Stephens Upgrades BB&T Corporation (BBT) to “Overweight”
BB&T Corporation (NYSE:BBT) was upgraded by equities research analysts at Stephens from an “equal weight” rating to an “overweight” rating in a report released on Thursday, October 5th, MarketBeat.com reports. The firm presently has a $53.00 price target on the insurance provider’s stock. Stephens’ price objective would indicate a potential upside of 13.49% from the company’s current price.
Several other brokerages have also recently issued reports on BBT. BidaskClub upgraded shares of BB&T Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Wells Fargo & Company initiated coverage on shares of BB&T Corporation in a research report on Wednesday, August 9th. They issued a “market perform” rating and a $44.00 price target for the company. Jefferies Group LLC restated a “hold” rating and issued a $49.00 price target on shares of BB&T Corporation in a research report on Friday, September 15th. Robert W. Baird restated a “hold” rating and issued a $45.00 price target on shares of BB&T Corporation in a research report on Friday, August 25th. Finally, Macquarie upgraded 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 research report on Friday, August 4th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the company’s stock. BB&T Corporation presently has a consensus rating of “Hold” and a consensus price target of $48.00.
BB&T Corporation (NYSE:BBT) traded down 0.32% during mid-day trading on Thursday, hitting $46.70. 2,842,139 shares of the stock traded hands. The firm has a market cap of $37.74 billion, a P/E ratio of 17.43 and a beta of 1.07. BB&T Corporation has a 52 week low of $37.40 and a 52 week high of $49.88. The firm’s 50-day moving average price is $45.81 and its 200-day moving average price is $44.88.
BB&T Corporation (NYSE:BBT) last released its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.77. BB&T Corporation had a net margin of 19.57% and a return on equity of 9.62%. The business had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.89 billion. During the same period in the prior year, the company earned $0.71 EPS. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. On average, equities analysts forecast that BB&T Corporation will post $2.81 earnings per share for the current fiscal year.
BB&T Corporation declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $1.88 billion in outstanding shares. This buyback authorization authorizes the insurance provider to purchase up to 5.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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In related news, EVP William Rufus Yates sold 28,515 shares of the stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $47.07, for a total transaction of $1,342,201.05. Following the transaction, the executive vice president now directly owns 34,887 shares of the company’s stock, valued at $1,642,131.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider David Hudson Weaver sold 8,752 shares of the firm’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $46.91, for a total transaction of $410,556.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 55,610 shares of company stock worth $2,618,364. 0.36% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in BBT. Signature Estate & Investment Advisors LLC bought a new position in shares of BB&T Corporation in the second quarter valued at $111,000. Community Bank N.A. lifted its stake in shares of BB&T Corporation by 6.2% in the second quarter. Community Bank N.A. now owns 2,474 shares of the insurance provider’s stock valued at $112,000 after buying an additional 144 shares in the last quarter. Liberty Capital Management Inc. bought a new position in shares of BB&T Corporation in the second quarter valued at $136,000. Guardian Life Insurance Co. of America lifted its stake in shares of BB&T Corporation by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 3,130 shares of the insurance provider’s stock valued at $140,000 after buying an additional 21 shares in the last quarter. Finally, Oakworth Capital Inc. lifted its stake in shares of BB&T Corporation by 51.1% in the second quarter. Oakworth Capital Inc. now owns 3,092 shares of the insurance provider’s stock valued at $140,000 after buying an additional 1,045 shares in the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.
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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