Dodge & Cox Invests $996,945,000 in BB&T Co. (BBT)
Dodge & Cox acquired a new position in BB&T Co. (NYSE:BBT) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 21,202,567 shares of the company’s stock, valued at approximately $996,945,000.
Other hedge funds also recently added to or reduced their stakes in the company. State Street Corp increased its stake in BB&T Co. by 9.1% in the fourth quarter. State Street Corp now owns 40,097,333 shares of the company’s stock worth $1,885,369,000 after buying an additional 3,351,525 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in BB&T Co. by 1.3% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 21,065,275 shares of the company’s stock worth $794,582,000 after buying an additional 260,954 shares in the last quarter. Longview Partners Guernsey LTD increased its stake in BB&T Co. by 1.1% in the third quarter. Longview Partners Guernsey LTD now owns 16,914,498 shares of the company’s stock worth $638,015,000 after buying an additional 188,000 shares in the last quarter. BlackRock Fund Advisors increased its stake in BB&T Co. by 3.7% in the third quarter. BlackRock Fund Advisors now owns 12,889,697 shares of the company’s stock worth $486,199,000 after buying an additional 454,232 shares in the last quarter. Finally, Boston Partners increased its stake in BB&T Co. by 75.2% in the third quarter. Boston Partners now owns 12,192,529 shares of the company’s stock worth $459,902,000 after buying an additional 5,232,474 shares in the last quarter. 64.13% of the stock is currently owned by hedge funds and other institutional investors.
BB&T Co. (NYSE:BBT) traded down 0.41% during trading on Monday, hitting $46.64. 1,989,901 shares of the stock were exchanged. The firm has a market cap of $37.70 billion, a PE ratio of 16.84 and a beta of 1.05. The stock’s 50-day moving average price is $47.46 and its 200-day moving average price is $43.50. BB&T Co. has a 12-month low of $32.22 and a 12-month high of $49.88.
BB&T Co. (NYSE:BBT) last announced its earnings results on Thursday, January 19th. The company reported $0.72 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.73 by $0.01. The company earned $2.77 billion during the quarter, compared to the consensus estimate of $2.79 billion. BB&T Co. had a net margin of 20.65% and a return on equity of 9.37%. The business’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.64 EPS. On average, equities analysts expect that BB&T Co. will post $3.10 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, March 1st. Investors of record on Friday, February 10th were given a $0.30 dividend. The ex-dividend date was Wednesday, February 8th. This represents a $1.20 dividend on an annualized basis and a yield of 2.56%. BB&T Co.’s dividend payout ratio is presently 43.17%.
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BBT has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of BB&T Co. from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a report on Tuesday, January 10th. Piper Jaffray Companies raised shares of BB&T Co. from an “underweight” rating to a “neutral” rating in a report on Monday, January 9th. FIG Partners reissued an “outperform” rating and set a $53.00 price objective (up previously from $47.00) on shares of BB&T Co. in a report on Friday, December 23rd. Barclays PLC boosted their price objective on shares of BB&T Co. from $40.00 to $51.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 3rd. Finally, Morgan Stanley downgraded shares of BB&T Co. from an “equal weight” rating to an “underweight” rating in a report on Tuesday, January 31st. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and ten have given a buy rating to the company. BB&T Co. presently has an average rating of “Hold” and a consensus price target of $44.14.
In related news, CFO Daryl N. Bible sold 101,902 shares of the stock in a transaction dated Monday, January 23rd. The shares were sold at an average price of $45.27, for a total value of $4,613,103.54. Following the completion of the transaction, the chief financial officer now owns 208,241 shares in the company, valued at approximately $9,427,070.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles A. Patton sold 10,000 shares of the stock in a transaction dated Wednesday, March 8th. The shares were sold at an average price of $48.15, for a total transaction of $481,500.00. The disclosure for this sale can be found here. Insiders sold a total of 1,672,087 shares of company stock valued at $78,119,305 in the last quarter. 0.88% of the stock is currently owned by insiders.
About BB&T Co.
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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