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Regional Bank Earnings: What to Expect

BB&T Corp.

BBT ChartBBT data by YCharts

Shares of BB&T Corp. (BBT) of Winston-Salem, N.C., closed at $38.66 Friday.  The shares trade for 2.5 times tangible book value, according to Thomson Reuters Bank Insight, and for 11.5 times the consensus 2015 earnings estimate of $3.35 a share.  The consensus 2014 EPS estimate is $3.02.  Based on a quarterly payout of 23 cents, the shares have a dividend yield of 2.38%.

BB&T is scheduled to announce its four-quarter results on Thursday, with analysts on average estimating earnings of 71 cents a share, up a penny from 70 cents during the third quarter, but matching its EPS during the fourth quarter of 2012.

Citigroup analyst Keith Horowitz in his earnings preview on Jan. 3 wrote, "BBT remains our favorite way to play the regional space," while reiterating his "buy" rating and raising his price target for the shares to $44 from $40.00.

"We still see the most upside in BBT, as its above-average returns and solid management team should justify a premium multiple," Horowitzwrote.  BB&Ts return on average tangible equity for the first three quarters of 2013 was a decent 12.21%,, according to Thomson Reuters Bank Insight, however, the third quarter results were lowered by a $235 million tax adjustments.  The company's ROTCE has been in the high double digits for three of the past five quarters.

According to Horowitz, BB&T is "well-positioned for a tough environment given its diverse revenue mix and specialized lending business, and the valuation continues to be attractive."

Interested in more on BB&T? See TheStreet Ratings' report card for this stock.

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