Bearish stock to watch: Hancock Whitney Corp (NASDAQ: HWC)

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Hancock Whitney Corp (NASDAQ: HWC) stock fell 0.7% on 17th January, 2020 (As of 11:28 am GMT-5; Source: Google finance). The tangible common equity (TCE) ratio was down 37 bps at 8.45%, from September 30, 2019. Capital levels shows the effects of the accelerated share repurchase announced October 21, 2019. HWC had made a $185 million payment to Morgan Stanley for about 5 million shares, and on the same day, received initial delivery of approximately 3.6 million shares of the common stock. Moreover, Nonperforming assets (NPAs) had increased 7% to $337.5 million at December 31, 2019 from September 30, 2019. Total loans stood at December 31, 2019 of $21.2 billion, up approximately 1%, linked-quarter. Total deposits at December 31, 2019 were down 2% to $23.8 billion, from September 30, 2019 due to a paydown of brokered time deposits.

The company has reported net income for the fourth quarter of 2019 was $92.1 million, compared to $67.8 million in the third quarter of 2019 and $96.2 million in the fourth quarter of 2018. The fourth quarter of 2019 includes $3.9 million ($.03 per share impact) of final merger costs related with the September 21, 2019 acquisition of MidSouth Bancorp, Inc. Common shareholders’ equity at December 31, 2019 decreased 3% to $3.5 billion, from September 30, 2019. The company has delivered the net interest income (TE) for the fourth quarter of 2019 of $236.7 million, which is an increase of $10.1 million from the third quarter of 2019. The net interest margin (TE) was 3.43% for the fourth quarter of 2019, which is up 2 bps from the third quarter of 2019. The improvement in net interest income was mainly on the back of higher average earning assets primarily due to the MidSouth acquisition and lower cost of funds. Average earning assets were up 4% to $27.4 billion for the fourth quarter of 2019, from the third quarter of 2019.

HWC in the fourth quarter of FY 19 has reported the adjusted earnings per share of $1.06, beating the analysts’ estimates for the adjusted earnings per share of $1.04, according to Zacks Consensus Estimate. The company had reported the adjusted revenue of $316.08 million in the fourth quarter of FY 19, beating the analysts’ estimates for revenue by 0.24%.

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