BlackRock Inc. Acquires New Position in Hancock Whitney Corporation $HWC

Key Points

• BlackRock acquired 10.9 million Hancock Whitney shares worth approximately $814.8 million, giving it a 13.44% stake. Institutional investors and hedge funds collectively own 81.22% of the bank.
• Hancock Whitney reported quarterly EPS of $1.55, in line with analyst estimates, while revenue of $403.6 million exceeded expectations and increased 6.9% year over year.
• The company declared a quarterly dividend of $0.50 per share, or $2.00 annually, representing a 2.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $83.78.

BlackRock Inc. acquired a new stake in Hancock Whitney Corporation (NASDAQ:HWC - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 10,905,235 shares of the company's stock, valued at approximately $814,839,000. BlackRock Inc. owned approximately 13.44% of Hancock Whitney at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Torren Management LLC acquired a new position in Hancock Whitney during the fourth quarter worth $32,000. Hilton Head Capital Partners LLC purchased a new position in Hancock Whitney in the fourth quarter worth $35,000. Root Financial Partners LLC lifted its holdings in Hancock Whitney by 70.9% in the first quarter. Root Financial Partners LLC now owns 612 shares of the company's stock valued at $39,000 after acquiring an additional 254 shares during the period. IFP Advisors Inc lifted its holdings in Hancock Whitney by 67.6% in the third quarter. IFP Advisors Inc now owns 627 shares of the company's stock valued at $39,000 after acquiring an additional 253 shares during the period. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in Hancock Whitney in the fourth quarter valued at $40,000. Institutional investors and hedge funds own 81.22% of the company's stock.

Hancock Whitney Trading Down 0.4%

NASDAQ:HWC opened at $75.38 on Friday. The company has a market capitalization of $6.05 billion, a PE ratio of 14.78 and a beta of 0.95. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.04. Hancock Whitney Corporation has a 52-week low of $54.05 and a 52-week high of $80.13. The stock has a fifty day simple moving average of $75.69 and a 200-day simple moving average of $70.15.

Hancock Whitney (NASDAQ:HWC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The company reported $1.55 EPS for the quarter, meeting analysts' consensus estimates 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 firm's revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.37 EPS. On average, equities research analysts expect that Hancock Whitney Corporation will post 6.44 earnings per share 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. Stockholders of record on Friday, September 4th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, September 4th. Hancock Whitney's dividend payout ratio (DPR) is 39.22%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on HWC shares. Keefe, Bruyette & Woods upped their price target on shares of Hancock Whitney from $78.00 to $80.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 22nd. Barclays raised their price objective on shares of Hancock Whitney from $80.00 to $82.00 and gave the company 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 lowered shares of Hancock Whitney from an "outperform" rating to a "market perform" rating and set a $74.00 target price on the stock. in a research report on Friday, June 12th. Finally, Benchmark increased their target price on shares of Hancock Whitney from $84.00 to $91.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $83.78.

Insider Buying and Selling

In related news, CFO Michael M. Achary sold 22,694 shares of the company's stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $76.18, for a total value of $1,728,828.92. Following the sale, the chief financial officer owned 44,160 shares of the company's stock, valued at approximately $3,364,108.80. This represents a 33.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Emory L. Mayfield, Jr. sold 4,990 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $76.40, for a total value of $381,236.00. Following the sale, the insider owned 15,565 shares in the company, valued at approximately $1,189,166. This trade represents a 24.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.92% of the company's stock.

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.

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