Allianz SE Invests $233,000 in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Key Points

• Allianz SE has invested approximately $233,000 in Huntington Bancshares, acquiring 15,512 shares in Q1.
• Hedge funds now collectively own 80.72% of Huntington Bancshares, indicating strong institutional interest in the company.
• Huntington Bancshares has initiated a $1 billion stock repurchase plan, signaling that the company's board believes its shares are undervalued.

Allianz SE acquired a new position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 15,512 shares of the bank's stock, valued at approximately $233,000.

A number of other hedge funds have also recently made changes to their positions in HBAN. World Investment Advisors boosted its position in shares of Huntington Bancshares by 73.8% during the 4th quarter. World Investment Advisors now owns 23,522 shares of the bank's stock worth $383,000 after purchasing an additional 9,990 shares during the period. Landscape Capital Management L.L.C. purchased a new position in Huntington Bancshares in the 4th quarter valued at approximately $410,000. Resona Asset Management Co. Ltd. purchased a new position in Huntington Bancshares in the 4th quarter valued at approximately $7,102,000. Russell Investments Group Ltd. lifted its position in shares of Huntington Bancshares by 4.1% during the 4th quarter. Russell Investments Group Ltd. now owns 1,308,405 shares of the bank's stock worth $21,295,000 after purchasing an additional 51,200 shares during the last quarter. Finally, FMR LLC lifted its position in shares of Huntington Bancshares by 36.9% during the 4th quarter. FMR LLC now owns 32,479,039 shares of the bank's stock worth $528,434,000 after purchasing an additional 8,759,871 shares during the last quarter. Hedge funds and other institutional investors own 80.72% of the company's stock.

Insider Buying and Selling

In other Huntington Bancshares news, EVP Marcy C. Hingst sold 13,700 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $15.79, for a total value of $216,323.00. Following the sale, the executive vice president owned 337,879 shares of the company's stock, valued at $5,335,109.41. This represents a 3.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.89% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on HBAN shares. Keefe, Bruyette & Woods decreased their price objective on shares of Huntington Bancshares from $18.00 to $17.00 and set a "market perform" rating for the company in a research report on Monday, April 21st. Stephens reaffirmed an "equal weight" rating and set a $16.50 price objective on shares of Huntington Bancshares in a research report on Monday, April 21st. Argus set a $17.00 price objective on shares of Huntington Bancshares in a research report on Friday, April 25th. Citigroup lifted their price objective on shares of Huntington Bancshares from $19.00 to $20.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Finally, Royal Bank Of Canada cut their price target 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. Two research analysts have rated the stock with a sell rating, three have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.68.

Huntington Bancshares Stock Up 1.4%

HBAN stock opened at $16.27 on Tuesday. The company has a market cap of $23.73 billion, a P/E ratio of 12.05, a P/E/G ratio of 0.82 and a beta of 0.93. Huntington Bancshares Incorporated has a 52 week low of $11.91 and a 52 week high of $18.44. The company's 50-day moving average price is $16.45 and its 200 day moving average price is $15.72. 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 announced that its Board of Directors has initiated a stock repurchase plan on Thursday, April 17th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the bank to buy up to 5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Huntington Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Wednesday, September 17th will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Wednesday, September 17th. This represents a $0.62 dividend on an annualized basis and a yield of 3.8%. Huntington Bancshares's payout ratio is currently 45.93%.

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.

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