Beese Fulmer Investment Management Inc. Increases Stock Holdings in Huntington Bancshares Incorporated $HBAN

Key Points

• Beese Fulmer Investment Management more than doubled its stake in Huntington Bancshares during the fourth quarter, increasing holdings by 101.9% to 558,017 shares worth about $9.68 million.
• Analyst sentiment is mixed but still leans positive overall: the stock has a Moderate Buy consensus rating with a $20.05 average price target, even as some firms cut ratings or targets.
• Huntington Bancshares reported better-than-expected quarterly results, with EPS of $0.37 beating estimates, and it also announced a quarterly dividend of $0.155 per share, implying a 4.0% annualized yield.

Beese Fulmer Investment Management Inc. raised its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 101.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 558,017 shares of the bank's stock after purchasing an additional 281,590 shares during the quarter. Beese Fulmer Investment Management Inc.'s holdings in Huntington Bancshares were worth $9,682,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Palisade Asset Management LLC purchased a new position in shares of Huntington Bancshares in the 3rd quarter valued at approximately $26,000. South Plains Financial Inc. grew its stake in shares of Huntington Bancshares by 116.3% in the 3rd quarter. South Plains Financial Inc. now owns 1,536 shares of the bank's stock valued at $27,000 after purchasing an additional 826 shares during the last quarter. Accredited Wealth Management LLC grew its stake in shares of Huntington Bancshares by 374.5% in 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 during the last quarter. Grey Fox Wealth Advisors LLC purchased a new position in shares of Huntington Bancshares in the 3rd quarter valued at approximately $31,000. Finally, AlphaCore Capital LLC purchased a new position in shares of Huntington Bancshares in the 3rd quarter valued at approximately $33,000. 80.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Raymond James Financial lifted their target price on Huntington Bancshares from $20.00 to $21.00 and gave the company a "strong-buy" rating in a research note on Friday, January 23rd. Piper Sandler raised 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. Barclays cut Huntington Bancshares from a "hold" rating to a "strong sell" rating in a report on Monday, April 20th. Wall Street Zen raised Huntington Bancshares from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Finally, Wolfe Research reduced their price target on Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating for the company in a report on Wednesday, April 1st. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.05.

Insider Transactions at Huntington Bancshares

In related news, insider Prashant Nateri sold 10,171 shares of Huntington Bancshares stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $15.50, for a total transaction of $157,650.50. Following the completion of the transaction, the insider directly owned 83,819 shares of the company's stock, valued at approximately $1,299,194.50. The trade was a 10.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Scott D. Kleinman sold 65,530 shares of Huntington Bancshares stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $15.28, for a total value of $1,001,298.40. Following the transaction, the vice president directly owned 481,676 shares of the company's stock, valued at approximately $7,360,009.28. This represents a 11.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders bought 39,200 shares of company stock valued at $756,724. Company insiders own 0.67% of the company's stock.

Huntington Bancshares Stock Down 0.6%

HBAN opened at $15.41 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.92. The business has a 50 day simple moving average of $16.01 and a 200-day simple moving average of $16.73. The stock has a market capitalization of $31.24 billion, a P/E ratio of 11.85, a P/E/G ratio of 0.71 and a beta of 0.96. Huntington Bancshares Incorporated has a 12 month low of $14.89 and a 12 month high of $19.45.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.21. The firm had revenue of $2.59 billion during the quarter, compared to analysts' expectations of $2.57 billion. Huntington Bancshares had a return on equity of 11.42% and a net margin of 16.63%.During the same period in the previous year, the firm posted $0.34 earnings per share. On average, equities analysts anticipate that Huntington Bancshares Incorporated will post 1.62 earnings per share for the current fiscal year.

Huntington Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors 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 annualized dividend and a yield of 4.0%. Huntington Bancshares's payout ratio is currently 47.69%.

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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