Legal & General Group Plc Takes Position in Hancock Whitney Corporation $HWC

Key Points

• Legal & General Group Plc acquired 107,233 Hancock Whitney shares worth approximately $8.0 million, representing about 0.13% of the company. Institutional investors collectively own 81.22% of HWC.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $83.78, above the stock’s reported $73.24 price.
• Hancock Whitney reported quarterly EPS of $1.55 and revenue of $403.57 million, while announcing a quarterly dividend of $0.50, equivalent to a 2.7% yield.

Legal & General Group Plc bought a new stake in shares of Hancock Whitney Corporation (NASDAQ:HWC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 107,233 shares of the company's stock, valued at approximately $8,012,000. Legal & General Group Plc owned about 0.13% of Hancock Whitney as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the stock. The Manufacturers Life Insurance Company purchased a new stake in Hancock Whitney in the 2nd quarter valued at $40,112,000. Sanctuary Advisors LLC purchased a new position in Hancock Whitney during the 2nd quarter worth $1,745,000. Pinnacle Holdings LLC bought a new stake in shares of Hancock Whitney in the 2nd quarter worth $464,000. Elevation Point Wealth Partners LLC bought a new stake in shares of Hancock Whitney in the 2nd quarter worth $637,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Hancock Whitney in the second quarter valued at about $79,000. Institutional investors own 81.22% of the company's stock.

Insiders Place Their Bets

In other news, CFO Michael M. Achary sold 22,694 shares of the stock in a transaction on Friday, July 24th. The stock was sold at an average price of $76.18, for a total transaction of $1,728,828.92. Following the completion of the transaction, the chief financial officer owned 44,160 shares in the company, valued at approximately $3,364,108.80. This represents a 33.95% decrease in their position. The transaction was disclosed in a legal 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 business's stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $76.40, for a total value of $381,236.00. Following the completion of the sale, the insider owned 15,565 shares in the company, valued at $1,189,166. This 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 owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on HWC shares. Piper Sandler restated an "overweight" rating and set a $87.00 price target on shares of Hancock Whitney in a report on Wednesday, July 22nd. Barclays increased 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. DA Davidson lifted their target price on shares of Hancock Whitney from $79.00 to $86.00 and gave the stock a "buy" rating in a research report on Monday, May 18th. Stephens cut their target price on Hancock Whitney from $86.00 to $85.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 22nd. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $87.00 target price on shares of Hancock Whitney in a report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Hancock Whitney presently has an average rating of "Moderate Buy" and a consensus target price of $83.78.

Hancock Whitney Price Performance

HWC opened at $73.24 on Wednesday. Hancock Whitney Corporation has a fifty-two week low of $54.05 and a fifty-two week high of $80.13. The firm has a 50-day moving average of $76.24 and a 200 day moving average of $70.23. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market cap of $5.88 billion, a P/E ratio of 14.36 and a beta of 0.94.

Hancock Whitney (NASDAQ:HWC - Get Free Report) last released its earnings results on Tuesday, July 21st. The company reported $1.55 earnings per share 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 company's quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.37 earnings per share. On average, research analysts expect that Hancock Whitney Corporation will post 6.44 EPS for the current year.

Hancock Whitney Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, September 4th will be paid 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 presently 39.22%.

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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