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1. Company Snapshot

1.a. Company Description

Hancock Whitney Corporation operates as the financial holding company for Hancock Whitney Bank that provides traditional and online banking services to commercial, small business, and retail customers.It accepts various deposit products, including noninterest-bearing demand deposits, interest-bearing transaction accounts, savings accounts, money market deposit accounts, and time deposit accounts.The company also offers loans products comprising commercial and industrial loans; commercial real estate loans; construction and land development loans; residential mortgages; consumer loans comprising second lien mortgage home loans, home equity lines of credit, and nonresidential consumer purpose loans; revolving credit facilities; and letters of credit and financial guarantees.


In addition, it offers investment brokerage and treasury management services, and annuity and life insurance products; and trust and investment management services to retirement plans, corporations, and individuals.Further, the company facilitates investments in new market tax credit activities; and holds various foreclosed assets.The company operates 177 banking locations and 239 automated teller machines primarily in the Gulf south corridor, including southern and central Mississippi; southern and central Alabama; southern, central, and northwest Louisiana; the northern, central, and panhandle regions of Florida; and certain areas of east Texas, including Houston, Beaumont, Dallas, and San Antonio.


It also operates a loan production office in Tennessee; and a trust and asset management office in Texas.The company was formerly known as Hancock Holding Company and changed its name to Hancock Whitney Corporation in May 2018.Hancock Whitney Corporation was founded in 1899 and is headquartered in Gulfport, Mississippi.

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1.b. Last Insights on HWC

Hancock Whitney Corporation faced negative drivers in recent months, primarily due to higher costs and lower deposits. Despite beating Q3 earnings estimates, driven by stronger net interest income (NII) and fee income growth, the company's stock declined. The Q3 earnings call highlighted a challenging environment, with management navigating increased costs and decreased deposits. Additionally, the company's credit quality remains resilient, supported by its acquisition of Sabal Trust Company earlier in the year.

1.c. Company Highlights

2. Hancock Whitney Corporation Delivers Strong Q3 2025 Results

Hancock Whitney Corporation reported a robust third quarter 2025, with earnings per share (EPS) of $1.49, surpassing analyst estimates of $1.41. The company's return on assets (ROA) improved to 1.46%, up from 1.32% a year ago, driven by a combination of net interest income expansion and fee income growth. Net interest income grew as average earning assets increased at higher yields, while deposit costs decreased by one basis point. Fee income rose 8% to $106 million, led by record-high insurance and annuity fees. The efficiency ratio improved to 54.1%, and the net interest margin (NIM) remained stable at 3.49%.

Publication Date: Oct -16

📋 Highlights
  • ROA Improvement:: ROA rose to 1.46% in Q3 2025 from 1.32% a year ago, reflecting stronger profitability.
  • Fee Income Growth:: Fee income hit $106 million, up 8%, driven by record insurance and annuity fees.
  • Controlled Expenses:: Adjusted net interest expense increased just 1% QoQ, maintaining cost discipline.
  • Loan Growth Momentum:: Loans grew $135 million (2% annualized), with production up 6% QoQ and 46% YoY.
  • Strong Capital Position:: TCE ratio at 10.01% and common equity Tier 1 at 14.08%, supporting $662,000 share repurchases in Q3.

Revenue Growth and Expense Management

The company's revenue growth was driven by a 6% quarter-over-quarter increase in loan production and a 46% year-over-year increase. Loans grew $135 million or 2% annualized, while deposits decreased $387 million due to seasonal activity in public fund DDA and interest-bearing accounts. Expenses remained controlled, with adjusted net interest expense up only 1% from the prior quarter. The company expects low single-digit growth in 2025 and possibly low single-digit net growth in the fourth quarter.

Capital Management and Share Repurchases

Hancock Whitney Corporation's capital ratios remain strong, with a tangible common equity (TCE) ratio of 10.01% and a common equity Tier one ratio of 14.08%. The company repurchased 662,000 shares of common stock during the quarter and expects to continue share repurchases at a similar level in 2025. The company's dividend yield is 3.0%, providing a relatively attractive return for shareholders.

Valuation and Outlook

Using the Price-to-Tangible Book Value (P/TBV) ratio, which is not directly available, we can look at the Price-to-Book Ratio (P/B) of 1.15 to gauge the company's valuation. This ratio suggests that the company's stock is trading at a reasonable multiple relative to its book value. With a NIM of 3.49% and a dividend yield of 3.0%, Hancock Whitney Corporation appears to be offering a stable and relatively attractive investment opportunity. The company's guidance for 2026 implies revenue growth of around 8.5% and expense growth of 6.2%, driven by investments in growth initiatives, including expanding branches and hiring new revenue producers.

