BancorpSouth Bank (NYSE:BXS), Torchmark Corporation (NYSE:TMK)

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Dishonesty is reproved in Scripture. God does not accept a person who “practices deceit” (Psalm 101:7), and Jeremiah 9:5 says of a wicked society, “Everyone deceives his neighbor, and no one speaks the truth; they have taught their tongue to speak lies; they weary themselves committing iniquity.” Speaking the truth, or honesty, is a mark of healthy human interaction. 

BancorpSouth Bank (NYSE:BXS)

Bancorpsouth Bank (NYSE:BXS) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

Several other equities research analysts have also recently weighed in on BXS. Stephens reissued a “hold” rating and issued a $33.00 price objective on shares of Bancorpsouth Bank in a research report on Thursday. Zacks Investment Research cut Bancorpsouth Bank from a “buy” rating to a “hold” rating in a research report on Monday, January 21st. Finally, Brean Capital reissued a “hold” rating on shares of Bancorpsouth Bank in a research report on Friday, January 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $33.50.

BancorpSouth Bank (NYSE:BXS), ended its previous trading session at $28.68 showing a loss of -0.649999999999999 or -2.22 percent with respect to the price of $29.33 when stock market opened. The company traded 873966 shares over the course of the trading day. Giving the average volume of 607.69 Million over the course of 3 consecutive months. Which signifies a pretty good change over the time with its shares outstanding of 101.02 Million.

BancorpSouth Bank (NYSE:BXS) is currently trading lower than its price target which is set to $31.63 by the analyst. The stock is -19.1% Below its 1-Year High which is $35.45. BXS has a difference of 18% from its 1 year low which stands at $24.31. The company is currently rated by analyst who are keeping a close eye on the stock as 3. Where 1 means Buy, 2.5 meaning Hold and 5 as Sell.

BancorpSouth Bank (NYSE:BXS) Price Insight

The stock needs to grow about $2.95 to reach its price target. In order to seek the stock’s directional movements, 20-Days, 50 Days and 200-Days moving averages are -8.4%, -4.72% and -8.62 percent respectively. The stock trades about 5.71 percent of its Float giving its total shares Outstanding are 101.02 Million. BXS lost about -15.27 percent in 6 months showing its Average True Range of 0.65. The company currently has a RSI and Beta of 31.06 and 1.48.

While talking about BancorpSouth Bank (NYSE:BXS) valuation ratios, the stock trades with a P/S and P/B of 4.43 and 1.34 which is significantly better and attractive as compared to its peers.

Torchmark Corporation (NYSE:TMK)

Torchmark Corporation (NYSE:TMK), closed the last trading session at $81.92 with decrease of $-1.48999999999999 or -1.79 percent against the opening price of $83.41. The trading day volume of the company stands at 686435 shares while the average trading volume of Torchmark Corporation (NYSE:TMK) is 529.38 Million over the course of 3 consecutive months. Which signifies a pretty good change over the time with its shares outstanding of 109.67 Million.

The price target of Torchmark Corporation (NYSE:TMK) is currently set at 80.78 by the analysts. The stock is $-8.59 Below its 1-Year High which is $89.62. TMK hit its 1-Year low price of $69.68. The company is currently rated by analyst who are keeping a close eye on the stock as 3.2. Where 1 means Buy, 2.5 meaning Hold and 5 as Sell.

Performance Indicators of Torchmark Corporation (NYSE:TMK)

The value of the stock decreased by -0.78% during the previous week performance. Looking at the 1 month performance of Torchmark Corporation (NYSE:TMK), the stock dipped -2.06%. While the 1 year performance shows a negative percentage of -4.12 and year to date performance stands at 9.92%.

