California State Teachers Retirement System decreased its holdings in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 2.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,058,789 shares of the bank's stock after selling 45,862 shares during the quarter. California State Teachers Retirement System owned 0.14% of Huntington Bancshares worth $33,496,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in HBAN. Blue Trust Inc. raised its holdings in shares of Huntington Bancshares by 4.4% in the 4th quarter. Blue Trust Inc. now owns 21,887 shares of the bank's stock worth $356,000 after purchasing an additional 913 shares during the period. Pacer Advisors Inc. grew its stake in Huntington Bancshares by 48.1% in the 4th quarter. Pacer Advisors Inc. now owns 160,578 shares of the bank's stock valued at $2,613,000 after buying an additional 52,185 shares in the last quarter. Asset Dedication LLC grew its stake in Huntington Bancshares by 70.0% in the 4th quarter. Asset Dedication LLC now owns 3,061 shares of the bank's stock valued at $50,000 after buying an additional 1,260 shares in the last quarter. Smith Group Asset Management LLC purchased a new position in Huntington Bancshares in the 4th quarter valued at approximately $862,000. Finally, Foster Victor Wealth Advisors LLC grew its stake in Huntington Bancshares by 0.6% in the 4th quarter. Foster Victor Wealth Advisors LLC now owns 428,014 shares of the bank's stock valued at $7,281,000 after buying an additional 2,758 shares in the last quarter. Institutional investors own 80.72% of the company's stock.
Wall Street Analyst Weigh In
HBAN has been the subject of several research reports. Deutsche Bank Aktiengesellschaft upgraded shares of Huntington Bancshares from a "hold" rating to a "buy" rating and set a $17.50 target price for the company in a research report on Thursday, April 24th. Royal Bank of Canada cut their target price on shares of Huntington Bancshares from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Stephens reiterated an "equal weight" rating and issued a $16.50 target price on shares of Huntington Bancshares in a research report on Monday, April 21st. Raymond James reiterated a "strong-buy" rating and issued a $18.00 target price (down from $20.00) on shares of Huntington Bancshares in a research report on Monday, April 21st. Finally, Morgan Stanley cut their target price on shares of Huntington Bancshares from $22.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $17.83.
Check Out Our Latest Research Report on HBAN
Huntington Bancshares Trading Down 0.5%
Shares of NASDAQ:HBAN traded down $0.08 during midday trading on Friday, hitting $15.64. 25,570,575 shares of the stock traded hands, compared to its average volume of 18,222,387. The stock has a market capitalization of $22.85 billion, a PE ratio of 12.72, a P/E/G ratio of 1.33 and a beta of 0.89. The business's 50 day moving average is $14.60 and its two-hundred day moving average is $15.91. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.92. Huntington Bancshares Incorporated has a one year low of $11.92 and a one year high of $18.45.
Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The bank reported $0.34 EPS for the quarter, beating the consensus estimate of $0.31 by $0.03. Huntington Bancshares had a net margin of 16.23% and a return on equity of 11.23%. The firm had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the prior year, the firm posted $0.27 earnings per share. As a group, research analysts forecast that Huntington Bancshares Incorporated will post 1.39 earnings per share for the current year.
Huntington Bancshares Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th will be paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date is Tuesday, June 17th. Huntington Bancshares's payout ratio is currently 47.33%.
Huntington Bancshares announced that its board has approved a share buyback plan on Thursday, April 17th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the bank to reacquire up to 5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its stock is undervalued.
Insider Buying and Selling
In related news, insider Helga Houston sold 42,345 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $14.72, for a total value of $623,318.40. Following the completion of the transaction, the insider now directly owns 592,119 shares of the company's stock, valued at $8,715,991.68. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Zachary Jacob Wasserman sold 59,060 shares of the stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $14.36, for a total transaction of $848,101.60. Following the completion of the transaction, the chief financial officer now directly owns 277,348 shares of the company's stock, valued at approximately $3,982,717.28. The trade was a 17.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 312,456 shares of company stock valued at $4,464,105 over the last three months. Corporate insiders own 0.89% of the company's stock.
About Huntington Bancshares
(
Free Report)
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.
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