Shares of BB&T of Winston-Salem, N.C., have returned 8% this year, following a 19% gain during 2012. The shares trade for 1.9 times tangible book value, according to Thomson Reuters Bank Insight, and for 9.9 times the consensus 2014 EPS estimate of $3.11. The 2013 EPS estimate is $2.87. BB&T in March had its 2013 capital plan rejected by the Federal Reserve, based on a "qualitative assessment." Guggenheim Securities analyst Marty Mosby said in an interview on March 15 that "we believe BBT was penalized for requesting a dividend payout in excess of 30% of earnings. The Fed had warned banks that any requests that exceeded 30% of earnings on dividends or 100% of earnings in total capital distributions would receive increased scrutiny and they backed up this warning by making BBT this year's example."