Hancock Whitney (NASDAQ:HWC) Sets New 52-Week High Following Earnings Beat

Shares of Hancock Whitney Corporation (NASDAQ:HWC) reached a new 52-week high on Wednesday following a better than expected earnings announcement. The company traded as high as $71.20 and last traded at $69.7870, with a volume of 234135 shares. The stock had previously closed at $67.60.

The company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.01. Hancock Whitney had a return on equity of 11.16% and a net margin of 24.05%.The business had revenue of $81.55 million for the quarter, compared to analysts’ expectations of $391.63 million. During the same quarter last year, the firm earned $1.40 EPS.

Analysts Set New Price Targets

A number of equities research analysts recently commented on HWC shares. Citigroup increased their target price on shares of Hancock Whitney from $76.00 to $78.00 and gave the company a “buy” rating in a research report on Thursday. Keefe, Bruyette & Woods increased their price objective on Hancock Whitney from $70.00 to $72.00 and gave the company a “market perform” rating in a report on Wednesday. Barclays started coverage on Hancock Whitney in a research report on Wednesday, December 17th. They issued an “overweight” rating and a $76.00 price objective for the company. Raymond James Financial upped their target price on Hancock Whitney from $72.00 to $78.00 and gave the company a “strong-buy” rating in a research report on Wednesday, January 7th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Hancock Whitney in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $75.25.

Institutional Trading of Hancock Whitney

Large investors have recently added to or reduced their stakes in the company. American Century Companies Inc. boosted its position in Hancock Whitney by 10.8% in the 3rd quarter. American Century Companies Inc. now owns 1,878,121 shares of the company’s stock worth $117,589,000 after purchasing an additional 182,845 shares in the last quarter. Norges Bank purchased a new position in shares of Hancock Whitney during the 2nd quarter valued at approximately $60,224,000. UBS Group AG lifted its stake in shares of Hancock Whitney by 134.3% in the 3rd quarter. UBS Group AG now owns 909,460 shares of the company’s stock valued at $56,941,000 after purchasing an additional 521,261 shares during the period. First Trust Advisors LP lifted its stake in shares of Hancock Whitney by 83.0% in the 2nd quarter. First Trust Advisors LP now owns 850,639 shares of the company’s stock valued at $48,827,000 after purchasing an additional 385,784 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Hancock Whitney by 0.9% during the second quarter. Bank of New York Mellon Corp now owns 841,313 shares of the company’s stock worth $48,291,000 after buying an additional 7,351 shares in the last quarter. Hedge funds and other institutional investors own 81.22% of the company’s stock.

Hancock Whitney Trading Down 2.9%

The company has a market cap of $5.62 billion, a price-to-earnings ratio of 11.83 and a beta of 1.05. The company has a quick ratio of 0.81, a current ratio of 0.79 and a debt-to-equity ratio of 0.04. The company’s 50-day moving average is $64.23 and its 200 day moving average is $61.77.

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.