Have you been eager to see how BB&T Corporation (BBT) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this North Carolina-based diversified financial holding company’s earnings release this morning:
An Earnings Miss
BB&T came out with earnings per share of 68 cents, missing the Zacks Consensus Estimate of 70 cents.
Higher expenses were mainly responsible for this earnings miss.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for BB&T depicted a neutral stance prior to the earnings release as the Zacks Consensus Estimate remained flat over the last 7 days.
Revenue Came In Lower Than Expected
BB&T posted total revenues of $2.34 billion, which lagged the Zacks Consensus Estimate of $2.36 billion. Further, it came 1% above with the year-ago number.
Key Developments to Note:
The Federal Reserve did not object to BB&T’s 2015 capital plan. It included a 12.5% hike in the quarterly cash dividend, three previously announced acquisitions and share repurchases of up to $820 million beginning in the third quarter of 2015.
During the quarter, BB&T closed the acquisition of 41 branches in Texas. Moreover, the deals to acquire The Bank of Kentucky and Susquehanna Bancshares remain on track to close later this year.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for BB&T. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this BB&T earnings report!
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