UPDATE: Sterne Agee Downgrades Hancock Holding

According to a research report published this morning, Sterne Agee has downgraded Hancock Holding

from Buy to Neutral. In the report, Sterne Agee said, "We are lowering our 2012E-2013E EPS due to likelihood that overhead will be higher than we previously modeled, which will be offset partially by better than expected noninterest income and margin performance. Management indicated that noninterest expense, excluding amortization expense, would likely be $149-$153 million in 4Q12E, which is ~$9-$13 million higher than the level we previously modeled. Although some of the change in our overhead estimate was offset by an increased outlook for the margin and stronger noninterest income growth, the net effect still pushes our estimates lower, and we believe that HBHC will perform in-line with the market going forward." Hancock Holding closed Friday at $36.36.