Zacks Investment Research downgraded shares of BB&T Corporation (NYSE:BBT) from a hold rating to a sell rating in a report published on Tuesday.
According to Zacks, “BB&T’s shares have outperformed the industry over the past three months. The performance was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. Strategic acquisitions are persistently supporting the company expand footprint as well as fuel additional profitability and consistent growth in loans and deposits along with higher rates should further lead to an increase in revenues. Nevertheless, escalating costs owing to acquisitions and subsequent integrations are expected to hurt the bank’s bottom-line growth. The company’s exposure to risky loans also continues to be a near-term concern. Further, a stretched valuation indicates limited upside potential for the stock.”
Several other equities research analysts also recently issued reports on the company. BidaskClub downgraded BB&T Corporation from a hold rating to a sell rating in a report on Saturday, June 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. Hilliard Lyons downgraded BB&T Corporation from a buy rating to a hold rating and set a $51.00 price target for the company. in a report on Friday, July 21st. 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, Robert W. Baird reiterated a hold rating and issued a $45.00 price target on shares of BB&T Corporation in a report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the company’s stock. BB&T Corporation has a consensus rating of Hold and a consensus price target of $48.00.
BB&T Corporation (NYSE BBT) opened at 46.70 on Tuesday. BB&T Corporation has a 52 week low of $37.40 and a 52 week high of $49.88. The firm has a 50-day moving average of $45.81 and a 200 day moving average of $44.88. The stock has a market capitalization of $37.74 billion, a price-to-earnings ratio of 17.43 and a beta of 1.07.
BB&T Corporation (NYSE:BBT) last posted its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 period in the previous year, the business earned $0.71 EPS. BB&T Corporation’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, analysts anticipate that BB&T Corporation will post $2.81 EPS for the current year.
BB&T Corporation declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to buyback $1.88 billion in shares. This buyback authorization authorizes the insurance provider to repurchase up to 5.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In other BB&T Corporation news, EVP William Rufus Yates sold 28,515 shares of the business’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $47.07, for a total transaction of $1,342,201.05. Following the completion of the transaction, the executive vice president now owns 34,887 shares in the company, valued at approximately $1,642,131.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert Jerome Johnson, Jr. sold 18,343 shares of the business’s stock in a transaction on Wednesday, July 26th. The stock was 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. Over the last 90 days, insiders have sold 55,610 shares of company stock valued at $2,618,364. 0.36% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in BBT. BlackRock Inc. boosted its position in BB&T Corporation by 2,875.1% during the 1st quarter. BlackRock Inc. now owns 47,331,820 shares of the insurance provider’s stock worth $2,115,732,000 after acquiring an additional 45,740,906 shares during the period. Janus Henderson Group PLC boosted its position in BB&T Corporation by 3,687.8% during the 2nd quarter. Janus Henderson Group PLC now owns 4,085,012 shares of the insurance provider’s stock worth $185,500,000 after acquiring an additional 3,977,166 shares during the period. Vanguard Group Inc. boosted its position in BB&T Corporation by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 54,194,703 shares of the insurance provider’s stock worth $2,422,504,000 after acquiring an additional 1,656,297 shares during the period. Janus Capital Management LLC boosted its position in BB&T Corporation by 46.8% during the 1st quarter. Janus Capital Management LLC now owns 3,333,817 shares of the insurance provider’s stock worth $149,021,000 after acquiring an additional 1,062,590 shares during the period. Finally, FMR LLC boosted its position in BB&T Corporation by 214.8% during the 1st quarter. FMR LLC now owns 1,464,005 shares of the insurance provider’s stock worth $65,440,000 after acquiring an additional 998,898 shares during the period. Institutional investors own 64.25% of the company’s stock.
About BB&T Corporation
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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