Torchmark Corporation (NYSE:TMK) Analytical Review

The stock needs to grow about $-1.14 to reach its price target. In order to seek the stock’s directional movements, 20-Days, 50 Days and 200-Days moving averages are -0.88%, -0.25% and -2.37 percent respectively. The stock trades about 3.6 percent of its Float giving its total shares Outstanding are 109.67 Million. TMK gained about -4.49 percent in 6 months showing its Average True Range of 1.14. The company currently has a RSI and Beta of 45.87 and 1.Source

Honesty is truthfulness. An honest person has the habit of making accurate, trustworthy statements about life, self, others and God. An honest person represents himself just as he is and tells others the truth about themselves. Honesty is not “expressing everything that goes through your mind.” That’s transparency, and a person can be honest without being transparent. However, no one can be consistently honest without a commitment to the truth. Honesty will, at times, hurt someone’s feelings, but that does not mean that dishonesty is preferable. 

BancorpSouth will pay $10.6 million to settle charges against the bank by the Department of Justice and the Consumer Financial Protection Bureau, which accused the Mississippi-based bank of redlining and discriminatory lending practices.

According to a joint release from the CFPB and the DOJ, the agencies accused BancorpSouth of a number of discriminatory practices, including illegally redlining in Memphis; denying the mortgage loan applications of certain African-Americans more often than similarly situated non-Hispanic white applicants; charging African-American customers more for certain mortgage loans than non-Hispanic white borrowers with similar loan qualifications; and implementing an “explicitly discriminatory loan denial policy.”

The $10.6 million settlement stems from investigations into the bank’s lending practices that began in 2014.

According to the CFPB and DOJ, part of the CFPB’s investigation into BancorpSouth included sending testers to several BancorpSouth branches to inquire about mortgages. The agencies say that the results of those tests support the allegations against BancorpSouth.

“The agencies allege that, in several instances, a BancorpSouth loan officer treated the African-American tester less favorably than a white counterpart,” the CFPB and DOJ said in the release.

“Specifically, the complaint alleges that BancorpSouth employees treated African-American testers who sought information about mortgage loans worse than white testers with similar credit qualifications,” the agencies continued. “For example, BancorpSouth employees provided information that would restrict African-American consumers to smaller loans than white testers.”close dialogStay ahead of the market withDaily UpdateAround the clock coverage and information about the US mortgage and housing industrySign UpNo thanks

According to the CFPB, this is its first use of testing, sometimes called “mystery shopping,” to support an allegation of discrimination.

If approved by the United States District Court for the Northern District of Mississippi, as part of the settlement, BancorpSouth will pay $4 million in direct loan subsidies in minority neighborhoods in Memphis; at least $800,000 for community programs, advertising, outreach, and credit repair; $2.78 million to African-American consumers who were unlawfully denied or overcharged for loans; and a $3 million penalty to the CFPB.

“BancorpSouth’s discrimination throughout the mortgage lending process harmed the people who were overcharged or denied their dream of homeownership based on their race, and it harmed the Memphis minority neighborhoods that were redlined and denied equal access to affordable credit,” said CFPB Director Richard Cordray.

“Today’s action is a reminder that redlining and overt discrimination are not yet remnants of the past, and that federal enforcement is needed to bring real relief to communities and individuals,” Cordray added. “The Consumer Bureau and the Department of Justice will continue working together to root out discrimination in the marketplace and ensure consumers receive fair and equal treatment under the law.”

According to the agencies, the charges against BancorpSouth included allegations that the bank:

