NEW YORK (TheStreet) -- Shares of BB&T Corp. (BBT) are lower by -4.19% to $37.27 on heavy trading volume on Monday afternoon, after the company reported a decline in profit to $425 million for the 2014 second quarter from $547 million for the year ago quarter.
The financial holding company said earnings per diluted share were 58 cents, compared to 77 cents from the 2013 second quarter.
Revenue decreased 7.5% from the prior year to $2.3 billion for the 2014 second quarter.
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Separately, TheStreet Ratings team rates BB&T CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate BB&T CORP (BBT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in net income, good cash flow from operations, expanding profit margins, increase in stock price during the past year and growth in earnings per share. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."
Analysts polled by Thomson Reuters expected earnings of 74 cents on revenue of $2.31 billion, the Wall Street Journal reports.
BB&T said results for the quarter were lower as the company had to establish reserves to deal with an audit from the Department of Housing and Urban Development, the Journal added.
BBT data by YCharts
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