Assenagon Asset Management S.A. Buys 2,766,547 Shares of Huntington Bancshares Incorporated $HBAN

Key Points

• Assenagon Asset Management dramatically increased its stake in Huntington Bancshares, buying 2,766,547 shares and boosting its holdings by 964% to 3,053,523 shares worth about $47.8 million.
• HBAN beat quarterly expectations, reporting EPS of $0.37 versus the $0.16 consensus estimate and revenue of $2.59 billion, while analysts currently hold a Moderate Buy consensus with a $20.05 price target.
• The bank also announced a quarterly dividend of $0.155 per share, equal to an annualized yield of about 3.5%; meanwhile, director James D. Rollins III sold 223,522 shares in a recent insider transaction.

Assenagon Asset Management S.A. lifted its stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 964.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,053,523 shares of the bank's stock after purchasing an additional 2,766,547 shares during the quarter. Assenagon Asset Management S.A. owned 0.15% of Huntington Bancshares worth $47,788,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. MV Capital Management Inc. bought a new stake in Huntington Bancshares during the 4th quarter worth approximately $25,000. Palisade Asset Management LLC bought a new stake in Huntington Bancshares during the third quarter valued at $26,000. South Plains Financial Inc. grew its holdings in Huntington Bancshares by 116.3% during the 3rd quarter. South Plains Financial Inc. now owns 1,536 shares of the bank's stock worth $27,000 after acquiring an additional 826 shares during the period. Centennial Bank AR bought a new position in shares of Huntington Bancshares in the 4th quarter worth about $28,000. Finally, Accredited Wealth Management LLC boosted its position in shares of Huntington Bancshares by 374.5% during the 3rd quarter. Accredited Wealth Management LLC now owns 1,675 shares of the bank's stock valued at $29,000 after purchasing an additional 1,322 shares in the last quarter. Institutional investors own 80.72% of the company's stock.

Wall Street Analysts Forecast Growth

HBAN has been the topic of several recent analyst reports. Weiss Ratings lowered Huntington Bancshares from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, June 18th. Evercore reiterated an "outperform" rating and set a $20.00 target price on shares of Huntington Bancshares in a research report on Friday, June 12th. Piper Sandler upgraded shares of Huntington Bancshares from a "strong sell" rating to a "hold" rating and set a $18.00 price target for the company in a report on Thursday, April 23rd. Wolfe Research dropped their price objective on shares of Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating on the stock in a report on Wednesday, April 1st. Finally, Royal Bank Of Canada cut their price objective on shares of Huntington Bancshares from $21.00 to $20.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $20.05.

Huntington Bancshares Stock Performance

Shares of HBAN opened at $17.90 on Friday. The firm has a market cap of $36.29 billion, a PE ratio of 13.77, a PEG ratio of 0.80 and a beta of 0.94. The stock's fifty day moving average price is $16.48 and its two-hundred day moving average price is $16.88. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.92. Huntington Bancshares Incorporated has a 1 year low of $14.89 and a 1 year high of $19.45.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.21. The company had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.57 billion. Huntington Bancshares had a return on equity of 11.42% and a net margin of 16.63%.During the same quarter last year, the firm posted $0.34 EPS. On average, equities research analysts forecast that Huntington Bancshares Incorporated will post 1.61 EPS for the current year.

Huntington Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Wednesday, June 17th will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Wednesday, June 17th. This represents a $0.62 dividend on an annualized basis and a yield of 3.5%. Huntington Bancshares's payout ratio is presently 47.69%.

Insider Activity

In other Huntington Bancshares news, Director James D. Rollins III sold 223,522 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $17.35, for a total value of $3,878,106.70. Following the completion of the transaction, the director owned 612,155 shares in the company, valued at $10,620,889.25. This trade represents a 26.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders acquired a total of 33,500 shares of company stock worth $617,542 in the last quarter. Corporate insiders own 0.67% of the company's stock.

Huntington Bancshares 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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