(WINSTON-SALEM) -- BB&T Corporation has declared a fourth-quarter dividend of $0.16 per common share. At this quarterly rate, the annual dividend is equivalent to $0.64 per common share.

The dividend will be paid Nov. 1, 2011, to shareholders of record as of Oct. 14, 2011. In a press release published on Tuesday, Winston-Salem based BB&T said it has paid a dividend superior to most of its peers over the past year. It has paid a cash dividend to shareholders every year since 1903. The company has approximately 697 million shares outstanding as of June 30, 2011.