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BB&T to repurchase more shares

Winston-Salem, N.C.-based BB&T Corp. intends to increase its 2016 to 2017 common stock repurchases by $200 million.

The increase, which received a nonobjection from the Federal Reserve board, will be on top of the company's authorized $640 million of share repurchases and is related to its planned capital actions for the year.

The increase will be implemented through an accelerated share repurchase agreement before 2016 ends. It will be entered as part of the company's existing 2015 buyback plan, under which approximately 46 million shares as of Sept. 30 may still be repurchased. The accelerated buyback will begin this year and is expected to be completed early next year.

The total number of shares repurchased will be based on the company’s volume-weighted average stock price, less a discount.

The company also disclosed that it repurchased 4.1 million common shares during the current quarter.