UPDATE: FIG Partners Initiates BancorpSouth at Market Perform; Plenty of Room to Grow

FIG Partners initiated coverage on BancorpSouth

with a Market Perform rating and a $17.00 price target. FIG Partners commented, "Through a combination of internal growth and selective acquisitions, BXS has grown into a $13 Billion bank with ~ 260 branch locations in an eight-state market footprint. The Company's largest market is its home state of Mississippi where it has ~ 30% of its loans and ~ 46% of its deposits. Outside of Mississippi BXS holds relatively low market share positions which should allow for good growth opportunities going forward. A few of the bigger markets for growth potential include: Birmingham; Nashville; and St. Louis." BancorpSouth closed at $15.63 on Monday.