SVA Wealth Management LLC Decreases Stake in BB&T Co. (NYSE:BBT)
SVA Wealth Management LLC reduced its position in BB&T Co. (NYSE:BBT) by 18.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,745 shares of the insurance provider’s stock after selling 2,712 shares during the period. SVA Wealth Management LLC’s holdings in BB&T were worth $577,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of the stock. Marino Stram & Associates LLC acquired a new stake in BB&T during the first quarter worth approximately $32,000. Resources Investment Advisors Inc. raised its stake in BB&T by 149.2% during the first quarter. Resources Investment Advisors Inc. now owns 957 shares of the insurance provider’s stock worth $45,000 after purchasing an additional 573 shares during the period. Westside Investment Management Inc. purchased a new position in BB&T during the second quarter worth approximately $48,000. NuWave Investment Management LLC purchased a new position in BB&T during the second quarter worth approximately $57,000. Finally, Financial Gravity Wealth Inc. raised its stake in BB&T by 285.4% during the second quarter. Financial Gravity Wealth Inc. now owns 1,268 shares of the insurance provider’s stock worth $62,000 after purchasing an additional 939 shares during the period. Institutional investors own 70.16% 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 transaction of $112,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David Hudson Weaver sold 21,705 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was 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. 0.49% of the stock is currently owned by corporate insiders.
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, beating analysts’ consensus estimates of $1.08 by $0.04. BB&T had a net margin of 23.58% and a return on equity of 12.23%. The business had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.01 billion. During the same period last year, the company posted $1.01 EPS. BB&T’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, equities analysts anticipate that BB&T Co. will post 4.25 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Wednesday, August 14th were paid a dividend of $0.45 per share. The ex-dividend date was Tuesday, August 13th. This represents a $1.80 dividend on an annualized basis and a yield of 3.40%. BB&T’s payout ratio is 44.44%.
A number of research firms have weighed in on BBT. JPMorgan Chase & Co. cut their price target on shares of BB&T from $51.50 to $50.50 and set a “neutral” rating on the stock in a research note on Tuesday, July 9th. Morgan Stanley set a $51.00 target price on shares of BB&T and gave the company a “hold” rating in a research report on Friday, August 9th. UBS Group cut their target price on shares of BB&T from $55.00 to $53.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Deutsche Bank set a $59.00 price target on shares of BB&T and gave the company a “buy” rating in a research report on Friday, July 26th. Finally, Wells Fargo & Co set a $55.00 price target on shares of BB&T and gave the company a “buy” rating in a research report on Friday, August 16th. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price 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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