GULFPORT - Hancock Whitney Corporation (NASDAQ:HWC) announced the appointment of Moses Feagin, an executive from Alabama Power, as the newest member of its board of directors, as well as the board of its subsidiary, Hancock Whitney Bank, starting November 15, 2024.
Feagin, who is currently the Executive Vice President, Treasurer, and Chief Financial Officer at Alabama Power, 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. Alabama Power is a subsidiary of Southern Company (NYSE:SO), headquartered in Atlanta, Georgia.
Jerry L. Levens, Chairman of the Board at Hancock Whitney, stated that Feagin's executive leadership and understanding of the Gulf South region where Hancock Whitney operates will be invaluable to the company's future growth. The bank, which has been rated as one of America's strongest and safest financial institutions, recently celebrated its 125th anniversary.
Feagin's career began at Alabama Power in 1987 and has included various leadership roles within the Southern Company. He has a bachelor's degree in accounting from The University of Alabama and has completed executive finance and accounting programs at the Wharton School at the University of Pennsylvania. Additionally, Feagin is involved in several leadership and community organizations.
Hancock Whitney, with a history dating back to the late 1800s, provides a range of financial services across the Gulf South, including traditional and online banking, commercial and small business banking, and mortgage services. The company also has loan and deposit production offices in Nashville, Tennessee, and Atlanta, Georgia.
The information for this article is based on a press release statement.
In other recent news, Hancock Whitney Corporation reported a net income of $116 million in the third quarter of 2024, marking a slight increase from the previous quarter. This performance was underscored by an expanded net interest margin (NIM) 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 (SNC) exposure. In recent developments, the company has repurchased over 300,000 shares during the quarter and is focusing on organic growth.
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.
Finally, the company's ability to swiftly adjust its funding costs and its focus on improving loan demand and recruiting lenders are expected to continue to benefit its financial performance. The planned runoff of SNC loans is also an important step in stabilizing the bank's loan portfolio, which is expected to support sustained growth.
InvestingPro Insights
As Hancock Whitney Corporation (NASDAQ:HWC) welcomes Moses Feagin to its board, investors might be interested in some key financial metrics that shed light on the company's current position.
According to InvestingPro data, Hancock Whitney boasts a market capitalization of $4.51 billion, with a price-to-earnings ratio of 11.76, suggesting the stock may be reasonably valued compared to its earnings. This valuation is particularly noteworthy given the company's strong performance, with a remarkable 65.54% price total return over the past year.
InvestingPro Tips highlight that Hancock Whitney has maintained dividend payments for 37 consecutive years, demonstrating a commitment to shareholder returns. This is further supported by the company's current dividend yield of 3.01% and an impressive dividend growth of 33.33% over the last twelve months.
The addition of Feagin to the board comes at a time when Hancock Whitney is showing financial strength. An InvestingPro Tip indicates that the company has been profitable over the last twelve months, with a robust operating income margin of 40.96%. This profitability, combined with the company's long-standing dividend history, aligns well with Feagin's financial expertise and could potentially contribute to the bank's continued growth and stability in the Gulf South region.
For investors seeking a deeper understanding of Hancock Whitney's financial health and prospects, InvestingPro offers 7 additional tips, providing a more comprehensive analysis of the company's position in the banking sector.
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