Hancock Whitney rises after Q1 profit beat

Hancock Whitney

17/04/2024 19:16

** Shares of regional lender Hancock Whitney  HWC.O  rise as
much as 4.9%, last up 4.1% at $43.72
    ** Late on Tuesday, HWC posted Q1 adjusted profit of
$1.28/shr vs analysts' average expectation of $1.18/shr - LSEG
data
    ** Provision for credit losses of $13 mln in the quarter
were lower than Street estimates of $17.9 mln
    ** Q1 fee income jumps 9.4% to $87.9 mln, beating estimates
of $85.4 mln, driven by higher investment and annuity income and
insurance fees
    ** Citi analysts upgraded HWC to "buy" from "neutral" and
noted that fee income trends appear to be firing on all
cylinders
    ** Q1 net interest income on a fully taxable equivalent
basis came in at $269 mln, slightly below estimates of $272.2
mln 
    ** Analysts feel HWC is likely to introduce a share
repurchase plan in Q2 2024
    ** HWC shares down 10% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))