Hancock Whitney (NASDAQ:HWC) Releases Quarterly Earnings Results, Hits Estimates

Key Points

• Hancock Whitney reported quarterly earnings of $1.55 per share, matching analysts’ expectations, while revenue came in at $403.57 million, slightly above estimates.
• The stock traded lower after the earnings release, even as the company showed solid profitability with a 21.34% net margin and 11.20% return on equity.
• The bank recently paid a $0.50 quarterly dividend for an annualized yield of 2.6%, and analysts currently have a consensus rating of Buy with an average price target of $80.50.

Hancock Whitney (NASDAQ:HWC - Get Free Report) released its quarterly earnings results on Tuesday. The company reported $1.55 EPS for the quarter, hitting analysts' consensus estimates of $1.55, FiscalAI reports. Hancock Whitney had a net margin of 21.34% and a return on equity of 11.20%. The business had revenue of $403.57 million for the quarter, compared to analyst estimates of $398.89 million.

Hancock Whitney Price Performance

Shares of Hancock Whitney stock traded down $0.65 during midday trading on Tuesday, hitting $76.64. 1,422,207 shares of the company traded hands, compared to its average volume of 893,085. The firm's fifty day moving average price is $71.16 and its 200-day moving average price is $68.48. The stock has a market cap of $6.22 billion, a price-to-earnings ratio of 15.74 and a beta of 0.95. Hancock Whitney has a 12 month low of $54.05 and a 12 month high of $79.36. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.81 and a current ratio of 0.81.

Hancock Whitney Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Friday, June 5th. Hancock Whitney's payout ratio is currently 41.07%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on HWC shares. Barclays increased their target price on shares of Hancock Whitney from $76.00 to $80.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Piper Sandler boosted their price target on Hancock Whitney from $80.00 to $82.00 and gave the company an "overweight" rating in a research note on Monday, May 18th. Keefe, Bruyette & Woods increased their price target on Hancock Whitney from $72.00 to $78.00 and gave the stock a "market perform" rating in a research report on Thursday, July 9th. Hovde Group cut Hancock Whitney from an "outperform" rating to a "market perform" rating and set a $74.00 price objective for the company. in a report on Friday, June 12th. Finally, Benchmark initiated coverage on Hancock Whitney in a research report on Wednesday, June 24th. They set a "buy" rating and a $84.00 target price for the company. Three analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Hancock Whitney presently has an average rating of "Buy" and a consensus price target of $80.50.

Insider Activity

In related news, Director Christine L. Pickering sold 417 shares of the firm's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $67.16, for a total transaction of $28,005.72. Following the sale, the director owned 25,066 shares of the company's stock, valued at $1,683,432.56. This trade represents a 1.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.92% of the company's stock.

Hedge Funds Weigh In On Hancock Whitney

Several large investors have recently bought and sold shares of HWC. Channing Capital Management LLC bought a new stake in Hancock Whitney in the fourth quarter valued at approximately $80,246,000. UBS Group AG raised its holdings in Hancock Whitney by 134.3% during the 3rd quarter. UBS Group AG now owns 909,460 shares of the company's stock worth $56,941,000 after purchasing an additional 521,261 shares during the last quarter. New York State Common Retirement Fund raised its holdings in Hancock Whitney by 957.7% during the 4th quarter. New York State Common Retirement Fund now owns 324,936 shares of the company's stock worth $20,692,000 after purchasing an additional 294,215 shares during the last quarter. Two Sigma Investments LP lifted its position in shares of Hancock Whitney by 898.0% in the 3rd quarter. Two Sigma Investments LP now owns 314,473 shares of the company's stock worth $19,689,000 after purchasing an additional 282,962 shares during the period. Finally, Millennium Management LLC lifted its position in shares of Hancock Whitney by 355.1% in the 3rd quarter. Millennium Management LLC now owns 263,290 shares of the company's stock worth $16,485,000 after purchasing an additional 205,443 shares during the period. 81.22% of the stock is currently owned by institutional investors.

About Hancock Whitney

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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