Back to top

Analyst Blog

BB&T Corporation’s (BBT - Analyst Report) subsidiary, BB&T Insurance Services, announced the acquisition of Woodbury & Co. The deal will increase the company’s footprint in North and South Carolina as Woodbury has offices in Wilmington (NC) and Myrtle Beach (SC).

Though the terms of the deal were not disclosed, it is scheduled to be completed on April 1. Moreover, upon completion, BB&T Insurance will integrate its existing offices in Wilmington and Myrtle Beach with Woodbury. Additionally, Woodbury’s President and Commercial Lines Manager will be joining BB&T Insurance’s management team.

Founded in 1932, Woodbury offers commercial property and casualty, employee benefits, individual life and health, personal lines as well as professional liability insurance to businesses and individuals. Currently, Woodbury employs more than 50 people.

This is BB&T’s first acquisition deal this year. Earlier in Dec 2013, the company announced a deal to acquire 21 branches in Texas from Citibank, the consumer banking division of Citigroup Inc. (C - Analyst Report) for $36 million. The transaction is expected to close by the second quarter of 2014. Earlier in Jul 2012, the company acquired BankAtlantic Bancorp Inc.’s wholly-owned bank subsidiary, BankAtlantic.

Further, in April 2012, BB&T Insurance acquired NJ-based Crump Group Inc.’s life insurance and property and casualty (P&C) insurance units, along with the rights to use the Crump name. Also, in 2011, BB&T Insurance completed the acquisition of Atlantic Risk Management, Liberty Benefit Insurance Services and Precept Group.

Apart from growing inorganically, BB&T remains focused on its organic growth strategy. This will continue to improve the quality of its deposit base, reduce funding costs and aid growth in fee income.

Currently, BB&T carries a Zacks Rank # 3 (Hold). Some better-ranked major banks include BankUnited, Inc. (BKU - Analyst Report) and KeyCorp. (KEY - Analyst Report). Both of these have a Zacks Rank #2 (Buy).

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
RPC INC RES 24.91 +8.35%
LITHIA MOTO… LAD 94.59 +4.60%
DELTA AIR L… DAL 39.15 +3.90%
FLAMEL TECH… FLML 14.51 +3.50%
SOUTHWEST A… LUV 28.87 +2.92%