Bank of Nova Scotia Makes New $23.14 Million Investment in Huntington Bancshares Incorporated $HBAN

Key Points

• Bank of Nova Scotia acquired 1.31 million Huntington Bancshares shares during the second quarter, valued at approximately $23.14 million and representing about 0.06% of the company.
• Huntington reported quarterly EPS of $0.39, in line with estimates, while revenue of $2.86 billion exceeded expectations. The bank also maintained its quarterly dividend at $0.155 per share, implying a 3.6% annualized yield.
• Analysts hold a “Moderate Buy” consensus rating with an average price target of $20.24 versus the stock’s recent price of $17.03; however, insiders sold substantially more shares than they purchased over the past three months.

Bank of Nova Scotia bought a new stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,305,160 shares of the bank's stock, valued at approximately $23,140,000. Bank of Nova Scotia owned about 0.06% of Huntington Bancshares as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the company. MV Capital Management Inc. acquired a new stake in Huntington Bancshares in the fourth quarter valued at about $25,000. Palisade Asset Management LLC bought a new stake in Huntington Bancshares in the third quarter valued at approximately $26,000. Centennial Bank AR bought a new position in Huntington Bancshares during the fourth quarter worth $28,000. Trust Co. of Vermont bought a new position in shares of Huntington Bancshares in the 2nd quarter worth about $29,000. Finally, Johnson Financial Group Inc. acquired a new position in Huntington Bancshares in the second quarter valued at approximately $31,000. 80.72% of the stock is owned by institutional investors.

Huntington Bancshares Stock Performance

Huntington Bancshares stock opened at $17.03 on Monday. Huntington Bancshares Incorporated has a 52-week low of $14.89 and a 52-week high of $19.45. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.63. The company has a market cap of $34.41 billion, a P/E ratio of 13.20, a P/E/G ratio of 0.81 and a beta of 0.94. The business has a 50-day simple moving average of $17.60 and a two-hundred day simple moving average of $16.87.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. The business had revenue of $2.86 billion for the quarter, compared to analysts' expectations of $2.84 billion. Huntington Bancshares had a return on equity of 11.19% and a net margin of 16.64%.During the same period in the prior year, the firm earned $0.34 EPS. Huntington Bancshares has set its FY 2026 guidance at 1.900-1.930 EPS. Analysts predict that Huntington Bancshares Incorporated will post 1.61 EPS for the current year.

Huntington Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 17th will be given a dividend of $0.155 per share. The ex-dividend date of this dividend is Thursday, September 17th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.6%. Huntington Bancshares's dividend payout ratio is presently 48.06%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on HBAN shares. Jefferies Financial Group set a $18.00 price target on shares of Huntington Bancshares in a research report on Thursday, July 23rd. Royal Bank Of Canada restated an "outperform" rating and set a $21.00 price target on shares of Huntington Bancshares in a research note on Tuesday, August 18th. Wall Street Zen upgraded shares of Huntington Bancshares from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Weiss Ratings upgraded Huntington Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, July 6th. Finally, Bank of America reaffirmed a "neutral" rating and issued a $18.50 target price (down from $20.00) on shares of Huntington Bancshares in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $20.24.

Insider Activity at Huntington Bancshares

In other news, EVP Marcy C. Hingst sold 10,568 shares of Huntington Bancshares stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $18.00, for a total transaction of $190,224.00. Following the completion of the transaction, the executive vice president directly owned 267,859 shares of the company's stock, valued at $4,821,462. The trade was a 3.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kendall A. Kowalski sold 27,971 shares of Huntington Bancshares stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $17.20, for a total value of $481,101.20. Following the completion of the transaction, the insider owned 70,025 shares of the company's stock, valued at approximately $1,204,430. This represents a 28.54% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders purchased 22,000 shares of company stock valued at $401,219 and sold 262,061 shares valued at $4,549,432. 0.67% of the stock is currently owned by insiders.

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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