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BB&T Corporation Message Board

  • rwmgn rwmgn Mar 3, 2011 2:45 PM Flag

    Interesting Facts

    As of 2:35 today! RY +5.36% - STI +2,42% - BAC + 2.89% - JMP + 2.21% - C +1,30% - RFI -1.13% - BBT -.17%,

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    • No News...No nothing...Not sure what to make of it. Market way up BBT Nothing.

      • 1 Reply to mac110m
      • Maybe this had something to do with it. Yesterday from Janney, Montgomery, Scott.

        BB&T Corp. (BBT)
        UNDERPERFORM
        C. Siegenthaler




        CP: US$ 27.02
        TP: US$ 29
        CAP: US$ 18.7b
        212 325 3104




        Mgmt Hopes to Modestly Increase Dividend Soon, while NIM Faces 2-3 Years of Headwinds from Colonial Run-off; Lowering Estimates




        BBT's COO Chris Henson presented at a competitor conference this morning, and provided some perspective around capital management and normalized NIM (guidance of 3.70 in 2-3 years).
        Underperform Thesis: We believe BBT will miss EPS estimates in 2Q - 3Q, driven by both, elevated net charge-offs, and a decline in excess NII from CNB loans. Additionally, we look for BBT's net charge-offs to improve modestly in 1H11, but remain elevated until 4Q11. As this could prevent BBT from increasing dividends / repurchasing stock this year, we believe the stock's upside is capped (~2x TBV) and estimate it will relatively underperform in 2011.
        Estimate revisions: Following the presentation, we are reducing our 20112012/2013 normalized EPS estimates to $1.46/$1.89/$3.20 from $1.60 /$2.02/$3.40 respectively. The key drivers are (1) reduced NIM, (2) higher FDIC offset in '11/'12, offset by (3) modestly larger reserve releases in '11.
        Catalysts: Earnings release in Mid-April.
        In-line relative valuation: BBT trades at a 22% premium to peers on current tangible book, but at a 14% discount to peers on

    • At some point in the next few months BBT will pop like a firecracker. It could happen at any minute.

 
BBT
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