Yesterday’s Analyst’s Downgrade- Hancock Holding Company (HBHC)

Hancock Holding Company (NASDAQ:HBHC) received a stock rating downgrade from Hovde Group on Mar-29-16. In a note to investors, the firm issued a Market Perform rating and the target price on the stock from $25.50 to $24. The analysts previously had an Outperform rating on the stock.

Analysts have a consensus target price of $25.55 in the 12-month period. The price objective is 11.82% higher than the recent closing price of $22.85. The 52-week price range is $20.05-$32.09 and the company has a market capitalization of $1.82 billion. Analysts covering the shares maintain a consensus Buy rating, according to Zacks Investment Research. Zero analyst has rated the stock with a sell rating, 6 has assigned a hold rating, 0 says it’s a buy, and 1 have assigned a strong buy rating to the company.

Hancock Holding Company (HBHC) on March 28, 2016 announced that it is updating its prior guidance related to the expected provision for credit losses in the first quarter of 2016.  As a result of the prolonged energy cycle there were risk rating downgrades on over $300 million in outstanding energy credits that have been identified recently.  These changes, which include the results of a regulatory shared national credit (SNC) review that was completed on March 15, 2016, will require approximately $45 million in additional provision expense in the first quarter.  Based on this new information, management now expects the total provision for credit losses in the first quarter of 2016 to approximate $58 – $62 million.

Management is not updating any other prior guidance at this time and will announce first quarter of 2016 financial results after market close on April 19, 2016, and host a conference call at 9:00 a.m. Central Time on April 20, 2016.

Hancock Holding Company is a financial services company with regional business headquarters and locations throughout a growing Gulf South corridor. The company’s banking subsidiary provides a comprehensive network of full-service financial choices through Hancock Bank locations in Mississippi, Alabama, and Florida and Whitney Bank offices in Louisiana and Texas, including traditional and online banking; commercial and small business banking; energy banking; private banking; trust and investment services; certain insurance services; mortgage services; and consumer financing.

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