  • Illegally redlined in Memphis: The complaint alleges that from at least 2011 to 2013, BancorpSouth illegally redlined in the Memphis area—the market from which the bank received the most applications—by structuring its business to avoid and discourage consumers in minority neighborhoods from accessing mortgages. Specifically, the agencies allege that the bank placed its branches outside of minority neighborhoods, excluded nearly all minority neighborhoods from the area it chose to serve under the Community Reinvestment Act, and directed nearly all of its marketing away from minority neighborhoods. As a result, BancorpSouth generated relatively few applications from minority neighborhoods as compared to its peers.
  • Discriminated in underwriting certain mortgages: The agencies also allege that one of BancorpSouth’s lending units discriminated against African-American applicants by denying them mortgage loans—including loans with consumer as well as business purposes—more often than similarly situated white applicants. Specifically, the agencies allege that BancorpSouth granted its employees wide discretion to make credit decisions on mortgage loans. This discretion resulted in African-American applicants being denied certain mortgages at rates more than two times higher than expected if they had been white.
  • Discriminated in pricing certain mortgage loans: The agencies also allege that one of BancorpSouth’s lending units discriminated against African-American borrowers that it did approve by charging them higher annual percentage rates than white borrowers with similar loan qualifications. Specifically, the agencies allege that BancorpSouth granted its employees wide discretion to set the prices of mortgage loans. This discretion resulted in African-American borrowers paying significantly higher annual percentage rates than similarly situated white borrowers, costing African-American consumers hundreds of dollars more each year they held the loan.
  • Implemented an explicitly discriminatory denial policy: The complaint alleges that BancorpSouth required its employees to deny applications from minorities and other “protected class” applicants more quickly than those from other applicants and not to provide credit assistance to “borderline” applicants, which may have improved their chances of getting a loan. The bank generally permitted loan officers to assist marginal applicants, but the explicitly race-based denial policy departed from that practice. An audio recording of a 2012 internal meeting at BancorpSouth clearly articulates this discriminatory policy, as well as negative and stereotyped perceptions of African Americans.

“When banks discriminate on the basis of race, they violate our civil rights laws and threaten the foundation of a fair economy,” said Principal Deputy Assistant Attorney General Vanita Gupta, head of the Justice Department’s Civil Rights Division. “The Civil Rights Division will continue to enforce our nation’s fair lending laws to ensure that qualified applicants and borrowers can access credit and invest in their financial future without facing unlawful barriers.”

According to a release from the bank, it chose to settle the charges against it to “avoid protracted litigation” with the DOJ and CFPB. Instead of engaging in a lengthy legal fight over the charges, the bank said it would rather devote additional resources to “continue serving the communities in which it operates, including helping meet the credit needs of all borrowers in those communities.”

In a statement, James Rollins, the chairman and CEO of BancorpSouth, said that the bank views the settlement as a positive.

“We believe this settlement is a positive development for the Bank, and is in the best long-term interest of our customers, employees, and shareholders,” Rollins said.

“BancorpSouth is fully committed to fair and responsible lending practices in all communities throughout our footprint. Our settlement is a testament to that commitment,” Rollins continued. “We will continue to focus on what we do best – serving the needs of all our customers where they live and work.”

In a separate statement, a bank spokesperson said that despite the bank agreeing to the consent order with the agencies, it feels the allegations are without merit.

“The bank disagrees with these allegations. The decision to settle was made to avoid prolong and distracting litigation and to put the matter behind the bank,” bank spokesperson John Lovallo said. “And in agreeing to the consent order, the bank has not admitted to any of these allegations or to any liability.”

If the court accepts the settlement agreement, BancorpSouth will:

  • Pay $4 million to a loan subsidy program: To increase access to affordable credit, the loan subsidy program will offer qualified applicants in majority-minority neighborhoods in Memphis mortgage loans on a more affordable basis than otherwise available from BancorpSouth. The loan subsidies can include interest rate reductions, closing cost assistance, and down payment assistance.
  • Pay $2.78 million to African-American consumers harmed by discrimination: BancorpSouth will provide $2.78 million to African-American consumers who were improperly denied mortgage loans or overcharged for their loans because of BancorpSouth’s allegedly discriminatory pricing and underwriting policies.
  • Spend at least $300,000 on targeted advertising and outreach: BancorpSouth will fund a targeted advertising and outreach campaign to generate applications for mortgage loans from qualified consumers in majority-minority neighborhoods in Memphis. The bank will be required to spend $100,000 annually on the campaign during the term of the order, which will be in effect for a minimum of three years.
  • Spend $500,000 on local partnerships: BancorpSouth will spend $500,000 to partner with community-based or governmental organizations that provide education, credit repair, and other assistance in minority neighborhoods in Memphis.
  • Extend credit offers: BancorpSouth will offer African-American consumers who were denied mortgage loans while BancorpSouth’s allegedly discriminatory underwriting policy was in place the opportunity to apply for a new loan at a subsidized interest rate.
  • Expand its physical presence: In addition to a branch that BancorpSouth recently opened in a majority-minority neighborhood in Memphis, BancorpSouth must open one new branch or loan production office in a high-minority neighborhood in Memphis.
  • Treat applicants fairly regardless of race: Among other revisions to its policies, BancorpSouth will implement policies that require its employees to provide equal levels of information and assistance to individuals who inquire about mortgage loans, regardless of race or any other prohibited characteristic.
  • Pay a $3 million penalty: BancorpSouth will pay a $3 million penalty to the CFPB’s Civil Penalty Fund.
Chris Bagley Named BancorpSouth President and Chief Operating Officer (PRNewsFoto/BancorpSouth, Inc.)

