Cornerstone Wealth Group LLC raised its stake in BB&T Co. (NYSE:BBT) by 7.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,099 shares of the insurance provider’s stock after purchasing an additional 549 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in BB&T were worth $398,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the business. SRS Capital Advisors Inc. purchased a new stake in shares of BB&T in the second quarter valued at $217,000. Corient Capital Partners LLC grew its position in shares of BB&T by 3.1% in the second quarter. Corient Capital Partners LLC now owns 48,615 shares of the insurance provider’s stock valued at $2,388,000 after purchasing an additional 1,479 shares during the period. Hallmark Capital Management Inc. grew its position in shares of BB&T by 14.6% in the second quarter. Hallmark Capital Management Inc. now owns 44,133 shares of the insurance provider’s stock valued at $2,168,000 after purchasing an additional 5,630 shares during the period. Heartland Advisors Inc. grew its position in shares of BB&T by 9.8% in the second quarter. Heartland Advisors Inc. now owns 160,207 shares of the insurance provider’s stock valued at $7,871,000 after purchasing an additional 14,350 shares during the period. Finally, Opus Capital Group LLC grew its position in shares of BB&T by 19.2% in the second quarter. Opus Capital Group LLC now owns 24,611 shares of the insurance provider’s stock valued at $1,209,000 after purchasing an additional 3,960 shares during the period. Institutional investors own 70.26% of the company’s stock.
In related news, Director Nido R. Qubein sold 4,500 shares of the stock in a transaction that occurred on Sunday, September 1st. The stock was sold at an average price of $25.00, for a total value of $112,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David Hudson Weaver sold 21,705 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $51.44, for a total value of $1,116,505.20. The disclosure for this sale can be found here. Corporate insiders own 0.49% of the company’s stock.
A number of research firms have issued reports on BBT. Morgan Stanley set a $51.00 price target on BB&T and gave the company a “hold” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. lowered their price target on BB&T from $51.50 to $50.50 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. Wells Fargo & Co set a $55.00 price target on BB&T and gave the company a “buy” rating in a research report on Friday, August 16th. Deutsche Bank set a $59.00 target price on BB&T and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, UBS Group decreased their target price on BB&T from $55.00 to $53.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. BB&T currently has an average rating of “Buy” and an average price target of $53.95.
Shares of NYSE BBT opened at $53.38 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.79. The stock’s 50 day moving average price is $48.10 and its two-hundred day moving average price is $48.91. The stock has a market capitalization of $39.26 billion, a P/E ratio of 13.18, a PEG ratio of 1.34 and a beta of 1.15. BB&T Co. has a 52-week low of $40.68 and a 52-week high of $53.05.
BB&T (NYSE:BBT) last announced its quarterly earnings results on Thursday, July 18th. The insurance provider reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The business had revenue of $3.04 billion for 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 business’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.01 EPS. On average, analysts anticipate that BB&T Co. will post 4.24 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Wednesday, August 14th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend was Tuesday, August 13th. BB&T’s dividend payout ratio (DPR) is 44.44%.
BB&T Company Profile
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.
Featured Article: Are all No-Load Funds Equal?
Receive News & Ratings for BB&T Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BB&T and related companies with MarketBeat.com's FREE daily email newsletter.