Norges Bank has established a new position in Hancock Whitney Corporation, acquiring 1,049,207 shares valued at approximately $60,224,000 during the second quarter of 2023. This investment was disclosed in Norges Bank’s most recent filing with the U.S. Securities and Exchange Commission. The move highlights growing interest among institutional investors in the financial holding company, which operates Hancock Whitney Bank.
Several other hedge funds have also adjusted their stakes in Hancock Whitney. For instance, Wellington Management Group LLP increased its holdings by 50.4% in the first quarter, now owning 3,057,103 shares worth around $160,345,000 after acquiring an additional 1,024,869 shares. Fuller & Thaler Asset Management Inc. raised its stake by 12.7%, resulting in ownership of 2,089,454 shares valued at $109,592,000 following the purchase of 235,363 additional shares.
American Century Companies Inc. also made headlines by boosting its holdings in Hancock Whitney by 15.7% during the second quarter, now holding 1,695,276 shares valued at $97,309,000. AQR Capital Management LLC and Bank of New York Mellon Corp have similarly increased their stakes, with AQR boosting its position by 1.1% and Bank of New York Mellon increasing by 0.9%. Collectively, institutional investors and hedge funds now own approximately 81.22% of Hancock Whitney’s stock.
Insider Trading Activity
In related news, Chief Financial Officer Michael M. Achary sold 9,894 shares on October 17, 2023, at an average price of $54.86, totaling approximately $542,784.84. Following this transaction, Achary retains 55,733 shares valued at about $3,057,512.38. This sale represents a 15.08% decrease in Achary’s holdings and was reported in a filing with the SEC.
Financial Performance and Future Outlook
Hancock Whitney’s stock experienced a slight decline of 0.4% after the company announced its quarterly earnings on October 14, 2023. The financial institution reported earnings per share of $1.49, surpassing analyst expectations of $1.43 by $0.06. The company achieved a return on equity of 11.29% and a net margin of 23.99%. However, revenue for the quarter stood at $175.56 million, falling short of the consensus estimate of $391.32 million. Last year’s comparable quarter yielded an earnings per share of $1.33.
Analysts project that Hancock Whitney will post an earnings per share of 5.53 for the current fiscal year. The company has also announced a quarterly dividend of $0.45, payable on December 15, 2023, to shareholders of record as of December 5, 2023. This dividend represents an annualized payout of $1.80, yielding 2.8%, with a dividend payout ratio of 32.20%.
Recent analyst ratings show a mixed outlook for Hancock Whitney. Raymond James Financial downgraded their price target from $73.00 to $72.00 while maintaining a “strong-buy” rating. Conversely, Citigroup increased its target price from $70.00 to $74.00 and affirmed a “buy” rating. Weiss Ratings also reaffirmed a “buy (b-)” rating, while Keefe, Bruyette & Woods raised their price objective from $64.00 to $65.00.
As it stands, one analyst has rated the stock a “strong buy,” six have issued a “buy” rating, and one has given it a “hold” rating, leading to an average price target of $70.14.
Hancock Whitney Corporation is recognized as a key player in the financial services sector, providing both traditional and online banking services, alongside investment management and advisory products. As institutional interest continues to grow, the company’s performance will be closely monitored by analysts and investors alike.
