Regional banker BB&T Corporation (BBT) on Thursday posted disappointing third quarter earnings estimates, as a decline in loan loss provisions and a sharp uptick in profits weren’t enough to meet Wall Street’s expectations.
The Winston-Salem, NC-based company reported third quarter net income of $469 million, or 66 cents per share, compared with $366 million, or 52 cents per share, in the year-ago period.
Revenue gained 16% from last year to $2.48 billion.
On average, Wall Street analysts expected a higher profit of 71 cents per share, albeit on lower revenue of $2.46 billion.
BB&T shares fell $1.02, or -3.2%, in premarket trading Thursday.
The Bottom Line
Shares of BB&T (BBT) have a 2.48% dividend yield, based on last night’s closing stock price of $32.27. The stock has technical support in the $28-$30 price area. If the shares can firm up, we see overhead resistance around the $34-$35 price levels.
BB&T Corporation (BBT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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