T by 1.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 8,829,063 shares of the insurance provider’s stock worth $414,436,000 after purchasing an additional 86,200 shares in the last quarter. Suntrust Banks Inc. grew its position in BB&T by 4.0% during the 2nd quarter. Suntrust Banks Inc. now owns 331,815 shares of the insurance provider’s stock worth $15,066,000 after purchasing an additional 12,702 shares in the last quarter. Finally, State of Wisconsin Investment Board grew its position in BB&T by 8.1% during the 3rd quarter. State of Wisconsin Investment Board now owns 619,383 shares of the insurance provider’s stock worth $29,074,000 after purchasing an additional 46,160 shares in the last quarter. 65.28% of the stock is currently owned by institutional investors.
BBT has been the topic of several research analyst reports. Zacks Investment Research cut shares of BB&T from a “hold” rating to a “sell” rating in a research report on Friday, November 3rd. Morgan Stanley boosted their price target on shares of BB&T from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 20th. Citigroup restated a “neutral” rating and set a $49.00 price target (up from $47.00) on shares of BB&T in a report on Monday, October 9th. SunTrust Banks restated a “buy” rating and set a $52.00 price target on shares of BB&T in a report on Friday, October 20th. Finally, Stephens upgraded shares of BB&T from an “equal weight” rating to an “overweight” rating and set a $53.00 price target on the stock in a report on Thursday, October 5th. Sixteen analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $53.81.
BB&T (NYSE:BBT) last issued its quarterly earnings data on Thursday, January 18th. The insurance provider reported $0.84 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.04. The firm had revenue of $2.87 billion during the quarter, compared to analysts’ expectations of $2.86 billion. BB&T had a net margin of 19.42% and a return on equity of 9.64%. BB&T’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.72 earnings per share. equities analysts anticipate that BB&T Co. will post 3.1 earnings per share for the current year.
In related news, insider Donna C. Goodrich sold 10,799 shares of the company’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $46.77, for a total value of $505,069.23. Following the completion of the sale, the insider now directly owns 47,182 shares in the company, valued at $2,206,702.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP W Bennett Bradley sold 7,762 shares of the company’s stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $48.16, for a total transaction of $373,817.92. Following the completion of the sale, the executive vice president now owns 24,341 shares of the company’s stock, valued at $1,172,262.56. The disclosure for this sale can be found here. Insiders sold 69,295 shares of company stock valued at $3,347,679 over the last quarter. 0.36% of the stock is currently owned by corporate insiders.
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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