Opinions
Bruce Campbell (1)
BB&T Corp.
BBT-N
TOP PICK
Oct 20, 2017
$47.500
Stock price when the opinion was issued
Financial Services
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TOP PICK
A well run eastern seaboard bank focusing on North Carolina. In the process of buying another US SE bank -- the first merger of two major banks in the US since the financial crisis. The market likes the deal as both share prices rose on the announcement. It will become the 6th largest US bank. Yield 3.27%. (Analysts’ price target is $55.55)
Financial Services
BUY
He owns BBT-N. The company is involved in a merger with Suntrust. It is a franchised bank on the east coast where there is good economic and demographic growth. Even during the financial crisis, they managed affairs well. The US banks have been stuttering as the yield curve has become flat. He would still be a buyer here.
Financial Services
TOP PICK
A super-regional bank in North Carolina. It is buying/merging with another major player in the US Southeast. During the financial crisis it was in great financial shape. The stock has done well despite a lower interest rate environment. Yield 3.30% (Analysts’ price target is $55.89)
Financial Services
This is most like a TD Bank (TD-T) in that it is an east coast regional from Florida up through New England. Very cheap relative to its US peers. It would look a little expensive on Canadian standards, trading at 13X earnings instead of 11X earnings, and a 2.8% yield instead of 4%, but would be a bigger beneficiary on higher rates. Very retail. If we get the Fed going again in December, and 1 or 2 times next year, they’ll have decent earnings growth, and there are still lots of targets of smaller regional banks for them to buy. (Analysts’ price target is $49.)