Basswood Capital Management L.L.C. Acquires New Position in Hancock Whitney Corporation $HWC

Key Points

• Basswood Capital Management acquired 234,722 Hancock Whitney shares worth approximately $17.5 million, while institutional investors collectively own 81.22% of the company.
• Hancock Whitney matched quarterly EPS expectations at $1.55 and exceeded revenue estimates with $403.57 million; revenue increased 6.9% year over year.
• The company declared a quarterly dividend of $0.50 per share, equivalent to a $2.00 annual payout and a 2.7% yield. Analysts maintain a “Moderate Buy” consensus with an $83.78 price target.

Basswood Capital Management L.L.C. acquired a new stake in Hancock Whitney Corporation (NASDAQ:HWC - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 234,722 shares of the company's stock, valued at approximately $17,538,000. Basswood Capital Management L.L.C. owned about 0.29% of Hancock Whitney as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. Man Group plc bought a new stake in shares of Hancock Whitney during the 2nd quarter valued at $543,000. Jupiter Topco LLC bought a new position in shares of Hancock Whitney in the 2nd quarter worth $2,556,000. Hsbc Holdings PLC bought a new position in shares of Hancock Whitney in the 2nd quarter worth $3,051,000. Legal & General Group Plc acquired a new stake in shares of Hancock Whitney during the second quarter worth $8,012,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Hancock Whitney during the second quarter worth $40,112,000. Institutional investors and hedge funds own 81.22% of the company's stock.

Insider Activity at Hancock Whitney

In other Hancock Whitney 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 sale, the chief financial officer directly owned 44,160 shares in the company, valued at approximately $3,364,108.80. This trade represents a 33.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Emory L. Mayfield, Jr. sold 4,990 shares of Hancock Whitney stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 15,565 shares in the company, valued at approximately $1,189,166. The trade was a 24.28% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.92% of the stock is currently owned by insiders.

Hancock Whitney Stock Performance

HWC stock opened at $75.23 on Thursday. The business's 50-day moving average price is $75.95 and its two-hundred day moving average price is $70.19. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.04. The firm has a market cap of $6.03 billion, a PE ratio of 14.75 and a beta of 0.95. Hancock Whitney Corporation has a 1-year low of $54.05 and a 1-year high of $80.13.

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 (EPS) for the quarter, hitting the consensus estimate of $1.55. The company had revenue of $403.57 million during the quarter, compared to the consensus estimate of $398.89 million. Hancock Whitney had a return on equity of 11.36% and a net margin of 21.81%.The company's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.37 earnings per share. As a group, research analysts forecast that Hancock Whitney Corporation will post 6.44 earnings per share for the current year.

Hancock Whitney Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, September 4th will be given a $0.50 dividend. The ex-dividend date is Friday, September 4th. This represents a $2.00 annualized dividend and a dividend yield of 2.7%. Hancock Whitney's payout ratio is currently 39.22%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on HWC shares. Weiss Ratings raised Hancock Whitney from a "hold (c+)" rating to a "buy (b)" rating in a research note on Friday, August 21st. Stephens reduced their target price on Hancock Whitney from $86.00 to $85.00 and set an "overweight" rating on the stock in a report on Wednesday, July 22nd. Citigroup restated a "buy" rating on shares of Hancock Whitney in a research report on Thursday, July 23rd. Wall Street Zen raised Hancock Whitney from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Finally, Barclays increased their price target on shares of Hancock Whitney from $80.00 to $82.00 and gave the company an "overweight" rating in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.78.

Hancock Whitney 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.

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