3. NewsRoom

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FHLB Dallas and Hancock Whitney Bank Commit More Than $500K in Grants to Help Gulf Coast Homeowners Rebuild after Disasters

Dec -04

Source: businesswire.com

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Fisher Asset Management LLC Lowers Stock Holdings in Hancock Whitney Corporation $HWC

Dec -04

Source: defenseworld.net

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Creative Planning Sells 10,525 Shares of Hancock Whitney Corporation $HWC

Dec -02

Source: defenseworld.net

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Media Advisory: FHLB Dallas and Hancock Whitney Bank to Award $15K Grant to Louisiana Homeowner as Part of More Than $500K in Recovery Grants on the Gulf Coast

Nov -28

Source: businesswire.com

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American Century Companies Inc. Grows Stake in Hancock Whitney Corporation $HWC

Nov -26

Source: defenseworld.net

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Hancock Whitney Welcomes Stringer as Director of Government Affairs

Nov -17

Source: businesswire.com

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Hancock Whitney Corporation $HWC Shares Bought by Teacher Retirement System of Texas

Nov -04

Source: defenseworld.net

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Hancock Whitney: Shares Remain Cheap Despite Lackluster Volume Growth

Nov -01

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.00%)

6. Segments

Banking and Related Activities

Expected Growth: 4.0%

Hancock Whitney Corporation's 4.0% growth in Banking and Related Activities is driven by increasing loan demand, expansion of commercial banking services, and strategic acquisitions. Additionally, the corporation's focus on digital transformation, cost savings initiatives, and a favorable interest rate environment have contributed to its growth.

7. Detailed Products

Commercial Banking

Provides financial solutions to businesses, including cash management, lending, and treasury management services.

Private Banking

Offers personalized financial services to high net worth individuals, including investment management, trust services, and wealth planning.

Mortgage Banking

Provides mortgage lending services to individuals and businesses, including residential and commercial mortgage loans.

Treasury Management

Offers cash management and treasury services to businesses, including account management, payment processing, and fraud prevention.

Investment Services

Provides investment products and services, including brokerage, investment management, and retirement planning.

Insurance Services

Offers insurance products and services, including property and casualty insurance, life insurance, and employee benefits.

8. Hancock Whitney Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Hancock Whitney Corporation operates in the banking industry, which has a moderate threat of substitutes. While customers have some alternatives, such as credit unions and online lenders, the switching costs are relatively high, and the company's strong brand and customer relationships mitigate the threat.

Bargaining Power Of Customers

Hancock Whitney Corporation's customers have limited bargaining power due to the company's diverse customer base and lack of concentration. Additionally, the company's strong brand and customer relationships reduce the bargaining power of individual customers.

Bargaining Power Of Suppliers

Hancock Whitney Corporation has a diverse supplier base, and no single supplier has significant bargaining power. The company's strong financial position and long-term relationships with suppliers also reduce the bargaining power of suppliers.

Threat Of New Entrants

The banking industry has significant barriers to entry, including regulatory hurdles and high capital requirements. Additionally, Hancock Whitney Corporation's strong brand and established customer relationships make it difficult for new entrants to gain traction.

Intensity Of Rivalry

The banking industry is highly competitive, with many established players competing for market share. Hancock Whitney Corporation operates in a crowded market, and the company must continually innovate and improve its products and services to maintain its competitive position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 26.97%
Debt Cost 5.92%
Equity Weight 73.03%
Equity Cost 10.56%
WACC 9.31%
Leverage 36.94%

11. Quality Control: Hancock Whitney Corporation passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Webster

A-Score: 6.8/10

Value: 7.0

Growth: 6.4

Quality: 7.1

Yield: 6.0

Momentum: 8.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Hancock Whitney

A-Score: 6.7/10

Value: 6.6

Growth: 5.9

Quality: 7.8

Yield: 6.0

Momentum: 7.0

Volatility: 6.7

1-Year Total Return ->

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Zions Bank

A-Score: 6.3/10

Value: 6.7

Growth: 7.0

Quality: 5.8

Yield: 6.0

Momentum: 7.0

Volatility: 5.3

1-Year Total Return ->

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Ameris

A-Score: 5.7/10

Value: 5.2

Growth: 7.8

Quality: 5.0

Yield: 2.0

Momentum: 7.0

Volatility: 7.3

1-Year Total Return ->

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Atlantic Union Bankshares

A-Score: 5.7/10

Value: 6.5

Growth: 5.2

Quality: 5.6

Yield: 7.0

Momentum: 3.5

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
UMB

A-Score: 5.7/10

Value: 5.7

Growth: 5.8

Quality: 5.2

Yield: 4.0

Momentum: 6.5

Volatility: 6.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

63.28$

Current Price

63.28$

Potential

-0.00%

Expected Cash-Flows