Bank of Nova Scotia Sells 1,788,637 Shares of Huntington Bancshares Incorporated (NASDAQ:HBAN)

Bank of Nova Scotia lowered its holdings in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 92.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 151,736 shares of the bank's stock after selling 1,788,637 shares during the quarter. Bank of Nova Scotia's holdings in Huntington Bancshares were worth $2,278,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC grew its holdings in shares of Huntington Bancshares by 36.9% during the fourth quarter. FMR LLC now owns 32,479,039 shares of the bank's stock valued at $528,434,000 after buying an additional 8,759,871 shares during the last quarter. Victory Capital Management Inc. lifted its position in Huntington Bancshares by 9.2% in the 1st 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 in the last quarter. Federated Hermes Inc. boosted its stake in Huntington Bancshares by 2.5% during the 1st quarter. Federated Hermes Inc. now owns 20,103,485 shares of the bank's stock valued at $301,753,000 after purchasing an additional 498,182 shares during the last quarter. Northern Trust Corp boosted its stake in Huntington Bancshares by 18.4% during the 4th quarter. Northern Trust Corp now owns 14,422,723 shares of the bank's stock valued at $234,658,000 after purchasing an additional 2,241,926 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Huntington Bancshares by 9.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,679,600 shares of the bank's stock worth $222,567,000 after purchasing an additional 1,188,542 shares in the last quarter. Institutional investors own 80.72% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Cowen assumed coverage on Huntington Bancshares in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Truist Financial increased their price target on Huntington Bancshares from $18.00 to $19.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Deutsche Bank Aktiengesellschaft raised shares of Huntington Bancshares from a "hold" rating to a "buy" rating and set a $17.50 price objective on the stock in a report on Thursday, April 24th. Keefe, Bruyette & Woods lowered their target price on shares of Huntington Bancshares from $18.00 to $17.00 and set a "market perform" rating for the company in a report on Monday, April 21st. Finally, Stephens restated an "equal weight" rating and set a $16.50 price target on shares of Huntington Bancshares in a report on Monday, April 21st. Two analysts have rated the stock with a sell rating, three have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Huntington Bancshares has an average rating of "Moderate Buy" and a consensus price target of $18.68.

Insider Buying and Selling at Huntington Bancshares

In related news, EVP Marcy C. Hingst sold 13,700 shares of the company's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $15.79, for a total transaction of $216,323.00. Following the sale, the executive vice president directly owned 337,879 shares in the company, valued at approximately $5,335,109.41. This represents a 3.90% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.89% of the stock is owned by insiders.

Huntington Bancshares Stock Performance

Shares of HBAN stock traded down $0.17 on Thursday, hitting $15.87. 23,780,706 shares of the stock were exchanged, compared to its average volume of 40,363,192. The firm's 50 day moving average is $16.47 and its two-hundred day moving average is $15.72. Huntington Bancshares Incorporated has a one year low of $11.91 and a one year high of $18.44. The firm has a market capitalization of $23.15 billion, a PE ratio of 11.76, a P/E/G ratio of 0.82 and a beta of 0.93. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 17th will be paid a $0.155 dividend. The ex-dividend date is Wednesday, September 17th. This represents a $0.62 annualized dividend and a dividend yield of 3.9%. Huntington Bancshares's dividend payout ratio (DPR) is presently 45.93%.

Huntington Bancshares declared that its board has approved a share buyback program on Thursday, April 17th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the bank to repurchase up to 5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Huntington Bancshares Profile

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.