Hancock Holding Now Covered by Bank of America Corp. (HBHC)
Stock analysts at Bank of America Corp. assumed coverage on shares of Hancock Holding (NASDAQ:HBHC) in a report issued on Wednesday, Analyst Ratings Network.com reports. The firm set an “underperform” rating and a $29.00 price target on the stock. Bank of America Corp.’s price objective would suggest a potential downside of 5.75% from the stock’s previous close.
The analysts wrote, “Started over a century ago and with $18bn in assets, Gulfport, Mississippi based Hancock Holding (HBHC) serves the Gulf South with a footprint ranging from Texas to Florida. Over the last few years management has been focused on integrating the transformative acquisition of its larger New Orleans based peer Whitney Bank (WTNY), which more than doubled HBHC’s asset size. The deal clearly boosted HBHC’s market share in Louisiana, but the stock has significantly underperformed since, down 16% vs. our smid-cap coverage universe’s 18% increase. This is likely due to investor caution given the relatively large size of the deal and the potential for market share loss as competitors try to take advantage of market disruption.”
HBHC has been the subject of a number of other recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of Hancock Holding in a research note to investors on Monday, September 30th. They now have a $32.50 price target on the stock. Separately, analysts at RBC Capital initiated coverage on shares of Hancock Holding in a research note to investors on Friday, August 23rd. They set a “sector perform” rating and a $35.00 price target on the stock. Finally, analysts at SunTrust raised their price target on shares of Hancock Holding from $29.00 to $34.00 in a research note to investors on Tuesday, July 30th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $31.25.
Shares of Hancock Holding (NASDAQ:HBHC) traded down 0.45% during mid-day trading on Wednesday, hitting $30.63. 409,698 shares of the company’s stock traded hands. Hancock Holding has a one year low of $25.00 and a one year high of $33.85. The stock has a 50-day moving average of $31.87 and a 200-day moving average of $30.51. The company has a market cap of $2.514 billion and a price-to-earnings ratio of 14.06.
Hancock Holding (NASDAQ:HBHC) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.55 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.55. On average, analysts predict that Hancock Holding will post $2.23 earnings per share for the current fiscal year.
Hancock Holding Company (NASDAQ:HBHC) is a bank holding company.
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