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BB&T Corp. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: February 25, 2011 04:29PM
BB&T Corp. (BBT) filed Annual Report for the period ended 2010-12-31. Bb&t Corp. has a market cap of $19.21 billion; its shares were traded at around $27.69 with a P/E ratio of 23.7 and P/S ratio of 1.7. The dividend yield of Bb&t Corp. stocks is 2.2%.Hedge Fund Gurus that owns BBT: David Tepper of Appaloosa Management LP, Bruce Kovner of Caxton Associates, Tom Russo of Gardner Russo & Gardner, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns BBT: Dodge & Cox, John Buckingham of Al Frank Asset Management, Inc., Charles Brandes of Brandes Investment, Diamond Hill Capital of Diamond Hill Capital Management Inc, Kenneth Fisher of Fisher Asset Management, LLC, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
At January 31, 2011, the Corporation had 694,603,885 shares of its Common Stock, $5 par value, outstanding. The aggregate market value of voting stock held by nonaffiliates of the Corporation is approximately $18.2 billion (based on the closing price of such stock as of June 30, 2010).
During 2008 and continuing in 2010, higher levels of bank failures have dramatically increased resolution costs of the FDIC and depleted the deposit insurance fund. In addition, the FDIC instituted two temporary programs to further insure customer deposits at FDIC insured banks: deposit accounts are now insured up to $250,000 per customer (up from $100,000) and noninterest-bearing transactional accounts are currently fully insured (unlimited coverage). These programs have placed additional stress on the deposit insurance fund. In order to maintain a strong funding position and restore reserve ratios of the deposit insurance fund, the FDIC has increased assessment rates of insured institutions. On November 12, 2009, the FDIC adopted a rule that required banks to prepay three years worth of estimated deposit insurance premiums by December 31, 2009. BB&T is generally unable to control the amount of premiums that the Company is required to pay for FDIC insurance. The Dodd-Frank Act also imposes additional assessments and costs with respect to deposits, requiring the FDIC to impose deposit insurance assessments based on total assets rather than total deposits, as well as making permanent the increase of deposit insurance to $250,000 and providing for full insurance of non-interest bearing transaction accounts beginning December 31, 2010, for two years. For additional information regarding changes with respect to deposit insurance assessments, see Regulatory Considerations below. These announced increases, legislative and regulatory changes and any future increases or required prepayments of FDIC insurance premiums may adversely impact BB&Ts earnings and financial condition. If there are additional bank or financial institution failures, or the cost of resolving prior failures exceeds expectations, the Company may be required to pay even higher FDIC premiums than the recently increased levels.
Stocks Discussed: BBT,