John M. Hairston, President and CEO of Hancock Whitney Corp (NASDAQ:HWC), recently sold 18,000 shares of the company's common stock. The sale, disclosed in a recent SEC filing, took place on November 7, 2024, at a price of $59.44 per share, totaling approximately $1.07 million. Following this transaction, Hairston holds 254,025.8992 shares directly. The filing also notes that the current share total includes those acquired through the company's Dividend Reinvestment Plan.
In other recent news, Hancock Whitney Corporation reported a net income of $116 million for the third quarter of 2024, indicating a slight increase from the previous quarter. This performance was underscored by an expanded net interest margin and a decrease in operating expenses. The company also saw a $450 million reduction in loans, primarily due to a strategic decrease in shared national credits exposure. In recent developments, the company repurchased over 300,000 shares during the quarter and is focusing on organic growth.
Hancock Whitney also announced the appointment of Moses Feagin, an executive from Alabama Power, to its board of directors. Feagin brings over three decades of experience in the utilities sector to Hancock Whitney. His role at Alabama Power includes overseeing finance, accounting, treasury, and regulatory affairs.
DA Davidson 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 third-quarter performance and forward-looking guidance, noting its ability to rapidly decrease funding costs in response to Federal Reserve's easing measures. The analyst's commentary pointed out that loan growth, driven by increased demand and active lender recruitment, would be a key factor for the company's net interest income growth through 2025.
InvestingPro Insights
As John M. Hairston's recent stock sale draws attention, it's worth examining Hancock Whitney Corp's (NASDAQ:HWC) current financial position and market performance. According to InvestingPro data, the company boasts a market capitalization of $5.06 billion, with a price-to-earnings ratio of 13.19, suggesting a relatively modest valuation compared to industry peers.
Hancock Whitney has demonstrated strong market performance, with InvestingPro Tips highlighting significant returns over various timeframes. The stock has shown a robust 12.41% return in the past week and an impressive 60.18% return over the last year. This positive momentum aligns with the company's solid fundamentals, including a high shareholder yield and consistent profitability over the last twelve months.
Notably, Hancock Whitney has maintained dividend payments for 37 consecutive years, a testament to its financial stability and commitment to shareholder returns. The current dividend yield stands at 2.74%, with a remarkable dividend growth of 33.33% in the last twelve months. This dividend consistency, coupled with the company's price performance, may provide context for executive stock transactions like Hairston's recent sale.
For investors seeking a deeper understanding of Hancock Whitney's potential, InvestingPro offers 10 additional tips, providing a comprehensive analysis of the company's financial health and market position. These insights could be particularly valuable in interpreting executive actions and formulating investment strategies in the financial sector.
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