Rise Of A Small-Town Bank, BB&T Corporation (BBT)
By Benzinga Staff
November 23, 2009 2:02 PM
November 23, 2009 2:02 PM
While other southern banks like the Bank of America (NYSE: BAC) and Wachovia (recently rescued by Wells Fargo (NYSE: WFC)) are going through apocalypse,a small bank in nearby Winston-Salem is building up a profitable business in the south.
BB&T Corporation (NYSE: BBT) has become a big player now in its own right, with assets of $165 billion and a stock-market capitalization of $17 billion.
Assuming that its revenue continues to rise and loan defaults decrease in numbers, its shares could rise at least 30%, into the low-30s, from Thursday's 24.68.
BB&T "is going to be a leader coming out of this cycle," says Lisa Welch, portfolio manager of the John Hancock Regional Bank Fund (NASDAQ: FRBAX), which owns shares.
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