Stephens analyst Matt Olney maintained a Hold rating on BancorpSouth (BXS) today and set a price target of $33. The company’s shares opened today at $28.39.
Olney observed:
“We’re updating our forecast to match the Bank’s expectations of closing dates on April 1, 2019, which compares to our previous forecast of June 1, 2019. The net impact is $0.01 increase to our 2019 EPS forecast and no change to our 2020 EPS forecast. We maintain our Equal-Weight rating. KEY POINTS: A lot has Changed. We are pleased that BXS will only need 139 days to close these acquisitions since its announcement date. This compares to an average of 148 days for the similar M&A deals (where acquirer is +$10 billion in assets) in the bank industry over the last 24 months. The regulatory climate has clearly improved for BXS as its previous M&A announcements required 166 days (Icon Capital) and 1400+ days (Central to closing after multiple regulatory delays.”
According to TipRanks.com, Olney is a 1-star analyst with an average return of -1.0% and a 42.2% success rate. Olney covers the Financial sector, focusing on stocks such as Spirit Of Texas Bancshares Inc, Business First Bancshares Inc, and Hancock Whitney Corporation.
The word on The Street in general, suggests a Hold analyst consensus rating for BancorpSouth with a $29.50 average price target, representing a 3.9% upside. In a report issued on March 6, Brean Capital also assigned a Hold rating to the stock.
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Based on BancorpSouth’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $47.1 million. In comparison, last year the company had a net profit of $37.52 million.
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BancorpSouth Bank engages in the management of branch locations as well additional mortgage, insurance, and loan production offices. It operates through the following segments: Mortgage, Insurance Agencies, Wealth Management, and General Corporate and Other.
