Pinnacle Associates Ltd. Sells 517 Shares of BB&T Co. (NYSE:BBT)
Pinnacle Associates Ltd. reduced its stake in BB&T Co. (NYSE:BBT) by 0.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 123,149 shares of the insurance provider’s stock after selling 517 shares during the quarter. Pinnacle Associates Ltd.’s holdings in BB&T were worth $6,050,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Marino Stram & Associates LLC bought a new stake in BB&T during the first quarter valued at about $32,000. Resources Investment Advisors Inc. raised its holdings in BB&T by 149.2% during the first quarter. Resources Investment Advisors Inc. now owns 957 shares of the insurance provider’s stock valued at $45,000 after acquiring an additional 573 shares during the period. Westside Investment Management Inc. bought a new stake in BB&T during the second quarter valued at about $48,000. Ellis Investment Partners LLC bought a new stake in BB&T during the first quarter valued at about $50,000. Finally, NuWave Investment Management LLC bought a new stake in BB&T during the second quarter valued at about $57,000. 68.38% of the stock is currently owned by institutional investors.
In other news, insider David Hudson Weaver sold 21,705 shares of BB&T 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 SEC, which is available through the SEC website. Also, Director Louis B. Lynn sold 2,500 shares of BB&T stock in a transaction dated Tuesday, June 4th. The stock was 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.
BB&T (NYSE:BBT) last issued its earnings results on Thursday, July 18th. The insurance provider reported $1.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.04. BB&T had a return on equity of 12.23% and a net margin of 23.58%. The firm had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.01 billion. During the same period in the previous year, the firm posted $1.01 earnings per share. The business’s revenue was up 5.7% compared to the same quarter last year. As a group, equities research analysts predict that BB&T Co. will post 4.22 earnings per share for the current fiscal year.
The company also recently announced 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 3.90%. BB&T’s dividend payout ratio (DPR) is 44.44%.
A number of research firms have commented on BBT. Deutsche Bank set a $59.00 price target on BB&T and gave the company a “buy” rating in a report on Friday, July 26th. Wells Fargo & Co set a $55.00 price target on BB&T and gave the company a “buy” rating in a report on Friday, August 16th. ValuEngine raised BB&T from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. UBS Group decreased their price target on BB&T from $55.00 to $53.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. decreased their price target on BB&T from $51.50 to $50.50 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. Eight research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $53.95.
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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