Norges Bank has taken a significant step by purchasing a new stake in Hancock Whitney Corporation, acquiring 1,049,207 shares valued at approximately $60.2 million. The transaction occurred in the second quarter of 2023, as reported in the bank’s latest filing with the Securities and Exchange Commission (SEC). This move underscores the growing interest from institutional investors in Hancock Whitney, which has seen several hedge funds revise their positions in the company.
Wellington Management Group LLP increased its holdings in Hancock Whitney by 50.4% during the first quarter, now owning 3,057,103 shares valued at $160.3 million. Fuller & Thaler Asset Management Inc. also boosted its position by 12.7%, adding 235,363 shares to raise its total to 2,089,454 shares, worth $109.6 million. Similarly, American Century Companies Inc. lifted its stake by 15.7% in the second quarter, acquiring an additional 229,615 shares, bringing its total to 1,695,276 shares valued at $97.3 million.
Other notable changes include AQR Capital Management LLC, which increased its holdings by 1.1% in the first quarter, and the Bank of New York Mellon Corp., which raised its stake by 0.9% in the second quarter. Collectively, institutional investors and hedge funds now hold 81.22% of Hancock Whitney’s stock.
Recent Financial Performance and Insider Trading
In a separate but related event, Hancock Whitney recently reported its quarterly earnings on October 14, 2023. The company announced earnings per share (EPS) of $1.49, exceeding analysts’ estimates of $1.43 by $0.06. Despite this positive result, the company reported revenue of $175.56 million, significantly below the consensus estimate of $391.32 million. The return on equity stood at 11.29%, while the net margin was 23.99%.
On the insider trading front, CFO Michael M. Achary sold 9,894 shares at an average price of $54.86 on October 17, 2023, totaling $542,784.84. Following this transaction, Achary retained 55,733 shares valued at approximately $3.06 million, marking a 15.08% reduction in his position. This sale was also disclosed in an SEC filing.
Dividend Announcement and Analyst Ratings
Hancock Whitney has declared a quarterly dividend of $0.45 per share, set to be paid on December 15, 2023. Shareholders of record on December 5, 2023 will receive this dividend, which translates to an annualized dividend of $1.80 and a yield of 2.8%. The company’s dividend payout ratio is currently 32.20%.
Analysts have recently provided varying outlooks on Hancock Whitney’s stock. Raymond James Financial lowered its price target from $73.00 to $72.00, maintaining a “strong-buy” rating. In contrast, Citigroup raised its target from $70.00 to $74.00, also issuing a “buy” rating. Weiss Ratings reaffirmed a “buy (b-)” rating, while Keefe, Bruyette & Woods adjusted their price target from $64.00 to $65.00.
As a result, Hancock Whitney Corporation has received one “strong buy” rating, six “buy” ratings, and one “hold” rating from analysts. According to MarketBeat data, the stock has an average target price of $70.14.
Founded as a financial holding company, Hancock Whitney Corporation operates the Hancock Whitney Bank, providing a range of traditional and online banking services to commercial, small business, and retail customers. The bank’s offerings include various deposit products, treasury management services, and secured and unsecured loan products, alongside investment management and advisory services.
For more information about Hancock Whitney and its financial standing, visit the relevant financial platforms for the latest updates and analyst insights.
