Assenagon Asset Management S.A. Decreases Stock Holdings in Huntington Bancshares Incorporated $HBAN

Key Points

• Assenagon Asset Management S.A. has significantly reduced its holdings in Huntington Bancshares by 82.5%, selling over 1.7 million shares, leaving them with a total of 362,150 shares valued at approximately $6.07 million.
• Several other institutional investors, including Vanguard Group and Invesco Ltd., have increased their shares in Huntington Bancshares, indicating strong institutional interest in the company.
• Analyst ratings for Huntington Bancshares show a favorable outlook, with multiple firms raising their target prices, and most maintain a "buy" recommendation, contributing to an average price target of $18.84.

Assenagon Asset Management S.A. trimmed its holdings in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 82.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 362,150 shares of the bank's stock after selling 1,707,300 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Huntington Bancshares were worth $6,070,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Huntington Bancshares by 0.6% during the first quarter. Vanguard Group Inc. now owns 173,956,974 shares of the bank's stock valued at $2,611,094,000 after acquiring an additional 978,565 shares during the last quarter. Invesco Ltd. increased its position in shares of Huntington Bancshares by 8.7% during the first 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 last quarter. Victory Capital Management Inc. increased its position in shares of Huntington Bancshares by 9.2% during the first quarter. Victory Capital Management Inc. now owns 23,828,775 shares of the bank's stock valued at $357,670,000 after acquiring an additional 2,003,683 shares during the last quarter. Amundi grew its holdings in Huntington Bancshares by 26.2% during the first quarter. Amundi now owns 22,011,639 shares of the bank's stock valued at $330,395,000 after purchasing an additional 4,576,432 shares during the period. Finally, Federated Hermes Inc. increased its position in Huntington Bancshares by 2.5% in the first quarter. Federated Hermes Inc. now owns 20,103,485 shares of the bank's stock worth $301,753,000 after buying an additional 498,182 shares during the last quarter. 80.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Huntington Bancshares

In other news, EVP Marcy C. Hingst sold 41,100 shares of Huntington Bancshares stock in a transaction dated Friday, September 5th. The stock was 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 in the company, valued at approximately $5,388,498. The trade was a 12.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.89% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Jefferies Financial Group raised their target price on Huntington Bancshares from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Wednesday, September 3rd. Wolfe Research raised Huntington Bancshares from a "peer perform" rating to an "outperform" rating and set a $21.00 target price for the company in a research report on Thursday, July 3rd. DA Davidson raised their target price on Huntington Bancshares from $18.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. Raymond James Financial reissued a "strong-buy" rating and issued a $21.00 target price (up from $18.00) on shares of Huntington Bancshares in a research report on Tuesday, July 8th. Finally, Citigroup raised their target price on Huntington Bancshares from $20.00 to $21.00 and gave the stock a "buy" rating in a research report on Friday, September 19th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $18.84.

Huntington Bancshares Stock Up 0.1%

HBAN opened at $17.35 on Wednesday. The company has a market cap of $25.31 billion, a P/E ratio of 12.85, a P/E/G ratio of 0.84 and a beta of 0.97. The business's 50-day moving average price is $17.04 and its 200-day moving average price is $15.88. 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 Incorporated has a 12 month low of $11.91 and a 12 month high of $18.44.

Huntington Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 17th will be issued a $0.155 dividend. The ex-dividend date is Wednesday, September 17th. This represents a $0.62 annualized dividend and a dividend yield of 3.6%. 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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