Calamos Advisors LLC Decreases Stock Holdings in Huntington Bancshares Incorporated $HBAN

Key Points

• Calamos Advisors LLC cut its stake in Huntington Bancshares by 56.1% in the first quarter, selling 516,500 shares and ending with 404,397 shares valued at about $6.33 million.
• Several insiders sold shares recently, including Director James D. Rollins III, who sold 223,522 shares, and EVP Marcy C. Hingst, who sold 10,568 shares under a Rule 10b5-1 plan.
• Huntington Bancshares reported strong quarterly results, with EPS of $0.37 versus the $0.16 estimate, and continues to pay a 3.5% dividend yield; analysts currently rate the stock Moderate Buy with a $20.25 average target price.

Calamos Advisors LLC lowered its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 56.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 404,397 shares of the bank's stock after selling 516,500 shares during the quarter. Calamos Advisors LLC's holdings in Huntington Bancshares were worth $6,329,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MV Capital Management Inc. acquired a new position in Huntington Bancshares during the fourth quarter worth $25,000. Palisade Asset Management LLC purchased a new position in Huntington Bancshares in the 3rd quarter valued at about $26,000. Centennial Bank AR acquired a new stake in Huntington Bancshares in the 4th quarter worth about $28,000. DV Equities LLC purchased a new stake in Huntington Bancshares during the 4th quarter worth approximately $38,000. Finally, Quest 10 Wealth Builders Inc. increased its stake in Huntington Bancshares by 403.1% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 2,611 shares of the bank's stock worth $45,000 after buying an additional 2,092 shares in the last quarter. Hedge funds and other institutional investors own 80.72% of the company's stock.

Insider Buying and Selling

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

Huntington Bancshares Stock Performance

NASDAQ HBAN opened at $17.85 on Wednesday. The stock's fifty day moving average is $16.78 and its two-hundred day moving average is $16.90. The firm has a market capitalization of $36.18 billion, a P/E ratio of 13.73, a price-to-earnings-growth ratio of 0.81 and a beta of 0.93. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.92 and a current ratio of 0.93. Huntington Bancshares Incorporated has a fifty-two week low of $14.89 and a fifty-two week high of $19.45.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last issued its earnings results on Thursday, April 23rd. The bank reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.21. Huntington Bancshares had a return on equity of 11.42% and a net margin of 16.63%.The company had revenue of $2.59 billion during the quarter, compared to analysts' expectations of $2.57 billion. During the same period in the prior year, the business earned $0.34 EPS. On average, research analysts anticipate that Huntington Bancshares Incorporated will post 1.62 earnings per share for the current 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 given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Wednesday, June 17th. Huntington Bancshares's payout ratio is presently 47.69%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on HBAN. Wolfe Research decreased their target price on Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 1st. JPMorgan Chase & Co. increased their price objective on Huntington Bancshares from $18.50 to $19.50 and gave the company an "overweight" rating in a research note on Monday, July 6th. UBS Group raised their price objective on Huntington Bancshares from $21.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Evercore reaffirmed an "outperform" rating and set a $21.00 target price on shares of Huntington Bancshares in a research note on Monday, July 6th. Finally, Royal Bank Of Canada increased their target price on shares of Huntington Bancshares from $20.00 to $21.00 and gave the company an "outperform" rating in a research report on Wednesday, July 1st. One research 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 given a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $20.25.

About Huntington Bancshares

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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