Readystate Asset Management LP Invests $2.62 Million in Hancock Whitney Corporation $HWC

Readystate Asset Management LP acquired a new position in Hancock Whitney Corporation (NASDAQ:HWC) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 41,276 shares of the company’s stock, valued at approximately $2,625,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Channing Capital Management LLC bought a new stake in Hancock Whitney in the fourth quarter worth approximately $80,246,000. Norges Bank acquired a new stake in shares of Hancock Whitney in the 4th quarter valued at $57,463,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Hancock Whitney by 18,614.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 535,039 shares of the company’s stock valued at $34,071,000 after purchasing an additional 532,180 shares during the last quarter. UBS Group AG boosted its holdings in Hancock Whitney by 134.3% in the third 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 in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH bought a new stake in Hancock Whitney in the first quarter worth $23,071,000. 81.22% of the stock is currently owned by institutional investors and hedge funds.

Hancock Whitney Trading Up 2.0%

Shares of NASDAQ:HWC opened at $76.94 on Wednesday. The company has a market cap of $6.24 billion, a P/E ratio of 15.09 and a beta of 0.95. The stock’s 50-day moving average is $72.46 and its 200-day moving average is $68.94. Hancock Whitney Corporation has a 52-week low of $54.05 and a 52-week high of $79.36. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.79 and a current ratio of 0.80.

Hancock Whitney (NASDAQ:HWC) last posted its quarterly earnings data on Tuesday, July 21st. The company reported $1.55 EPS for the quarter, hitting analysts’ consensus estimates of $1.55. Hancock Whitney had a return on equity of 11.36% and a net margin of 21.81%.The business had revenue of $403.57 million for the quarter, compared to analyst estimates of $398.89 million. During the same period in the previous year, the company posted $1.37 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. Equities research analysts predict that Hancock Whitney Corporation will post 6.45 earnings per share for the current year.

Hancock Whitney Dividend Announcement

The firm also recently declared 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 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Friday, June 5th. Hancock Whitney’s payout ratio is currently 39.22%.

Insider Buying and Selling

In other news, CFO Michael M. Achary sold 22,694 shares of the stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $76.18, for a total value of $1,728,828.92. Following the completion of the sale, the chief financial officer directly owned 44,160 shares of the company’s stock, valued at approximately $3,364,108.80. This represents a 33.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 completion of the sale, the director owned 25,066 shares in the company, valued at approximately $1,683,432.56. The trade was a 1.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.92% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on HWC. Weiss Ratings lowered Hancock Whitney from a “buy (b)” rating to a “hold (c+)” rating in a report on Monday, May 11th. DA Davidson increased their price objective on Hancock Whitney from $79.00 to $86.00 and gave the company a “buy” rating in a report on Monday, May 18th. Keefe, Bruyette & Woods raised their price objective on Hancock Whitney from $78.00 to $80.00 and gave the company a “market perform” rating in a research note on Wednesday, July 22nd. Wall Street Zen cut Hancock Whitney from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Barclays increased their price target on Hancock Whitney from $76.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Hancock Whitney has an average rating of “Moderate Buy” and a consensus price target of $83.56.

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.