BB&T Ests Reduced Post-Earnings

Tags: bbt
18 Oct 3:34am
Posted by ZacksResearch
0 Comments
Read original blog entry

On October 16, BB&T Corp. (BBT) reported its 3Q08 financial results. Net income for the quarter came in at $358 million, or $.65 per diluted share. Operating earnings, excluding $35 million in net after-tax securities gains, $26 million in after-tax charges for other-than-temporary impairment and $6 million in after-tax charges for nonrecurring professional fees and merger-related and restructuring charges, for 3Q08 totaled $355 million, or $0.64 per diluted share.

However, credit metrics deteriorated further with the non-performing assets rising by 25 bps sequentially to 1.20% of total assets, due to challenging conditions in the residential real estate markets. As we suspect that the continued deterioration in the housing markets will keep the credit losses at an elevated level in the coming quarters, we are reducing our FY08 and FY09 estimates, while maintaining our Hold recommendation on the shares.

Read the full analyst report on BBT




Get real-time market insights and profitable stock recommendations from the team of analysts at Zacks Equity Research. See all today’s Analyst Blog entries on Zacks.com.

Comments

Back to top

Post comment

Back to top

Post a comment

Please login to post a comment

About

ZacksResearch

Zacks Investment Research is one of the most highly regarded firms in the investment industry. Our firm has long believed that that quantitative models (like the Zacks Rank) can predict stock prices more accurately than individual analysts. However we also recognize that models are most effective when they are employed by analysts who have deep fundamental knowledge of the company and its industry. Consequently Zacks Equity Research combines Zacks quantitative models with the insight provided by an experienced team of 50 analysts to create superior long term stock recommendations. Discover all their timely insight and recommendations daily on Zacks.com.

Recent Entries