Last $38.17 USD
Change Today -0.23 / -0.60%
Volume 2.8M
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As of 8:04 PM 03/3/15 All times are local (Market data is delayed by at least 15 minutes).

bb&t corp (BBT) Key Developments

BB&T Corporation Approves Amendments to Bylaws

On January 27, 2015, the Board of Directors of BB&T Corporation approved an amendment to the company's Bylaws. The amendment, which is effective immediately, is as Article III, Section 7 (Qualifying Shares) has been amended to reflect the fact that the directors' share ownership requirement has been increased from four to five times the average annual cash retainer paid by the company for the directors' services.

BB&T Corporation Declares Quarterly Dividend and Preferred Stock Dividends, Payable on March 2, 2015

BB&T Corporation declared quarterly dividend of $0.24 per share. The company also declared dividend of $365.625 per share (equivalent to $0.365625 per depositary share or 1/1,000th interest per share) on series D, $351.5625 on series E and $325.000 on F and G non- cumulative perpetual preferred stocks. The regular quarterly dividends payable March 2, 2015, to shareholders of record at the close of business February 13, 2015.

BB&T Corp. Confirms Cut of 1,440 Full-Time Positions

BB&T Corp. confirmed it has eliminated 1,440 full-time job positions since March 31, 2014 including 602 during the fourth quarter, as part of a restructuring initiative aimed in part at lowering personnel costs. The cuts since March 31, 2014 account for 4.3% of its overall workforce, lowering it to 32,264 as of December 31, 2014. The cuts were disclosed in its fourth-quarter earnings report.

BB&T Corporation Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2014; Provides Effective Tax Rate Guidance for the First Quarter of 2015

BB&T Corporation reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, net income available to common shareholders was $557 million, compared to $537 million earned in the fourth quarter of 2013, an increase of 3.7%. Earnings per diluted common share totaled $0.76 compared to $0.75 last year. Net interest income was $1,335 million against $1,362 million a year ago. Total revenue was $2,375 million against $2,382 million a year ago, essentially flat compared to the earlier quarter as a decrease in taxable-equivalent net interest income of $26 million was largely offset by a $19 million increase in noninterest income. Return on average assets was 1.30% against 1.30% a year ago. Return on average common shareholders' equity was 10.08% against 10.85% a year ago. Income before income taxes was $845 million against $831 million a year ago. Interest income was $1,554 million against $1,601 million a year ago. For the full year, net income available to common shareholders totaled $2.0 billion, resulting in earnings per diluted share of $2.75, up more than 25% compared to a year ago. These results were driven by very good expense control and strong performances from its mortgage banking, insurance and investment banking and brokerage businesses, which drove noninterest income to exceed $1 billion for the quarter. Net interest income was $5,374 million against $5,616 million a year ago. Return on average assets was 1.20% against 0.95% a year ago. Return on average common shareholders' equity was 9.40% against 8.06% a year ago. Income before income taxes was $2,986 against $3,124 million a year ago. Interest income was $6,286 million against $6,654 million a year ago. The company announced net charge-offs during the fourth quarter of 2014 totaled $116 million, a decline of $26 million compared to the prior quarter. This decline is primarily due to the current and prior quarter loan sales, which resulted in net recoveries of $4 million and net charge-offs of $15 million, respectively. For the first quarter of 2015, the company expects effective tax rate to be about 30%.

BB&T Announces Executive Changes

BB&T has tapped Josh Petty as its new market president for greater Birmingham. Petty replaces Burton McDonald, who was recently promoted to lead the state's Alabama region after Dontá Wilson was promoted to regional president for northern Georgia. Since 2013, Petty has led BB&T's corporate banking team. Petty, 36, joined BB&T in 2002. He previously worked for the bank in Virginia before moving to Birmingham in 2009 after BB&T gained a substantial presence in Alabama with its acquisition of Colonial Bank.

 

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BBT

Industry Average

Valuation BBT Industry Range
Price/Earnings 14.0x
Price/Sales 3.1x
Price/Book 1.3x
Price/Cash Flow 12.9x
TEV/Sales NM Not Meaningful
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