Analyst Actions: Hancock Holding Downgraded, TP Cut $7 at Credit Suisse; Shares Drop 5%

By Staff,

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Hancock Holding Company ( HBHC ) has been downgraded at Credit Suisse to an Underperform rating from Neutral. The price target on the stock has been lowered to $25 from $32 a share.

"We are lowering HBHC to Underperform (from Neutral) partly based on a lower-than-expected core earnings power excluding accretable yield," said Credit Suisse. " A newly disclosed core margin that now excludes both Whitney & Peoples (not just WTNY) is 20-30 bps lower than our prior estimate and creates a larger earnings hole to fill as acquired loans run-off."

The firm also lowered their our 2013E and 2014E EPS to $2.40 and $2.50, from $2.55 and $2.75 respectively due to a lower core margin and higher credit costs.

Shares of HBHC are down 4.7% to $29.98 in mid-day trading, within a 52-week range of $27.95 - $36.73.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: HBHC

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