- Hancock beat earnings expectations for the fourth quarter, but the beat was quite modest at the core pre-provision level.
- Loan growth is going to remain a struggle, and Hancock's asset-sensitive mix isn't really helpful until rates start rising again.
- The real value at Hancock is likely in its high-quality core deposit base, where total deposit costs are low and deposits have proven sticky over time.
- Hancock looks undervalued below the low-$40s, but management needs to deliver on its cost-cutting targets.
For further details see:
Hancock Whitney Has Above-Average Upside, But It Requires Self-Improvement