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BB&T (BBT) Raises CEO King's 2017 Compensation by 9.1%
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Kelly Stuart King, chairman and chief executive officer (CEO) of BB&T Corporation , received a total of $12.67 million as annual compensation for 2017. The payout amount, disclosed by the bank in a regulatory filing, reflects a 9.1% rise on a year-over-year basis.
King’s base salary for the year remained unchanged at $1.075 million. Thus, the rise in his total compensation was through stock grants.
This is because, in February 2017, the company’s board of directors made changes in executive compensation scheme, wherein it was decided that the base salary of the company’s top 4 executives will remain unchanged for 2017 and any increase in compensation will, hence, be given through stock awards.
Thus, the 2017 base salary of Christopher L. Henson, BB&T’s president and chief operating officer (COO) also remained unchanged at $700,000. The stock awards granted to him for the year were increased to $1.5 million from $863,971 in 2016, raising his total compensation for 2017 by 24.6% to $7.19 million.
Among other finance companies, JPMorgan Chase & Co. (JPM - Free Report) , Morgan Stanley (MS - Free Report) and Bank of America Corporation (BAC - Free Report) also increased their CEO’s compensation.
Notably, the compensation hikes for BB&T comes after the company delivered strong fourth-quarter as well as full-year 2017 results. Higher rates and loan growth drove the company’s revenues, which aided earnings growth to quite an extent.
While higher expenses might hurt BB&T’s bottom-line growth to some extent, the company’s continuous expansion via acquisitions and lower tax rates are likely to aid profitability in the quarters ahead.
In fact, with an aim to pass on the benefits from the tax reforms to the shareholders, BB&T also announced a 13.6% dividend hike and a one-time dividend of 4.5 cents per share. This, along with other capital deployment activities, is expected to continue boosting shareholder confidence in the stock.
Shares of the company gained 5.8% in 2017, underperforming the 18.9% rally of the industry.
Breaking News: Cryptocurrencies Now Bigger than Visa
The total market cap of all cryptos recently surpassed $700 billion – more than a 3,800% increase in the previous 12 months. They’re now bigger than Morgan Stanley, Goldman Sachs and even Visa! The new asset class may expand even more rapidly in 2018 as new investors continue pouring in and Wall Street becomes increasingly involved.
Zacks has just named 4 companies that enable investors to take advantage of the explosive growth of cryptocurrencies via the stock market.
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BB&T (BBT) Raises CEO King's 2017 Compensation by 9.1%
Kelly Stuart King, chairman and chief executive officer (CEO) of BB&T Corporation , received a total of $12.67 million as annual compensation for 2017. The payout amount, disclosed by the bank in a regulatory filing, reflects a 9.1% rise on a year-over-year basis.
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King’s base salary for the year remained unchanged at $1.075 million. Thus, the rise in his total compensation was through stock grants.
This is because, in February 2017, the company’s board of directors made changes in executive compensation scheme, wherein it was decided that the base salary of the company’s top 4 executives will remain unchanged for 2017 and any increase in compensation will, hence, be given through stock awards.
Thus, the 2017 base salary of Christopher L. Henson, BB&T’s president and chief operating officer (COO) also remained unchanged at $700,000. The stock awards granted to him for the year were increased to $1.5 million from $863,971 in 2016, raising his total compensation for 2017 by 24.6% to $7.19 million.
Among other finance companies, JPMorgan Chase & Co. (JPM - Free Report) , Morgan Stanley (MS - Free Report) and Bank of America Corporation (BAC - Free Report) also increased their CEO’s compensation.
Notably, the compensation hikes for BB&T comes after the company delivered strong fourth-quarter as well as full-year 2017 results. Higher rates and loan growth drove the company’s revenues, which aided earnings growth to quite an extent.
While higher expenses might hurt BB&T’s bottom-line growth to some extent, the company’s continuous expansion via acquisitions and lower tax rates are likely to aid profitability in the quarters ahead.
In fact, with an aim to pass on the benefits from the tax reforms to the shareholders, BB&T also announced a 13.6% dividend hike and a one-time dividend of 4.5 cents per share. This, along with other capital deployment activities, is expected to continue boosting shareholder confidence in the stock.
Shares of the company gained 5.8% in 2017, underperforming the 18.9% rally of the industry.
BB&T currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Breaking News: Cryptocurrencies Now Bigger than Visa
The total market cap of all cryptos recently surpassed $700 billion – more than a 3,800% increase in the previous 12 months. They’re now bigger than Morgan Stanley, Goldman Sachs and even Visa! The new asset class may expand even more rapidly in 2018 as new investors continue pouring in and Wall Street becomes increasingly involved.
Zacks has just named 4 companies that enable investors to take advantage of the explosive growth of cryptocurrencies via the stock market.
Click here to access these stocks. >>