Hancock Whitney Corporation $HWC Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring reduced its Hancock Whitney stake by 23.4% in the third quarter, selling 317,219 shares; it still held 1.04 million shares, worth about $74.9 million.
• Hancock Whitney reported quarterly EPS of $1.66, in line with estimates, and revenue of $421.91 million, slightly ahead of forecasts. EPS increased from $1.49 in the same quarter a year earlier.
• The company declared a quarterly dividend of $0.50 per share, equivalent to a 2.7% yield. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $84.56.

Allspring Global Investments Holdings LLC lessened its stake in shares of Hancock Whitney Corporation (NASDAQ:HWC - Free Report) by 23.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,040,746 shares of the company's stock after selling 317,219 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 1.30% of Hancock Whitney worth $74,861,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Hancock Whitney in the 2nd quarter valued at $814,839,000. Dimensional Fund Advisors LP boosted its stake in Hancock Whitney by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,790,954 shares of the company's stock worth $304,652,000 after buying an additional 21,655 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Hancock Whitney in the 2nd quarter worth about $55,605,000. Bank of America Corp DE acquired a new stake in Hancock Whitney in the 2nd quarter worth about $52,973,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Hancock Whitney in the 2nd quarter valued at about $40,112,000. Institutional investors and hedge funds own 81.22% of the company's stock.

Insider Activity at Hancock Whitney

In other news, insider Emory L. Mayfield, Jr. sold 4,990 shares of the firm's 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 transaction, the insider owned 15,565 shares of the company's stock, valued at approximately $1,189,166. This trade represents a 24.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.92% of the company's stock.

Hancock Whitney Stock Up 2.5%

Shares of NASDAQ:HWC opened at $73.28 on Tuesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.80 and a current ratio of 0.80. Hancock Whitney Corporation has a 1 year low of $55.76 and a 1 year high of $80.13. The stock has a market capitalization of $5.88 billion, a P/E ratio of 14.74 and a beta of 0.98. The stock has a 50-day simple moving average of $73.33 and a 200-day simple moving average of $71.00.

Hancock Whitney (NASDAQ:HWC - Get Free Report) last posted its quarterly earnings results on Tuesday, October 20th. The company reported $1.66 EPS for the quarter, meeting the consensus estimate of $1.66. The firm had revenue of $421.91 million for the quarter, compared to analyst estimates of $421.75 million. Hancock Whitney had a net margin of 20.51% and a return on equity of 11.65%. During the same quarter last year, the firm posted $1.49 earnings per share. Equities analysts forecast that Hancock Whitney Corporation will post 6.42 earnings per share for the current year.

Hancock Whitney Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Friday, December 4th will be given a $0.50 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $2.00 annualized dividend and a dividend yield of 2.7%. Hancock Whitney's dividend payout ratio is presently 40.24%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Barclays increased their price objective on shares of Hancock Whitney from $82.00 to $85.00 and gave the stock an "overweight" rating in a report on Monday, October 5th. Citigroup lowered their target price on shares of Hancock Whitney from $87.00 to $86.00 and set a "buy" rating for the company in a report on Tuesday, September 22nd. Weiss Ratings raised shares of Hancock Whitney from a "hold (c+)" rating to a "buy (b)" rating in a research report on Friday, August 21st. Benchmark upped their price target on shares of Hancock Whitney from $84.00 to $91.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Finally, Wall Street Zen raised shares of Hancock Whitney from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. 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 MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $84.56.

Hancock Whitney Company Profile

Hancock Whitney is a bank holding company headquartered in Gulfport, Mississippi, whose principal subsidiary is Hancock Whitney Bank. The company provides personal and business banking services, including deposit accounts, loans, treasury management, mortgage lending, and online and mobile banking. It also offers wealth management, trust, and investment services.

The bank serves customers across the Gulf South, with operations in Mississippi, Louisiana, Alabama, Florida, and Texas. Its history includes roots in Hancock County Bank, founded in Bay St.

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