In its release, BancorpSouth stated that it has already announced “numerous enhancements” to its operations to “further strengthen its commitment to promote affordable lending products in low to moderate income and minority areas.”

Included among those changes are: naming a new director of community lending to oversee ongoing outreach efforts in all markets, including the Bank’s continued lending efforts in minority neighborhoods; naming a chief fair lending officer who is responsible for developing, evaluating, and implementing its fair lending program; adding a community development lending manager within the BancorpSouth mortgage team; and opening a new branch in Memphis.

“These enhancements, combined with the Bank’s centralized underwriting process and pricing, further strengthen the Bank’s commitment to develop and promote affordable lending products, in low and moderate income areas and minority areas,” the bank said in statement.

“We will continue to examine the most effective approaches to advance customer outreach and provide solutions to help customers reach their goals and communities become stronger,” Rollins said.

“BancorpSouth is dedicated to a culture of respect, diversity and inclusion in both our workplace and communities,” Rollins concluded. “We have a longstanding commitment to equal treatment and any form of discrimination will not be tolerated.” Source

Dishonesty is reproved in Scripture. God does not accept a person who “practices deceit” (Psalm 101:7), and Jeremiah 9:5 says of a wicked society, “Everyone deceives his neighbor, and no one speaks the truth; they have taught their tongue to speak lies; they weary themselves committing iniquity.” Speaking the truth, or honesty, is a mark of healthy human interaction. 

StevieRay Hansen
Editor,HNewsWire

John Wesley who said that what we tolerate in our generation, will be embraced by the next. Wesley is 100% correct! We are living in sick times.

For those people who don’t believe God exist and waste so much time trying to convince everyone else he doesn’t exist…

Justice is a word that stands alone, adding anything to it demeans it….

It is impossible to find anyone in the Bible who was a power for God who did not have enemies and was not hated.

Children are being misplaced or lost in our foster care system, we must demand more openness and accountability from each state.
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“It is better to be divided by truth than to be united in error. It is better to speak the truth that hurts and then heals, than falsehood that comforts and then kills. Let me tell you something, friend, it is not love and it is not friendship if we fail to declare the whole counsel of God. It is better to be hated for telling the truth, than to be loved for telling a lie. It is impossible to find anyone in the Bible who was a power for God who did not have enemies and was not hated. It’s better to stand alone with the truth, then to be wrong with a multitude. It is better to ultimately succeed with the truth than to temporarily succeed with a lie. There is only one Gospel and Paul said, ‘If any man preaches any other gospel unto you than that which we have preached unto you, let him be accursed.”

Proverbs 31:8 (NIV)
Speak up for those who cannot speak for themselves,
for the rights of all who are destitute

MY MISSION IS NOT TO CONVINCE YOU, ONLY TO INFORM…

Jesus come quick, there is nothing left in society that’s sacred….

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A Long Journey Home

A book about a fourteen-year-old boy, the son of a Baptist pastor, thrown from his home at age 14. This boy, StevieRay, would later become a multimillionaire. Now he gives orphans a second chance at life.