Hancock Whitney Corporation (HWC.O): 2Q26 Model Update – Healthy PPNR Trends

研报英文原文证据摘录

Hancock Whitney Corporation (HWC.O): 2Q26 Model Update – Healthy PPNR Trends

Action |

24 Jun 2026 16:00:00 ET │ 12 pages

Hancock Whitney Corporation (HWC.O)

2Q26 Model Update – Healthy PPNR Trends

CITI’S TAKE

Commentary this quarter seemed to suggest solid NII and fee income

Buy trends, coupled with a higher expense base as hiring trends for 2026 have

Price (23 Jun 26 16:00) US$71.97 been 1H focused. We think guidance for PPNR will move higher as loan

growth continues to support a stronger NII outlook. We increase our B/S Target price US$82.00↑

size on a core basis and add in the recent deal announcement. We think from US$81.00

mgmt will be a bit more focused on expenses in 2H26, largely to integrate Expected share price return 13.9%

the recent hiring class – which is supportive to PPNR trends. We continue Expected dividend yield 2.8%

to like this story and think excess capital will likely be used for growth and Expected total return 16.7%

buybacks near-term, rather than any other new partnerships.

Market Cap US$5,841M

Estimate Changes — We update our model to account for a higher Fed funds levels.

We move our 2026E EPS up modestly to $6.57 from $6.47 (vs. FactSet consensus of

$6.48) and 2027E EPS to $7.54 from $7.10 (vs. FactSet consensus of $7.26). Our loan Benjamin GerlingerAC

growth projections have increased modestly, mitigated by lower NIM levels. Fee +1-212-816-3538

income, provision and operating expenses projections were all held largely benjamin.gerlinger@citi.com

unchanged. Our target price goes up to $82 from $81, reflecting modestly higher

forward estimates. Kaili Wang, CFA

+1-716-730-7408

kaili.wang@citi.com

Mikhail Mrotchek

+1-212-816-2345

misha.mrotchek@citi.com

EPS (US$) Q1 Q2 Q3 Q4 FY FC Cons VA Cons

2025A 1.38A 1.38A 1.49A 1.50A 5.84A 5.76A 5.72A