AlphaQuest LLC Boosts Stake in Huntington Bancshares Incorporated $HBAN

Key Points

• AlphaQuest LLC sharply increased its position in Huntington Bancshares, boosting holdings by 631.3% in the fourth quarter to 81,374 shares worth about $1.41 million.
• Huntington Bancshares reported stronger-than-expected quarterly results, posting earnings of $0.37 per share versus the $0.16 consensus, while revenue also slightly beat estimates at $2.59 billion.
• The bank declared a quarterly dividend of $0.155 per share, implying an annualized yield of 3.9%, even as analysts currently rate the stock a Moderate Buy with a consensus price target of $20.05.

AlphaQuest LLC lifted its holdings in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 631.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,374 shares of the bank's stock after buying an additional 70,246 shares during the quarter. AlphaQuest LLC's holdings in Huntington Bancshares were worth $1,412,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Palisade Asset Management LLC purchased a new stake in shares of Huntington Bancshares in the third quarter valued at approximately $26,000. South Plains Financial Inc. boosted its stake in shares of Huntington Bancshares by 116.3% in the third quarter. South Plains Financial Inc. now owns 1,536 shares of the bank's stock valued at $27,000 after buying an additional 826 shares in the last quarter. Accredited Wealth Management LLC boosted its position in Huntington Bancshares by 374.5% during the third quarter. Accredited Wealth Management LLC now owns 1,675 shares of the bank's stock worth $29,000 after purchasing an additional 1,322 shares in the last quarter. AlphaCore Capital LLC purchased a new stake in Huntington Bancshares during the third quarter worth $33,000. Finally, Quest 10 Wealth Builders Inc. boosted its position in Huntington Bancshares by 403.1% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 2,611 shares of the bank's stock worth $45,000 after purchasing an additional 2,092 shares in the last quarter. 80.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

HBAN has been the topic of a number of research analyst reports. UBS Group set a $21.00 target price on Huntington Bancshares in a research report on Wednesday, February 4th. Evercore decreased their target price on Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating on the stock in a research report on Monday, April 6th. JPMorgan Chase & Co. decreased their target price on Huntington Bancshares from $19.00 to $18.50 and set an "overweight" rating on the stock in a research report on Thursday, April 30th. DA Davidson decreased their target price on Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating on the stock in a research report on Monday, March 16th. Finally, Piper Sandler upgraded Huntington Bancshares from a "strong sell" rating to a "hold" rating and set a $18.00 target price on the stock in a research report on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Huntington Bancshares has an average rating of "Moderate Buy" and a consensus price target of $20.05.

Insider Transactions at Huntington Bancshares

In other news, VP Scott D. Kleinman sold 65,530 shares of the business's stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $15.28, for a total value of $1,001,298.40. Following the completion of the transaction, the vice president directly owned 481,676 shares of the company's stock, valued at $7,360,009.28. The trade was a 11.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director James D. Rollins III bought 8,471 shares of the company's stock in a transaction that occurred on Monday, April 27th. The stock was acquired at an average price of $18.01 per share, with a total value of $152,562.71. Following the completion of the purchase, the director directly owned 11,500 shares of the company's stock, valued at approximately $207,115. The trade was a 279.66% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 25,000 shares of company stock valued at $503,822 over the last three months. 0.67% of the stock is currently owned by insiders.

Huntington Bancshares Stock Performance

NASDAQ HBAN opened at $16.03 on Thursday. Huntington Bancshares Incorporated has a fifty-two week low of $14.89 and a fifty-two week high of $19.45. The stock has a market cap of $32.49 billion, a price-to-earnings ratio of 12.33, a price-to-earnings-growth ratio of 0.74 and a beta of 0.96. The business has a fifty day moving average of $16.01 and a 200-day moving average of $16.77. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.73.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.37 earnings per share for the quarter, topping analysts' consensus estimates of $0.16 by $0.21. Huntington Bancshares had a return on equity of 11.42% and a net margin of 16.63%.The company had revenue of $2.59 billion during the quarter, compared to analysts' expectations of $2.57 billion. During the same period in the previous year, the firm posted $0.34 earnings per share. As a group, analysts predict that Huntington Bancshares Incorporated will post 1.62 earnings per share for the current fiscal year.

Huntington Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Wednesday, June 17th. Huntington Bancshares's payout ratio is 47.69%.

Huntington Bancshares Company Profile

Huntington Bancshares Incorporated NASDAQ: HBAN is a bank holding company headquartered in Columbus, Ohio, that provides a broad range of banking and financial services through its principal subsidiary, Huntington National Bank. The company's operations are centered on retail and commercial banking, and it serves individual consumers, small and middle-market businesses, and institutional customers.

Huntington's product offerings include traditional deposit and lending products, consumer and commercial loans, mortgage origination and servicing, auto financing, and business banking solutions.

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