Charles Schwab Investment Management Inc. Has $419.91 Million Position in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Key Points

• Charles Schwab Investment Management Inc. decreased its stake in Huntington Bancshares by 56.9%, owning approximately $419.91 million in shares at the end of the first quarter.
• The board of Huntington Bancshares has authorized a $1 billion share buyback program, allowing for repurchase of up to 5% of its outstanding shares.
• The company announced a quarterly dividend of $0.155 per share, resulting in an annualized dividend yield of 3.9% for investors of record.

Charles Schwab Investment Management Inc. cut its holdings in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 56.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,987,808 shares of the bank's stock after selling 36,938,611 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.92% of Huntington Bancshares worth $419,906,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. ASR Vermogensbeheer N.V. acquired a new stake in Huntington Bancshares during the 1st quarter worth about $4,557,000. Greykasell Wealth Strategies Inc. acquired a new position in shares of Huntington Bancshares in the 1st quarter valued at about $66,000. Vanguard Group Inc. increased its holdings in shares of Huntington Bancshares by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 173,956,974 shares of the bank's stock valued at $2,611,094,000 after purchasing an additional 978,565 shares during the period. West Michigan Advisors LLC increased its holdings in shares of Huntington Bancshares by 1.3% in the 1st quarter. West Michigan Advisors LLC now owns 356,346 shares of the bank's stock valued at $5,404,000 after purchasing an additional 4,502 shares during the period. Finally, Maxi Investments CY Ltd acquired a new position in shares of Huntington Bancshares in the 1st quarter valued at about $2,124,000. 80.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on HBAN shares. Raymond James Financial reissued a "strong-buy" rating and issued a $21.00 price target (up previously from $18.00) on shares of Huntington Bancshares in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft raised 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. Cowen assumed coverage on Huntington Bancshares in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Wall Street Zen cut Huntington Bancshares from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. Finally, Stephens reissued an "equal weight" rating and issued a $16.50 price objective on shares of Huntington Bancshares in a research report on Monday, April 21st. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $18.68.

Huntington Bancshares Trading Up 1.4%

HBAN stock traded up $0.22 during midday trading on Friday, reaching $16.09. The stock had a trading volume of 18,516,165 shares, compared to its average volume of 40,641,256. The business has a fifty day simple moving average of $16.48 and a two-hundred day simple moving average of $15.71. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.92. The firm has a market cap of $23.47 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 0.82 and a beta of 0.93. Huntington Bancshares Incorporated has a twelve month low of $11.91 and a twelve month high of $18.44.

Huntington Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Wednesday, September 17th will be given a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Wednesday, September 17th. Huntington Bancshares's dividend payout ratio (DPR) is presently 45.93%.

Huntington Bancshares announced that its board has approved a stock buyback plan on Thursday, April 17th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the bank to buy up to 5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

In other Huntington Bancshares news, EVP Marcy C. Hingst sold 13,700 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $15.79, for a total transaction of $216,323.00. Following the transaction, the executive vice president owned 337,879 shares in the company, valued at approximately $5,335,109.41. This trade represents a 3.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.89% of the stock is currently owned by insiders.

Huntington Bancshares Profile

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.