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BB&T's Margin Squeeze
Shares of BB&T ( BBT) of Winston-Salem, N.C., rose over 1% to close at $28.85. The shares have now returned 18% year-to-date, following a 2% decline during 2011. The shares trade for 1.8 times tangible book value, according to Thomson Reuters Bank Insight, and for 9.9 times the consensus 2013 EPS estimate of $2.93. The consensus 2014 EPS estimate is $3.18. Based on a quarterly payout of 20 cents, the shares have a dividend yield of 2.77%. After his firm hosted a series of investor meetings with BB&T CFO Daryl Bible, Deutsche Bank analyst Matt O'Connor on Wednesday reiterated his neutral rating for the company's shares, with a price target of $34, saying that the stock was "off 15% (underperforming the group by 700bps) since the recent Oct 5 peak," through Tuesday's close, reflecting "estimate reductions (we've cut our 2013e by 10%) due to likely lower than previously expected net interest income (lower rates, slower loan growth and run off of purchase accounting accretion)."