Kornitzer Capital Management Inc. KS boosted its stake in BB&T Corporation (NYSE:BBT) by 3.9% during the second quarter, Holdings Channel reports. The institutional investor owned 652,510 shares of the insurance provider’s stock after buying an additional 24,670 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in BB&T Corporation were worth $29,630,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of BBT. BlackRock Inc. increased its stake 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 worth $2,115,732,000 after buying an additional 45,740,906 shares during the period. Vanguard Group Inc. increased its stake 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 worth $2,422,504,000 after buying an additional 1,656,297 shares during the period. Janus Capital Management LLC increased its stake 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 worth $149,021,000 after buying an additional 1,062,590 shares during the period. FMR LLC increased its stake 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 worth $65,440,000 after buying an additional 998,898 shares during the period. Finally, First Trust Advisors LP increased its stake 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 worth $73,405,000 after buying an additional 966,962 shares during the period. 64.45% of the stock is owned by institutional investors and hedge funds.

Shares of BB&T Corporation (NYSE BBT) opened at 46.68 on Friday. The firm has a market cap of $37.72 billion, a PE ratio of 17.42 and a beta of 1.07. BB&T Corporation has a 12 month low of $36.75 and a 12 month high of $49.88. The company’s 50 day moving average is $46.02 and its 200-day moving average is $45.21.

BB&T Corporation (NYSE:BBT) last announced its earnings results on Thursday, July 20th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.77. The company had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.89 billion. BB&T Corporation had a net margin of 19.57% and a return on equity of 9.62%. BB&T Corporation’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.71 earnings per share. Equities research analysts predict that BB&T Corporation will post $2.82 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 11th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date is Wednesday, August 9th. This is a boost from BB&T Corporation’s previous quarterly dividend of $0.30. BB&T Corporation’s payout ratio is presently 49.25%.

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

ILLEGAL ACTIVITY WARNING: “BB&T Corporation (NYSE:BBT) Stake Raised by Kornitzer Capital Management Inc. KS” was first published by Watch List News and is owned by of Watch List News. If you are accessing this news story on another site, it was illegally copied and reposted in violation of international trademark & copyright legislation. The correct version of this news story can be viewed at https://www.watchlistnews.com/bbt-corporation-nysebbt-stake-raised-by-kornitzer-capital-management-inc-ks/1472359.html.

A number of analysts have weighed in on the stock. BidaskClub raised shares of BB&T Corporation from a “hold” rating to a “buy” rating in a report on Tuesday. Macquarie raised shares of BB&T Corporation from an “underperform” rating to a “neutral” rating and set a $47.00 price target for the company in a report on Friday, August 4th. Wells Fargo & Company assumed coverage on shares of BB&T Corporation in a report on Wednesday. They issued a “market perform” rating and a $44.00 price target for the company. FBR & Co reissued a “hold” rating on shares of BB&T Corporation in a report on Friday, April 21st. Finally, BMO Capital Markets reissued a “hold” rating and issued a $49.00 price target on shares of BB&T Corporation in a report on Friday, July 21st. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $47.19.

In related news, EVP William Rufus Yates sold 28,515 shares of the business’s 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 transaction, the executive vice president now owns 34,887 shares of the company’s stock, valued at $1,642,131.09. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Robert Jerome Johnson, Jr. sold 18,343 shares of the business’s 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. Insiders own 0.36% of the company’s stock.

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.

Want to see what other hedge funds are holding BBT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BB&T Corporation (NYSE:BBT).

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

Receive News & Ratings for BB&T Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BB&T Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.