Cambridge Trust Co. cut its stake in BB&T Corporation (NYSE:BBT) by 56.8% during the second quarter, Holdings Channel reports. The institutional investor owned 7,642 shares of the insurance provider’s stock after selling 10,060 shares during the period. Cambridge Trust Co.’s holdings in BB&T Corporation were worth $347,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of BB&T Corporation by 2,875.1% in the first quarter. BlackRock Inc. now owns 47,331,820 shares of the insurance provider’s stock valued at $2,115,732,000 after buying an additional 45,740,906 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of BB&T Corporation by 3.2% in the first quarter. Vanguard Group Inc. now owns 54,194,703 shares of the insurance provider’s stock valued at $2,422,504,000 after buying an additional 1,656,297 shares in the last quarter. Janus Capital Management LLC boosted its position in shares of BB&T Corporation by 46.8% in the first quarter. Janus Capital Management LLC now owns 3,333,817 shares of the insurance provider’s stock valued at $149,021,000 after buying an additional 1,062,590 shares in the last quarter. FMR LLC boosted its position in shares of BB&T Corporation by 214.8% in the first quarter. FMR LLC now owns 1,464,005 shares of the insurance provider’s stock valued at $65,440,000 after buying an additional 998,898 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in shares of BB&T Corporation by 143.2% in the first quarter. First Trust Advisors LP now owns 1,642,161 shares of the insurance provider’s stock valued at $73,405,000 after buying an additional 966,962 shares in the last quarter. Hedge funds and other institutional investors own 64.46% of the company’s stock.

BB&T Corporation (NYSE BBT) opened at 46.99 on Wednesday. BB&T Corporation has a 52-week low of $36.75 and a 52-week high of $49.88. The stock has a market cap of $37.97 billion, a price-to-earnings ratio of 17.54 and a beta of 1.07. The stock has a 50 day moving average price of $46.31 and a 200 day moving average price of $45.20.

BB&T Corporation (NYSE:BBT) last issued its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.77 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.77. BB&T Corporation had a return on equity of 9.62% and a net margin of 19.57%. The company had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.89 billion. During the same quarter last year, the company earned $0.71 earnings per share. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. Analysts expect that BB&T Corporation will post $2.84 EPS for the current fiscal year.

BB&T Corporation announced that its board has approved a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $1.88 billion in shares. This repurchase authorization allows the insurance provider to purchase up to 5.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 11th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, August 9th. This represents a $1.32 dividend on an annualized basis and a yield of 2.81%. This is an increase from BB&T Corporation’s previous quarterly dividend of $0.30. BB&T Corporation’s dividend payout ratio (DPR) is presently 49.25%.

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Several research firms recently weighed in on BBT. BidaskClub cut shares of BB&T Corporation from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Hilliard Lyons upgraded shares of BB&T Corporation from a “neutral” rating to a “buy” rating and cut their price target for the company from $51.00 to $49.00 in a report on Monday, April 24th. Jefferies Group LLC reiterated a “hold” rating and issued a $49.00 price target on shares of BB&T Corporation in a report on Friday, July 14th. BMO Capital Markets reiterated a “hold” rating and issued a $48.00 price target on shares of BB&T Corporation in a report on Friday, June 30th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of BB&T Corporation in a report on Thursday, April 20th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $47.19.

In other BB&T Corporation news, EVP William Rufus Yates sold 28,515 shares of the stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $47.07, for a total value of $1,342,201.05. Following the completion of the sale, the executive vice president now directly owns 34,887 shares in the company, valued at $1,642,131.09. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Robert Jerome Johnson, Jr. sold 18,343 shares of the stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $47.19, for a total value of $865,606.17. The disclosure for this sale can be found here. 0.36% of the stock is owned by company insiders.

BB&T Corporation Company Profile

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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Institutional Ownership by Quarter for BB&T Corporation (NYSE:BBT)

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