Hancock Holding Co. (HBHC) Hits New 52-Week High on Strong Earnings
Shares of Hancock Holding Co. (NASDAQ:HBHC) reached a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $33.42 and last traded at $33.41, with a volume of 265,939 shares trading hands. The stock had previously closed at $32.28.
The financial services provider reported $0.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.01. Hancock Holding had a net margin of 11.20% and a return on equity of 4.53%. During the same quarter in the prior year, the business posted $0.52 EPS.
Several analysts recently commented on the stock. Jefferies Group reissued a “hold” rating and set a $28.00 price objective on shares of Hancock Holding in a research report on Thursday, July 7th. Zacks Investment Research raised shares of Hancock Holding from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a research report on Tuesday, July 26th. Piper Jaffray Cos. reissued a “neutral” rating and set a $29.00 price objective (up from $27.50) on shares of Hancock Holding in a research report on Sunday, July 24th. Keefe, Bruyette & Woods restated a “market perform” rating on shares of Hancock Holding in a research note on Wednesday, October 12th. Finally, TheStreet upgraded shares of Hancock Holding from a “hold” rating to a “buy” rating in a research note on Thursday, July 14th. Nine equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $29.57.
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In other Hancock Holding news, insider George A. Schloegel acquired 4,633 shares of the stock in a transaction dated Thursday, August 4th. The shares were purchased at an average price of $28.64 per share, for a total transaction of $132,689.12. Following the purchase, the insider now directly owns 257,351 shares of the company’s stock, valued at $7,370,532.64. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, EVP Stephen E. Barker sold 2,550 shares of the stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $29.45, for a total transaction of $75,097.50. Following the completion of the transaction, the executive vice president now owns 9,966 shares in the company, valued at approximately $293,498.70. The disclosure for this sale can be found here. 1.45% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in HBHC. MAI Capital Management purchased a new stake in Hancock Holding during the third quarter worth approximately $245,000. Ronald Blue & Co. LLC purchased a new stake in Hancock Holding during the third quarter worth approximately $210,000. Fox Run Management L.L.C. purchased a new stake in Hancock Holding during the third quarter worth approximately $347,000. Hilton Capital Management LLC purchased a new stake in Hancock Holding during the third quarter worth approximately $242,000. Finally, Oregon Public Employees Retirement Fund boosted its stake in Hancock Holding by 2.1% in the third quarter. Oregon Public Employees Retirement Fund now owns 26,573 shares of the financial services provider’s stock worth $862,000 after buying an additional 534 shares during the last quarter. Institutional investors own 81.13% of the company’s stock.
The stock has a market cap of $2.59 billion, a P/E ratio of 24.81 and a beta of 0.87. The company has a 50 day moving average price of $32.24 and a 200-day moving average price of $28.28.
Hancock Holding Company Profile
Hancock Holding Company (Hancock) is a financial services company that provides a network of service financial choices to the Gulf South region through its bank subsidiary, Whitney Bank, a Mississippi state bank. The Company operates through overall banking operations segment. Whitney Bank operates under brands, such as Hancock Bank in Mississippi, Alabama and Florida and Whitney Bank in Louisiana and Texas.
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