UPDATE: Wunderlich Securities Downgrades Hancock Holding Company to Hold on Disappointing 1Q13 Results

In a report published Friday, Wunderlich Securities analyst Kevin Reynolds downgraded the rating on Hancock Holding Company

from Buy to Hold, but reiterated the $38.00 price target. In the report, Reynolds noted, “Our price target is under review pending the company's Friday morning conference call to discuss 1Q13 results. HBHC reported 1Q13 operating EPS of $0.56, which was $0.04 below consensus. Core trends were surprisingly bad, with lower loan balances, a lower NIM, lower NII and lower fee income combining to yield a 14% sequential decline in pre-tax pre-provision income that fell short of the 6% short of consensus. To address this, management stated its goal of achieving a much lower efficiency ratio by 2016, suggesting we have a little time on this one.” Hancock Holding Company closed on Thursday at $29.54.