Banking stock under pressure: Bancorpsouth Bank (NYSE: BXS) stock

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Bancorpsouth Bank (NYSE: BXS) stock fell over 2.1% on April 21st, 2020 (as of 1:36 pm GMT-4 ; Source: Google finance)  post first quarter of FY 20 update. The Company for the first quarter of 2020 has reported net income available to common shareholders of $21.9 million, compared to net income available to common shareholders of $51.6 million for the first quarter of 2019 and net income available to common shareholders of $65.8 million, for the fourth quarter of 2019. The company has delivered the net interest revenue of $167.5 million for the first quarter of 2020, which represents an increase of 9.8 percent from $152.6 million for the first quarter of 2019 and a decrease of 1.9 percent from $170.8 million for the fourth quarter of 2019.  The fully taxable equivalent net interest margin had fallen to 3.54 percent for the first quarter of 2020, compared to 3.86 percent for the first quarter of 2019 and 3.76 percent for the fourth quarter of 2019.  The Company’s ratio of shareholders’ equity to assets has fallen to 12.75 percent at March 31, 2020, compared with 12.16 percent at March 31, 2019 and 12.75 percent at December 31, 2019.  The ratio of tangible common shareholders’ equity to tangible assets had fallen to 7.99 percent at March 31, 2020, compared to 8.41 percent at March 31, 2019 and 8.09 percent at December 31, 2019.

BXS in the first quarter of FY 20 has reported the adjusted earnings per share of 33 cents, and adjusted revenue growth of $244 million in the first quarter of FY 20, beating the analysts’ estimates for revenue of $243.9 million.

Meanwhile, in November 2019, the Company had completed an underwritten public & had offered  $300 million aggregate principal amount of its 4.125 percent Fixed-to-Floating Rate Subordinated Notes due November 20, 2029 and an underwritten public offering of $172.5 million of its 5.50 percent Series A Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share.

Additionally, during the first quarter of 2020, the company had repurchased 3,300,000 shares of its outstanding common stock at a weighted average price of $26.42 per share as per its share repurchase program.  At the end of March, 2020, the Company had 4,700,000 remaining shares available for repurchase under its current share repurchase authorization which expires on December 31, 2020.

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