Bank of America Corp DE Purchases New Holdings in Hancock Whitney Corporation $HWC

Key Points

• Bank of America acquired 708,954 Hancock Whitney shares during the second quarter, valued at approximately $53.0 million and representing a 0.88% stake. Institutional investors collectively own 81.22% of the bank’s stock.
• Hancock Whitney reported quarterly earnings of $1.55 per share, in line with estimates, while revenue rose 6.9% year over year to $403.57 million. The company also pays a quarterly dividend of $0.50, yielding about 2.7% annually.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $83.78, compared with the reported share price of $74.95.

Bank of America Corp DE purchased a new position in shares of Hancock Whitney Corporation (NASDAQ:HWC - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 708,954 shares of the company's stock, valued at approximately $52,973,000. Bank of America Corp DE owned 0.88% of Hancock Whitney at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of HWC. Basswood Capital Management L.L.C. purchased a new stake in shares of Hancock Whitney during the 2nd quarter valued at $17,538,000. Man Group plc purchased a new position in shares of Hancock Whitney in the 2nd quarter worth about $543,000. Jupiter Topco LLC purchased a new position in shares of Hancock Whitney in the 2nd quarter worth about $2,556,000. Hsbc Holdings PLC bought a new position in Hancock Whitney during the second quarter valued at about $3,051,000. Finally, Legal & General Group Plc bought a new position in Hancock Whitney during the second quarter valued at about $8,012,000. Hedge funds and other institutional investors own 81.22% of the company's stock.

Insider Activity at Hancock Whitney

In other Hancock Whitney news, CFO Michael Achary sold 22,694 shares of the firm's stock in a transaction on Friday, July 24th. The shares were sold at an average price of $76.18, for a total value of $1,728,828.92. Following the completion of the transaction, the chief financial officer directly owned 44,160 shares of the company's stock, 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 Securities & Exchange Commission, which is available at this link. Also, insider Emory L. Mayfield, Jr. sold 4,990 shares of the business's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $76.40, for a total transaction of $381,236.00. Following the transaction, the insider owned 15,565 shares of the company's stock, valued at $1,189,166. This trade represents a 24.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.92% of the stock is currently owned by insiders.

Hancock Whitney Price Performance

Hancock Whitney stock opened at $74.95 on Monday. The firm has a 50 day simple moving average of $76.37 and a 200 day simple moving average of $70.75. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.04. Hancock Whitney Corporation has a 1-year low of $54.05 and a 1-year high of $80.13. The firm has a market capitalization of $6.01 billion, a price-to-earnings ratio of 14.70 and a beta of 0.94.

Hancock Whitney (NASDAQ:HWC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The company reported $1.55 earnings per share for the quarter, meeting the consensus estimate of $1.55. The company had revenue of $403.57 million during the quarter, compared to analysts' expectations of $398.89 million. Hancock Whitney had a return on equity of 11.36% and a net margin of 21.81%.The firm's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.37 earnings per share. On average, analysts predict that Hancock Whitney Corporation will post 6.44 earnings per share for the current year.

Hancock Whitney Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Friday, September 4th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Friday, September 4th. Hancock Whitney's dividend payout ratio (DPR) is 39.22%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Weiss Ratings upgraded shares of Hancock Whitney from a "hold (c+)" rating to a "buy (b)" rating in a research note on Friday, August 21st. Barclays raised their price target on shares of Hancock Whitney from $80.00 to $82.00 and gave the stock an "overweight" rating in a research note on Monday, August 3rd. Wall Street Zen raised shares of Hancock Whitney from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Hovde Group downgraded Hancock Whitney from an "outperform" rating to a "market perform" rating and set a $74.00 price objective on the stock. in a research note on Friday, June 12th. Finally, Stephens reduced their price objective on Hancock Whitney from $86.00 to $85.00 and set an "overweight" rating for the company in a report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $83.78.

Hancock Whitney Company Profile

Hancock Whitney Corporation is a financial services company headquartered in Gulfport, Mississippi, and the parent company of Hancock Whitney Bank. The bank provides banking and financial services to individuals, families, businesses and institutions across the Gulf South.

Its offerings include personal and business deposit accounts, consumer and commercial loans, residential and commercial real estate financing, treasury management, online and mobile banking, investment services and wealth management.

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