CenterBook Partners LP Acquires New Stake in Huntington Bancshares Incorporated $HBAN

Key Points

• CenterBook Partners opened a position in Huntington Bancshares, buying 105,771 shares valued at about $1.61 million. Institutional investors collectively own 80.72% of the stock.
• Analysts maintain a consensus “Moderate Buy” rating and an average price target of $18.89, though several recently reduced their targets or downgraded their ratings.
• Huntington matched quarterly EPS estimates at $0.38, while revenue of $2.79 billion fell short of consensus. It declared a quarterly dividend of $0.155 per share, equivalent to a 3.9% annualized yield.

CenterBook Partners LP acquired a new position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 105,771 shares of the bank's stock, valued at approximately $1,614,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Henrickson Nauta Wealth Advisors Inc. lifted its holdings in shares of Huntington Bancshares by 6.1% during the second quarter. Henrickson Nauta Wealth Advisors Inc. now owns 10,613 shares of the bank's stock worth $190,000 after purchasing an additional 608 shares during the period. Vestor Capital LLC increased its stake in Huntington Bancshares by 13.0% in the 1st quarter. Vestor Capital LLC now owns 5,636 shares of the bank's stock valued at $88,000 after buying an additional 648 shares during the period. Rehmann Capital Advisory Group increased its stake in Huntington Bancshares by 5.9% in the 2nd quarter. Rehmann Capital Advisory Group now owns 12,151 shares of the bank's stock valued at $215,000 after buying an additional 679 shares during the period. Johnson Financial Group Inc. increased its stake in Huntington Bancshares by 48.8% in the 1st quarter. Johnson Financial Group Inc. now owns 2,157 shares of the bank's stock valued at $34,000 after buying an additional 707 shares during the period. Finally, Versant Capital Management Inc raised its position in Huntington Bancshares by 10.1% during the 3rd quarter. Versant Capital Management Inc now owns 7,693 shares of the bank's stock worth $117,000 after buying an additional 708 shares during the last quarter. 80.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on HBAN shares. Weiss Ratings cut shares of Huntington Bancshares from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, October 27th. Citigroup lowered their target price on shares of Huntington Bancshares from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Monday, October 26th. Truist Financial dropped their price target on shares of Huntington Bancshares from $19.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, October 28th. Wolfe Research cut shares of Huntington Bancshares from an "outperform" rating to a "peer perform" rating in a report on Tuesday, October 27th. Finally, Stephens reduced their price objective on shares of Huntington Bancshares from $19.00 to $18.00 in a research report on Tuesday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Huntington Bancshares currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.89.

Huntington Bancshares Trading Up 2.9%

Shares of HBAN stock opened at $15.92 on Tuesday. The business's fifty day moving average price is $15.82 and its 200 day moving average price is $16.64. Huntington Bancshares Incorporated has a 1-year low of $14.82 and a 1-year high of $19.45. The firm has a market capitalization of $32.17 billion, a PE ratio of 13.16, a P/E/G ratio of 1.03 and a beta of 0.97. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.91 and a quick ratio of 0.91.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last released its earnings results on Thursday, October 22nd. The bank reported $0.38 EPS for the quarter, meeting analysts' consensus estimates of $0.38. The company had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.82 billion. Huntington Bancshares had a return on equity of 10.93% and a net margin of 16.28%. During the same quarter last year, the company earned $0.41 earnings per share. As a group, sell-side analysts forecast that Huntington Bancshares Incorporated will post 1.54 EPS for the current fiscal year.

Huntington Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Friday, December 18th will be issued a $0.1550 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Friday, December 18th. Huntington Bancshares's dividend payout ratio (DPR) is currently 51.24%.

Insider Activity

In related news, SVP Donnell White sold 3,000 shares of the firm's stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $15.87, for a total value of $47,610.00. Following the completion of the sale, the senior vice president owned 23,697 shares in the company, valued at $376,071.39. This trade represents a 11.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gary Torgow acquired 12,700 shares of the firm's stock in a transaction that occurred on Tuesday, October 27th. The shares were bought at an average cost of $15.73 per share, for a total transaction of $199,771.00. Following the acquisition, the director owned 956,041 shares of the company's stock, valued at $15,038,524.93. This represents a 1.35% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 0.67% of the company's stock.

About Huntington Bancshares

Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio. Its principal subsidiary, The Huntington National Bank, provides consumer and commercial banking services to individuals, businesses, and institutions. The company traces its roots to 1866, when P.W. Huntington & Company opened in Columbus.

Huntington's offerings include checking and savings accounts, credit cards, mortgages, auto loans, business lending, treasury management, wealth management, and investment services.

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