Beam Wealth Advisors Inc. Acquires New Stake in Huntington Bancshares Incorporated $HBAN

Key Points

• Beam Wealth Advisors disclosed a new first-quarter stake in Huntington Bancshares, buying 204,976 shares worth about $3.24 million.
• Huntington Bancshares reported strong quarterly results, posting $0.37 EPS versus $0.16 expected and revenue of $2.59 billion, while analysts now see full-year EPS of 1.62.
• The bank also maintained a quarterly dividend of $0.155 per share, implying an annualized yield of about 3.6%; meanwhile, Wall Street’s consensus rating is Moderate Buy with an average price target of $20.25.

Beam Wealth Advisors Inc. acquired a new stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 204,976 shares of the bank's stock, valued at approximately $3,240,000.

A number of other large investors have also bought and sold shares of HBAN. Empowered Funds LLC increased its holdings in Huntington Bancshares by 5.0% in the 1st quarter. Empowered Funds LLC now owns 28,888 shares of the bank's stock worth $434,000 after acquiring an additional 1,366 shares during the last quarter. Woodline Partners LP lifted its holdings in Huntington Bancshares by 40.8% during the first quarter. Woodline Partners LP now owns 122,821 shares of the bank's stock valued at $1,844,000 after purchasing an additional 35,574 shares during the last quarter. Brown Advisory Inc. lifted its holdings in Huntington Bancshares by 8.3% during the second quarter. Brown Advisory Inc. now owns 39,490 shares of the bank's stock valued at $662,000 after purchasing an additional 3,023 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in Huntington Bancshares by 6.2% during the second quarter. Daiwa Securities Group Inc. now owns 219,185 shares of the bank's stock worth $3,674,000 after purchasing an additional 12,865 shares during the period. Finally, Sei Investments Co. increased its stake in shares of Huntington Bancshares by 6.2% in the second quarter. Sei Investments Co. now owns 707,605 shares of the bank's stock worth $11,859,000 after purchasing an additional 41,156 shares in the last quarter. 80.72% of the stock is owned by hedge funds and other institutional investors.

Huntington Bancshares Price Performance

HBAN stock opened at $17.46 on Thursday. The firm has a 50 day moving average of $16.67 and a 200-day moving average of $16.90. The firm has a market capitalization of $35.39 billion, a P/E ratio of 13.43, a price-to-earnings-growth ratio of 0.82 and a beta of 0.93. Huntington Bancshares Incorporated has a 12 month low of $14.89 and a 12 month high of $19.45. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.73.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last posted its 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 net margin of 16.63% and a return on equity of 11.42%. The business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.57 billion. During the same quarter in the prior year, the firm posted $0.34 EPS. As a group, sell-side analysts predict that Huntington Bancshares Incorporated will post 1.62 earnings per share for the current fiscal year.

Huntington Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th were issued a $0.155 dividend. The ex-dividend date of this dividend was Wednesday, June 17th. This represents a $0.62 annualized dividend and a dividend yield of 3.6%. Huntington Bancshares's dividend payout ratio is presently 47.69%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Stephens started coverage on shares of Huntington Bancshares in a research report on Monday, June 15th. They issued an "equal weight" rating and a $19.00 price target on the stock. The Goldman Sachs Group reduced their price objective on shares of Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating for the company in a research note on Monday, April 6th. Jefferies Financial Group cut shares of Huntington Bancshares from a "buy" rating to a "hold" rating and lowered their target price for the company from $21.00 to $19.00 in a report on Monday. Evercore reaffirmed an "outperform" rating and issued a $21.00 price target on shares of Huntington Bancshares in a report on Monday. Finally, Weiss Ratings upgraded Huntington Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Huntington Bancshares currently has an average rating of "Moderate Buy" and an average price target of $20.25.

Insiders Place Their Bets

In related news, Director James D. Rollins III sold 223,522 shares of Huntington Bancshares stock in a transaction on Friday, June 12th. The stock was sold at an average price of $17.35, for a total transaction of $3,878,106.70. Following the completion of the sale, the director owned 612,155 shares of the company's stock, valued at approximately $10,620,889.25. This trade represents a 26.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Marcy C. Hingst sold 10,568 shares of Huntington Bancshares stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $18.00, for a total value of $190,224.00. Following the sale, the executive vice president directly owned 267,859 shares of the company's stock, valued at $4,821,462. This represents a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders purchased 33,500 shares of company stock worth $617,542 in the last quarter. 0.67% of the stock is currently owned by company insiders.

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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