Hancock Holding Company (NASDAQ:HBHC) shares were 0.00% on Monday when approximately 892,570.00 shares were traded, against the average daily trading volume of 868,406.00. Analysts at Credit Agricole recently upgraded the stock to Underperform from Buy. Hancock Holding Company (NASDAQ:HBHC) has a consensus buy rating, according to Zacks Investment Research. No analyst has rated the stock with a sell rating, 6 have assigned a hold rating, 1 says it’s a buy, and 0 have assigned a strong buy rating to the company.
Analysts have a consensus target price of $46.88 in the 12-month period. The price objective is 2.58% higher than the recent closing price of $45.70. The 52-week price range is $19.57-$46.70 and the company has a market capitalization of $3.81 billion.
Hancock Holding Company (HBHC) on January 18, 2017 announced its financial results for the fourth quarter of 2016. Net income for the fourth quarter of 2016 was $51.8 million, or $.64 per diluted common share (EPS), compared to $46.7 million, or $.59 EPS in the third quarter of 2016 and $15.3 million, or $.19 EPS, in the fourth quarter of 2015. Net income for the full year of 2016 was $149.3 million, or $1.87 EPS, compared to $131.5 million, or $1.64 EPS, for the full year of 2015.
Highlights of the company’s fourth quarter 2016 results (compared to third quarter 2016):
- Earnings up approximately 11%
- Revenue up 3%
- Noninterest income up almost 5%
- Loan loss provision decreased 24% to $14.5 million, compared to $19.0 million
- Revenue up 3%
- Noninterest income up almost 5%
- Loan loss provision decreased 24% to $14.5 million, compared to $19.0 million
- Core pre-tax pre-provision (core PTPP) income of $87.2 million, up $1.1 million or 1% (up $67.7 million, or 25%, 2016 vs. 2015)
- Total loans up $681 million, or 17% linked-quarter annualized (LQA)
- Net interest margin (NIM) of 3.26% up 6 basis points (bps); core NIM up 7 bps to 3.19%
- Energy loans comprise 8.4% of total loans, down from 8.7%
- Allowance for the energy portfolio totals $106.5 million, or 7.5% of energy loans
- Tangible common equity (TCE) ratio up 71 bps to 8.64%; company raised $259 million of new capital on December 16, 2016
Signed an agreement to purchase certain assets and liabilities, including 9 branches, from First NBC Bank; the transaction is expected to close in the first quarter of 2017
“This quarter’s results reflect continued progress in achieving the goals we put in place in late 2014,” said President and CEO John M. Hairston. “Our net income for 2016 was up almost 14% compared to 2015 and we successfully exceeded our goal for core pre-tax pre-provision income, growing it by 25% in 2016 compared to 2015. We did this through organic balance sheet growth of over $1 billion, margin stability, expanding sources of noninterest income and keeping expenses flat. I am extremely proud of our 3,800 associates for achieving this goal and I look forward to continuing the momentum in 2017.”