Aigen Investment Management LP Increases Position in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Key Points

• Aigen Investment Management LP increased its stake in Huntington Bancshares by 55.5% in Q1, now owning 55,406 shares worth approximately $832,000.
• The company announced a share buyback plan authorizing the repurchase of up to $1 billion of its shares, indicating management believes the stock is undervalued.
• Huntington Bancshares has declared a quarterly dividend of $0.155 per share, with a dividend yield of 3.9% based on an annualized payout of $0.62.

Aigen Investment Management LP lifted its stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 55.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 55,406 shares of the bank's stock after purchasing an additional 19,783 shares during the quarter. Aigen Investment Management LP's holdings in Huntington Bancshares were worth $832,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of HBAN. Invesco Ltd. boosted its holdings in Huntington Bancshares by 8.7% during the 1st quarter. Invesco Ltd. now owns 57,186,593 shares of the bank's stock valued at $858,371,000 after acquiring an additional 4,586,607 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in shares of Huntington Bancshares by 126.6% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 7,048,773 shares of the bank's stock worth $114,684,000 after acquiring an additional 3,938,769 shares during the period. Van Lanschot Kempen Investment Management N.V. raised its position in Huntington Bancshares by 356.1% during the fourth quarter. Van Lanschot Kempen Investment Management N.V. now owns 4,432,186 shares of the bank's stock valued at $72,112,000 after purchasing an additional 3,460,328 shares during the period. Deutsche Bank AG grew its stake in Huntington Bancshares by 47.7% in the first quarter. Deutsche Bank AG now owns 8,870,393 shares of the bank's stock worth $133,145,000 after purchasing an additional 2,865,727 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Huntington Bancshares by 18.4% during the 4th quarter. Northern Trust Corp now owns 14,422,723 shares of the bank's stock valued at $234,658,000 after acquiring an additional 2,241,926 shares in the last quarter. 80.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Truist Financial raised their target price on Huntington Bancshares from $18.00 to $19.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $21.00 target price (up from $18.00) on shares of Huntington Bancshares in a report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft upgraded shares of Huntington Bancshares from a "hold" rating to a "buy" rating and set a $17.50 price target on the stock in a report on Thursday, April 24th. Royal Bank Of Canada dropped their price objective on shares of Huntington Bancshares from $20.00 to $18.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Finally, Jefferies Financial Group initiated coverage on shares of Huntington Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $20.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $18.68.

Huntington Bancshares Stock Performance

HBAN traded down $0.24 on Friday, hitting $16.57. 21,072,962 shares of the stock traded hands, compared to its average volume of 34,239,708. Huntington Bancshares Incorporated has a 52 week low of $11.91 and a 52 week high of $18.44. The firm has a market capitalization of $24.17 billion, a PE ratio of 12.27, a P/E/G ratio of 0.86 and a beta of 0.93. The business has a fifty day moving average price of $16.55 and a two-hundred day moving average price of $15.69. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.92.

Huntington Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 17th will be issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Wednesday, September 17th. Huntington Bancshares's payout ratio is 45.93%.

Insider Activity at Huntington Bancshares

In other news, EVP Marcy C. Hingst sold 13,700 shares of the business's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $15.79, for a total transaction of $216,323.00. Following the completion of the sale, the executive vice president directly owned 337,879 shares of the company's stock, valued at $5,335,109.41. The trade was a 3.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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.