Market Update (NYSE:BBT): BB&T to acquire Swett & Crawford

[PR Newswire] – WINSTON-SALEM, N.C., Feb. 24, 2016 /PRNewswire/ — BB&T Corporation (BBT) announced today that it has reached an agreement to acquire CGSC North America Holdings Corporation (“Swett & Crawford”) from Cooper Gay Swett & Crawford. Swett & Crawford is one of the most respected wholesale insurance brokers in the U.S. and has served the commercial insurance marketplace for more than 100 years. Under the terms of the agreement, BB&T will acquire Swett & Crawford for $500 million in cash. Read more on this. BB&T Corporation (BBT) , with a current market cap of $24.97B, began trading this morning at $31.62. Shares have traded today between $31.27 and $32.04 per share with a one year range of $29.95 to $41.90. BB&T (BBT) shares are currently priced at 11.14x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry ’s 14.24x earnings multiple for the same period. And for passive income investors, the company pays shareholders $1.08 per share annually in dividends, yielding 3.34%. According to a consensus of 27 analysts, the earnings estimate of $0.68 per share would be $0.01 better than the year-ago quarter and a $0.05 sequential decrease. What we find to be interesting is that the full-year EPS estimate of $2.96 is a $0.37 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.59 Billion. If reported, that would be a 10.68% increase over the year-ago quarter. In terms of ratings, Piper Jaffray Initiated BBT at Neutral (Nov 24, 2015). Previously, Hilliard Lyons downgraded BBT from Long-term Buy to Neutral. When considering if perhaps the stock is under or overvalued, the average price target is $39.10, which is 23.66% above where the stock opened this morning. See more in (NYSE:BBT) Similar Articles: Market Update (NYSE:BBT): BB&T, National Penn Announce Expected Closing Date and Election Deadline for Merger Stock Update: BB&T Corporation (NYSE:BBT) – BB&T Corporation President of Community Banking to speak at Bank of America Merrill Lynch 2015 Banking and Financial Services Conference Market Update: BB&T Corporation (NYSE:BBT) – BB&T Corporation CEO to speak at Barclays Global Financial Services Conference