Christine L. Pickering, a director at Hancock Whitney Corp (NASDAQ:HWC), has sold 763 shares of the company's common stock. The transaction, dated October 29, 2024, was executed at a price of $52.40 per share, totaling $39,981. Following this transaction, Pickering holds 23,518.4419 shares directly. Additionally, she indirectly holds 316.203 shares through her spouse's IRA. The shares owned directly include those acquired through the Dividend Reinvestment Plan since her last filing.
In other recent news, Hancock Whitney Corporation announced the appointment of Moses Feagin, an executive from Alabama Power, to its board of directors, starting November 15, 2024. Feagin, currently the Executive Vice President, Treasurer, and Chief Financial Officer at Alabama Power, brings over three decades of experience to Hancock Whitney. In recent developments, the company reported a third quarter net income of $116 million, an increase from the previous quarter, underscored by an expanded net interest margin and a decrease in operating expenses.
DA Davidson has adjusted its outlook on Hancock Whitney, increasing the price target to $65 from $62 while reaffirming a Buy rating. The firm highlighted the bank's ability to rapidly decrease funding costs in response to Federal Reserve's easing measures. Analysts predict loan growth, driven by increased demand and active lender recruitment, will be a key factor for the company's net interest income growth through 2025.
Hancock Whitney has repurchased over 300,000 shares during the quarter and continues to focus on organic growth. The company also saw a $450 million reduction in loans, primarily due to a strategic decrease in shared national credits exposure. The planned runoff of these loans is expected to stabilize the bank's loan portfolio, supporting sustained growth.
InvestingPro Insights
As Christine L. Pickering reduces her stake in Hancock Whitney Corp (NASDAQ:HWC), investors might find value in examining the company's current financial health and market position. According to InvestingPro data, HWC boasts a market capitalization of $4.58 billion and a price-to-earnings ratio of 11.9, suggesting the stock may be reasonably valued relative to its earnings.
InvestingPro Tips highlight that Hancock Whitney has maintained dividend payments for an impressive 37 consecutive years, demonstrating a strong commitment to shareholder returns. This consistency aligns with the company's dividend reinvestment plan, which Pickering has participated in. Moreover, the company's dividend yield stands at 3.05%, potentially offering an attractive income stream for investors.
Another notable InvestingPro Tip reveals that six analysts have revised their earnings upwards for the upcoming period, indicating positive sentiment about the company's near-term financial performance. This optimism is further supported by the company's profitability over the last twelve months and analysts' predictions of continued profitability this year.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a deeper understanding of Hancock Whitney's financial outlook and market position.
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