$2.92 Billion in Sales Expected for BB&T Co. (BBT) This Quarter
Brokerages forecast that BB&T Co. (NYSE:BBT) will announce $2.92 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for BB&T’s earnings, with estimates ranging from $2.89 billion to $2.98 billion. BB&T posted sales of $2.81 billion in the same quarter last year, which would indicate a positive year over year growth rate of 3.9%. The business is scheduled to announce its next quarterly earnings results before the market opens on Thursday, October 18th.
On average, analysts expect that BB&T will report full-year sales of $11.59 billion for the current fiscal year, with estimates ranging from $11.52 billion to $11.69 billion. For the next financial year, analysts forecast that the firm will post sales of $12.04 billion per share, with estimates ranging from $11.87 billion to $12.23 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for BB&T.
BB&T (NYSE:BBT) last issued its earnings results on Thursday, July 19th. The insurance provider reported $0.99 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.02). BB&T had a return on equity of 11.02% and a net margin of 22.53%. The firm had revenue of $2.88 billion for the quarter, compared to analysts’ expectations of $2.92 billion. During the same period last year, the firm earned $0.77 earnings per share. BB&T’s revenue for the quarter was up .8% on a year-over-year basis.
In related news, Director K. David Jr. Boyer sold 2,500 shares of BB&T stock in a transaction that occurred on Friday, June 15th. The shares were sold at an average price of $52.34, for a total value of $130,850.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Donta L. Wilson sold 3,018 shares of BB&T stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $51.55, for a total transaction of $155,577.90. Following the completion of the transaction, the insider now owns 14,911 shares of the company’s stock, valued at approximately $768,662.05. The disclosure for this sale can be found here. Insiders own 0.51% of the company’s stock.
Several hedge funds have recently made changes to their positions in BBT. Truvestments Capital LLC purchased a new position in BB&T in the second quarter worth approximately $377,000. Bank of New York Mellon Corp lifted its stake in BB&T by 5.5% in the second quarter. Bank of New York Mellon Corp now owns 10,461,296 shares of the insurance provider’s stock worth $527,666,000 after acquiring an additional 547,692 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in BB&T by 4.3% in the second quarter. Advisors Asset Management Inc. now owns 221,488 shares of the insurance provider’s stock worth $11,172,000 after acquiring an additional 9,093 shares during the last quarter. Cleararc Capital Inc. lifted its stake in BB&T by 9.6% in the second quarter. Cleararc Capital Inc. now owns 45,084 shares of the insurance provider’s stock worth $2,274,000 after acquiring an additional 3,962 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV lifted its stake in BB&T by 98.0% in the second quarter. Massmutual Trust Co. FSB ADV now owns 9,129 shares of the insurance provider’s stock worth $460,000 after acquiring an additional 4,519 shares during the last quarter. Hedge funds and other institutional investors own 65.52% of the company’s stock.
BBT stock traded down $0.27 during trading on Thursday, reaching $51.98. 1,898,884 shares of the stock were exchanged, compared to its average volume of 2,215,470. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.88 and a quick ratio of 0.88. BB&T has a 1 year low of $43.03 and a 1 year high of $56.31. The company has a market capitalization of $40.26 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 1.11 and a beta of 1.02.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Friday, August 10th were issued a $0.405 dividend. The ex-dividend date was Thursday, August 9th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.12%. This is a boost from BB&T’s previous quarterly dividend of $0.38. BB&T’s payout ratio is 51.59%.
BB&T Company Profile
BB&T Corporation operates as a financial holding company that provides various banking and trust services for small and mid-size businesses, public agencies, local governments, and individuals. The company operates through four segments: CB-Retail, CB-Commercial, IH&PF, and FS&CF. Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.
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