Bank of America Increases BB&T (NYSE:BBT) Price Target to $56.00

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BB&T (NYSE:BBT) had its target price hoisted by analysts at Bank of America from $53.00 to $56.00 in a report issued on Friday, Briefing.com Automated Import reports. The firm currently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price target points to a potential upside of 6.32% from the company’s previous close.

Several other equities analysts have also commented on BBT. Deutsche Bank set a $59.00 target price on BB&T and gave the company a “buy” rating in a report on Friday, July 26th. Wells Fargo & Co set a $55.00 target price on BB&T and gave the company a “buy” rating in a report on Friday, August 16th. ValuEngine lowered BB&T from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Jefferies Financial Group raised BB&T from a “hold” rating to a “buy” rating and upped their target price for the company from $52.00 to $58.00 in a report on Tuesday, October 8th. Finally, UBS Group lowered their target price on BB&T from $55.00 to $53.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company’s stock. BB&T currently has an average rating of “Hold” and a consensus price target of $54.58.

Shares of BB&T stock opened at $52.67 on Friday. The firm has a market cap of $40.18 billion, a P/E ratio of 12.22, a P/E/G ratio of 1.69 and a beta of 1.17. The business has a 50-day moving average price of $51.30 and a 200 day moving average price of $49.49. BB&T has a fifty-two week low of $40.68 and a fifty-two week high of $53.90. The company has a quick ratio of 0.87, a current ratio of 0.85 and a debt-to-equity ratio of 0.87.

BB&T (NYSE:BBT) last posted its earnings results on Thursday, October 17th. The insurance provider reported $1.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.03 by $0.04. The company had revenue of $3 billion during the quarter, compared to analyst estimates of $2.99 billion. BB&T had a return on equity of 12.25% and a net margin of 23.17%. The business’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.01 earnings per share. As a group, equities research analysts anticipate that BB&T will post 4.24 earnings per share for the current year.

In related news, Director K. David Jr. Boyer sold 4,285 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $52.64, for a total value of $225,562.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Nido R. Qubein sold 4,500 shares of the stock in a transaction that occurred on Sunday, September 1st. The stock was sold at an average price of $25.00, for a total value of $112,500.00. The disclosure for this sale can be found here. Insiders sold a total of 25,099,147 shares of company stock valued at $714,407,173 over the last three months. Corporate insiders own 0.49% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in BB&T by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 61,197,584 shares of the insurance provider’s stock worth $3,006,637,000 after buying an additional 1,125,819 shares in the last quarter. Bank of America Corp DE grew its holdings in BB&T by 6.8% in the 2nd quarter. Bank of America Corp DE now owns 18,849,552 shares of the insurance provider’s stock worth $926,077,000 after buying an additional 1,203,362 shares in the last quarter. Macquarie Group Ltd. grew its holdings in BB&T by 4.3% in the 2nd quarter. Macquarie Group Ltd. now owns 15,426,112 shares of the insurance provider’s stock worth $757,885,000 after buying an additional 633,529 shares in the last quarter. Northern Trust Corp grew its holdings in BB&T by 0.5% in the 2nd quarter. Northern Trust Corp now owns 11,353,698 shares of the insurance provider’s stock worth $557,808,000 after buying an additional 60,096 shares in the last quarter. Finally, Royal Bank of Canada lifted its position in BB&T by 3.9% in the second quarter. Royal Bank of Canada now owns 8,082,503 shares of the insurance provider’s stock worth $397,092,000 after purchasing an additional 301,500 shares during the period. 70.16% of the stock is owned by institutional investors and hedge funds.

About BB&T

BB&T Corporation, a holding company, provides banking and trust services for small and mid-size businesses, public agencies, local governments, corporations, and individuals in the Southeastern and Mid-Atlantic United States. The company operates through four segments: Community Banking Retail and Consumer Finance, Community Banking Commercial, Insurance Holdings, and Financial Services and Commercial Finance.

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