Home Trending Stocks Why BancorpSouth Bank (BXS) stock plummeted on Friday?

Why BancorpSouth Bank (BXS) stock plummeted on Friday?

BancorpSouth Bank (BXS) shares plummeted 9.39% in after-hours on Friday, June 18, 2021, and close the weekly business at $25.00 per share. Earlier, BXS’s stock lost 3.60% to close Friday’s normal trading session at $27.59 per share.

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BXS shares have risen 21.17% over the last 12 months, and they have moved down 9.09% in the past week. Over the past three months, the stock has lost 18.83%, while over the past six months, it went down 2.34%.


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Let’s have a look at its recent news.

Merger completion

On May 3, 2021, BancorpSouth Bank announced that it has completed its previously announced mergers with National United Bancshares, Inc., with FNS Bancshares, Inc. effective May 1, 2021.

Recognitionby National Campaign Promoting Savings

On April 29, 2021, BancorpSouth Bank received the 2021 America Saves Designation of Savings Excellence for its seventh consecutive year of promoting better savings plans for customers.

The annual award is given to such financial institutions that go above and beyond to encourage people to save money.

Quarterly common &preferred dividends declaration

On April 28, 2021, the Board of Directors of BancorpSouth Bank declared a quarterly cash dividend of $0.19 per share of common stock at its regular quarterly meeting. The common stock dividend is payable on July 1, 2021, to shareholders of record at the close of business on June 15, 2021.

A quarterly cash dividend of $0.34375 per share of Series A Preferred Stock was also announced by the Board which is payable on May 20, 2021, to shareholders of record at the close of business on May 5, 2021.

Recent financial results announcement

On April 21, 2021, BancorpSouth Bank released its financial results for the quarter ended March 31, 2021.

Q1 2021 financial highlights

  • BancorpSouth Bank reported a net income of $79.2 million, or $0.77per diluted common share for the first quarter of 2021, compared with net income of $21.9 million, or $0.21 per diluted common share, for the first quarter of 2020.
  • Net interest revenue was $172.8 million for the first quarter of 2021, compared to $167.5 million for the first quarter of 2020.
  • Noninterest revenue was $87.9 million for the first quarter of 2021, compared with $76.5 million for the first quarter of 2020.
  • Noninterest expense was $155.8 million for the first quarter of 2021, compared with $168.0 million for the first quarter of 2020.

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Conclusion

As of this writing, we are unable to find any reason for BXS loss on Friday. we hope that BXS stock will turnaround and will start the new week with positivity.

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