Upon Better Than Expected Showing, Sterne Agee Raises Hancock Holding Estimates

Sterne Agee is raising its Hancock Holding Company

2010E EPS to $1.35 (+$0.10) to reflect the better than expected showing in 3Q10. “Our 2011E and 2012E EPS remain unchanged at $1.65 and $2.60, respectively,” Sterne Agee writes. “Although lackluster balance sheet trends marked 3Q10, we believe that HBHC will pick up share in FL in 2011 and 2012, which should support our average asset growth rates for 2011E and 2012E of -1% Y/Y and 8% Y/Y, respectively.” Sterne Agee says that it still believes that Hancock Holding will have more opportunity to bid on FDICassisted deals. “Even though such activity could consist of relatively small deals, they would likely benefit estimates,” Sterne Agee writes. Hancock Holding currently trades for $31.67.