Bank of America Corp DE Has $51.35 Million Stock Holdings in Hancock Whitney Corporation $HWC

Key Points

• Bank of America increased its Hancock Whitney stake by 16.4% in the first quarter, adding 114,029 shares to own 807,585 shares valued at $51.35 million, or 1% of the company.
• Hancock Whitney reported quarterly EPS of $1.55, in line with estimates, while revenue of $403.57 million exceeded expectations and rose 6.9% year over year.
• The company declared a quarterly dividend of $0.50, equal to a $2.00 annualized payout and a 2.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $83.78, above the reported $78.22 share price.

Bank of America Corp DE increased its position in Hancock Whitney Corporation (NASDAQ:HWC - Free Report) by 16.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 807,585 shares of the company's stock after buying an additional 114,029 shares during the quarter. Bank of America Corp DE owned 1.00% of Hancock Whitney worth $51,354,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Hancock Whitney Trading Up 1.0%

Shares of HWC stock opened at $78.22 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.79 and a current ratio of 0.80. The company has a market capitalization of $6.27 billion, a price-to-earnings ratio of 15.34 and a beta of 0.95. Hancock Whitney Corporation has a 52-week low of $54.05 and a 52-week high of $79.36. The company has a 50-day simple moving average of $74.44 and a two-hundred day simple moving average of $69.61.

Hancock Whitney (NASDAQ:HWC - Get Free Report) last posted its earnings results on Tuesday, July 21st. The company reported $1.55 EPS for the quarter, hitting the consensus estimate of $1.55. The firm had revenue of $403.57 million for the quarter, compared to analysts' expectations of $398.89 million. Hancock Whitney had a net margin of 21.81% and a return on equity of 11.36%. The company's quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.37 EPS. Research analysts anticipate that Hancock Whitney Corporation will post 6.45 EPS for the current fiscal year.

Hancock Whitney Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, September 4th will be given a $0.50 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $2.00 annualized dividend and a yield of 2.6%. Hancock Whitney's payout ratio is currently 39.22%.

Insiders Place Their Bets

In other news, CFO Michael M. Achary sold 22,694 shares of the firm's stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $76.18, for a total transaction of $1,728,828.92. Following the completion of the sale, the chief financial officer owned 44,160 shares in the company, valued at $3,364,108.80. This trade represents a 33.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Christine L. Pickering sold 417 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $67.16, for a total transaction of $28,005.72. Following the sale, the director owned 25,066 shares of the company's stock, valued at approximately $1,683,432.56. The trade was a 1.64% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.92% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on HWC. Raymond James Financial reissued a "strong-buy" rating and set a $87.00 target price on shares of Hancock Whitney in a research note on Wednesday, July 22nd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Hancock Whitney in a research report on Friday. Piper Sandler reiterated an "overweight" rating and set a $87.00 price target on shares of Hancock Whitney in a research note on Wednesday, July 22nd. DA Davidson boosted their price objective on Hancock Whitney from $79.00 to $86.00 and gave the stock a "buy" rating in a report on Monday, May 18th. Finally, Barclays increased their price objective on Hancock Whitney from $80.00 to $82.00 and gave the stock an "overweight" rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Hancock Whitney presently has an average rating of "Moderate Buy" and an average target price of $83.78.

About Hancock Whitney

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.

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