Michael M. Achary, Chief Financial Officer of Hancock Whitney Corp (NASDAQ:HWC), recently sold 8,431 shares of the company's common stock. The transaction, which took place on October 18, was executed at a price of $52.55 per share, totaling approximately $443,049. Following this sale, Achary retains 54,379.71 shares, which include those acquired through the Dividend Reinvestment Plan since his last filing.
In other recent news, Hancock Whitney Corporation reported a net income of $116 million for the third quarter of 2024, marking a slight increase from the previous quarter. This was primarily driven by an expanded net interest margin and a decrease in operating expenses. The company also saw a $450 million reduction in loans, mainly due to a strategic decrease in shared national credits exposure.
DA Davidson has adjusted its outlook on Hancock Whitney, raising the price target to $65 from $62 while maintaining a buy rating. The firm's analyst highlighted the company's ability to manage funding costs and anticipated loan growth as key factors for net interest income growth through 2025.
Recent developments show the company's focus on recruiting lenders and improving loan demand. Hancock Whitney also reported strong capital ratios, with tangible common equity of 9.56% and a common equity Tier 1 ratio of 13.79%. The company is focusing on organic growth, and while merger and acquisition opportunities are considered, they are not planned at this time.
InvestingPro Insights
As Michael M. Achary, CFO of Hancock Whitney Corp (NASDAQ:HWC), reduces his stake in the company, investors might be curious about the broader financial picture. According to InvestingPro data, HWC currently boasts a market capitalization of $4.45 billion and trades at a P/E ratio of 11.52, suggesting a relatively modest valuation compared to industry peers.
Despite the recent insider sale, there are several positive indicators for Hancock Whitney Corp. An InvestingPro Tip highlights that the company has maintained dividend payments for an impressive 37 consecutive years, demonstrating a strong commitment to shareholder returns. This is further supported by the current dividend yield of 3.14% and a substantial dividend growth of 33.33% over the last twelve months.
Another InvestingPro Tip notes that 6 analysts have revised their earnings upwards for the upcoming period, potentially signaling confidence in the company's near-term financial performance. This optimism is reflected in the stock's performance, with a remarkable 56.91% total return over the past year.
It's worth noting that InvestingPro offers 7 additional tips for Hancock Whitney Corp, providing investors with a more comprehensive analysis of the company's financial health and market position. These insights can be particularly valuable when considering the context of recent insider transactions and the company's long-term financial strategy.
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