Voleon Capital Management LP Takes Position in Huntington Bancshares Incorporated $HBAN

Key Points

• Voleon Capital Management LP has acquired 18,770 shares of Huntington Bancshares, valued at approximately $282,000, marking a new position in the bank's stock.
• Institutional investors own 80.72% of Huntington Bancshares, with major investments from Vanguard Group, Invesco, and Amundi, each increasing their stakes significantly in the first quarter.
• The company announced a quarterly dividend of $0.155 per share to be paid on October 1st, representing an annualized yield of 3.5% with a payout ratio of 45.93%.

Voleon Capital Management LP purchased a new stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 18,770 shares of the bank's stock, valued at approximately $282,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Smallwood Wealth Investment Management LLC bought a new stake in Huntington Bancshares in the 1st quarter valued at $29,000. Quarry LP increased its holdings in Huntington Bancshares by 73.0% in the 1st quarter. Quarry LP now owns 1,929 shares of the bank's stock valued at $29,000 after buying an additional 814 shares during the period. LFA Lugano Financial Advisors SA bought a new stake in Huntington Bancshares in the 1st quarter valued at $31,000. Golden State Wealth Management LLC increased its holdings in Huntington Bancshares by 516.3% in the 1st quarter. Golden State Wealth Management LLC now owns 2,231 shares of the bank's stock valued at $33,000 after buying an additional 1,869 shares during the period. Finally, Wayfinding Financial LLC bought a new stake in Huntington Bancshares in the 1st quarter valued at $39,000. Institutional investors own 80.72% of the company's stock.

Wall Street Analysts Forecast Growth

HBAN has been the topic of several analyst reports. Wolfe Research raised shares of Huntington Bancshares from a "peer perform" rating to an "outperform" rating and set a $21.00 price target on the stock in a report on Thursday, July 3rd. Jefferies Financial Group upped their target price on shares of Huntington Bancshares from $19.00 to $21.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $21.00 target price (up previously from $18.00) on shares of Huntington Bancshares in a report on Tuesday, July 8th. Truist Financial upped their target price on shares of Huntington Bancshares from $19.00 to $20.00 and gave the stock a "buy" rating in a report on Friday. Finally, TD Cowen assumed coverage on shares of Huntington Bancshares in a report on Thursday, May 15th. They issued a "buy" rating and a $20.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $18.79.

Huntington Bancshares Price Performance

NASDAQ:HBAN traded up $0.03 during mid-day trading on Friday, reaching $17.77. 21,708,807 shares of the company were exchanged, compared to its average volume of 24,835,348. Huntington Bancshares Incorporated has a 12 month low of $11.91 and a 12 month high of $18.44. The company has a fifty day moving average of $17.00 and a 200 day moving average of $15.80. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.92. The stock has a market cap of $25.92 billion, a PE ratio of 13.16, a PEG ratio of 0.86 and a beta of 0.97.

Huntington Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 17th will be paid a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Wednesday, September 17th. Huntington Bancshares's dividend payout ratio (DPR) is 45.93%.

Insider Activity

In other news, EVP Marcy C. Hingst sold 41,100 shares of the firm's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $18.00, for a total value of $739,800.00. Following the transaction, the executive vice president owned 299,361 shares of the company's stock, valued at approximately $5,388,498. This trade represents a 12.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.89% of the company's stock.

About Huntington Bancshares

Huntington Bancshares Incorporated operates as the bank holding company for The Huntington National Bank that provides commercial, consumer, and mortgage banking services in the United States. The company offers financial products and services to consumer and business customers, including deposits, lending, payments, mortgage banking, dealer financing, investment management, trust, brokerage, insurance, and other financial products and services.