Allspring Global Investments Holdings LLC Lowers Stake in Hancock Whitney Corporation $HWC

Key Points

• Allspring Global Investments reduced its Hancock Whitney stake by 6.7% in the first quarter, though it still held 1.6 million shares worth about $102.4 million. Institutional ownership remains high at 81.22%.
• Analyst sentiment is mixed but generally constructive: Hancock Whitney has a consensus Buy rating with a consensus price target of $80.50, even as some firms recently downgraded the stock.
• The bank reported better-than-expected quarterly EPS of $1.52 versus $1.48 expected, and it paid a quarterly dividend of $0.50 per share, implying a 2.5% yield.

Allspring Global Investments Holdings LLC lessened its stake in Hancock Whitney Corporation (NASDAQ:HWC - Free Report) by 6.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,597,199 shares of the company's stock after selling 115,378 shares during the period. Allspring Global Investments Holdings LLC owned about 1.96% of Hancock Whitney worth $102,396,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Amundi purchased a new stake in Hancock Whitney during the 1st quarter worth approximately $50,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Hancock Whitney by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,664 shares of the company's stock valued at $2,710,000 after purchasing an additional 2,255 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of Hancock Whitney by 22.9% in the 1st quarter. NewEdge Advisors LLC now owns 3,755 shares of the company's stock valued at $197,000 after buying an additional 700 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Hancock Whitney by 4.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 287,471 shares of the company's stock worth $15,078,000 after buying an additional 11,551 shares in the last quarter. Finally, Jane Street Group LLC grew its position in shares of Hancock Whitney by 951.9% during the first quarter. Jane Street Group LLC now owns 123,812 shares of the company's stock worth $6,494,000 after buying an additional 112,042 shares in the last quarter. 81.22% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on HWC shares. Hovde Group cut shares of Hancock Whitney from an "outperform" rating to a "market perform" rating and set a $74.00 price objective for the company. in a research report on Friday, June 12th. Keefe, Bruyette & Woods upped their price target on Hancock Whitney from $72.00 to $78.00 and gave the company a "market perform" rating in a report on Thursday, July 9th. Weiss Ratings lowered shares of Hancock Whitney from a "buy (b)" rating to a "hold (c+)" rating in a research note on Monday, May 11th. Wall Street Zen cut shares of Hancock Whitney from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Finally, Benchmark started coverage on shares of Hancock Whitney in a research report on Wednesday, June 24th. They set a "buy" rating and a $84.00 price objective for the company. Three investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Hancock Whitney presently has a consensus rating of "Buy" and a consensus target price of $80.50.

Insider Buying and Selling at Hancock Whitney

In other Hancock Whitney news, Director Christine L. Pickering sold 417 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $67.16, for a total value of $28,005.72. Following the sale, the director owned 25,066 shares in the company, valued at approximately $1,683,432.56. This trade represents a 1.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.92% of the stock is currently owned by company insiders.

Hancock Whitney Price Performance

Hancock Whitney stock opened at $78.46 on Friday. The firm's 50-day moving average is $70.97 and its two-hundred day moving average is $68.36. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $6.37 billion, a P/E ratio of 16.11 and a beta of 0.95. Hancock Whitney Corporation has a 12-month low of $54.05 and a 12-month high of $79.36.

Hancock Whitney (NASDAQ:HWC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.48 by $0.04. Hancock Whitney had a return on equity of 11.20% and a net margin of 21.34%.The company had revenue of $393.64 million during the quarter, compared to analyst estimates of $400.01 million. During the same period in the prior year, the firm posted $1.38 earnings per share. The firm's revenue was down 19.7% on a year-over-year basis. Equities analysts predict that Hancock Whitney Corporation will post 6.47 earnings per share for the current year.

Hancock Whitney Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were given a $0.50 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $2.00 annualized dividend and a yield of 2.5%. Hancock Whitney's dividend payout ratio (DPR) is currently 41.07%.

Hancock Whitney Company Profile

Hancock Whitney Corporation NASDAQ: HWC is a regional financial services company headquartered in Gulfport, Mississippi. The firm was established in April 2019 through the merger of Hancock Holding Company and Whitney Holding Corporation, each of which traced its roots to the late 19th century. This combination created one of the largest bank holding companies in the Gulf South region, with a network of branches serving both urban and rural communities.

The company's core business activities include commercial banking, retail banking and wealth management services.

Want to see what other hedge funds are holding HWC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hancock Whitney Corporation (NASDAQ:HWC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.