UPDATE: Bank of America Initiates Coverage on Hancock Holding Company with Underperform Rating, $29 PT as EPS is Expected to Flatline Near-Term

In a report published Wednesday, Bank of America analyst Ebrahim H. Poonawala initiated coverage on

with an Underperform rating and $29.00 price target. In the report, Bank of America noted, “Started over a century ago and with $18bn in assets, Gulfport, Mississippi based Hancock Holding (HBHC) serves the Gulf South with a footprint ranging from Texas to Florida. Over the last few years management has been focused on integrating the transformative acquisition of its larger New Orleans based peer Whitney Bank (WTNY), which more than doubled HBHC's asset size. The deal clearly boosted HBHC's market share in Louisiana, but the stock has significantly underperformed since, down 16% vs. our smid-cap coverage universe's 18% increase. This is likely due to investor caution given the relatively large size of the deal and the potential for market share loss as competitors try to take advantage of market disruption.” Hancock Holding Company closed on Tuesday at $30.77.