CIBC Asset Management Inc Has $9.25 Million Position in Huntington Bancshares Incorporated $HBAN

Key Points

• CIBC Asset Management boosted its stake in Huntington Bancshares by 24.5% in the fourth quarter, ending with 533,005 shares valued at about $9.25 million.
• Huntington Bancshares reported better-than-expected quarterly results, with EPS of $0.37 versus the $0.16 consensus estimate and revenue of $2.59 billion, slightly above forecasts.
• The company also announced a quarterly dividend of $0.155 per share payable July 1, while analysts currently maintain a consensus rating of Moderate Buy with a target price around $20.05.

CIBC Asset Management Inc increased its position in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 24.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 533,005 shares of the bank's stock after buying an additional 104,965 shares during the period. CIBC Asset Management Inc's holdings in Huntington Bancshares were worth $9,248,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in HBAN. Palisade Asset Management LLC bought a new position in Huntington Bancshares in the third quarter worth $26,000. South Plains Financial Inc. lifted its position in Huntington Bancshares by 116.3% in the third quarter. South Plains Financial Inc. now owns 1,536 shares of the bank's stock worth $27,000 after purchasing an additional 826 shares during the period. Accredited Wealth Management LLC lifted its position in Huntington Bancshares by 374.5% in the third quarter. Accredited Wealth Management LLC now owns 1,675 shares of the bank's stock worth $29,000 after purchasing an additional 1,322 shares during the period. AlphaCore Capital LLC bought a new position in Huntington Bancshares in the third quarter worth $33,000. Finally, Quest 10 Wealth Builders Inc. lifted its position in Huntington Bancshares by 403.1% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 2,611 shares of the bank's stock worth $45,000 after purchasing an additional 2,092 shares during the period. Institutional investors and hedge funds own 80.72% of the company's stock.

Analyst Upgrades and Downgrades

HBAN has been the subject of several research reports. Jefferies Financial Group raised their target price on Huntington Bancshares from $19.00 to $20.00 and gave the stock a "buy" rating in a research report on Friday, April 24th. Wolfe Research reduced their target price on Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating for the company in a research report on Wednesday, April 1st. Piper Sandler raised Huntington Bancshares from a "strong sell" rating to a "hold" rating and set a $18.00 target price for the company in a research report on Thursday, April 23rd. Morgan Stanley reduced their target price on Huntington Bancshares from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Friday, April 24th. Finally, Barclays cut Huntington Bancshares from a "hold" rating to a "strong sell" rating in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Huntington Bancshares currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.05.

Huntington Bancshares Price Performance

Huntington Bancshares stock opened at $16.52 on Friday. The firm has a market capitalization of $33.49 billion, a P/E ratio of 12.71, a PEG ratio of 0.75 and a beta of 0.94. Huntington Bancshares Incorporated has a 1 year low of $14.89 and a 1 year high of $19.45. The business has a 50-day moving average of $16.14 and a 200-day moving average of $16.78. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.73.

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, 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 business had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.57 billion. During the same period in the previous year, the firm earned $0.34 EPS. On average, equities analysts anticipate that Huntington Bancshares Incorporated will post 1.61 EPS for the current year.

Huntington Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Wednesday, June 17th will be given a $0.155 dividend. The ex-dividend date is Wednesday, June 17th. This represents a $0.62 annualized dividend and a dividend yield of 3.8%. Huntington Bancshares's payout ratio is currently 47.69%.

Insider Activity at Huntington Bancshares

In other Huntington Bancshares news, Director James D. Rollins III acquired 11,127 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The stock was acquired at an average cost of $16.50 per share, for a total transaction of $183,595.50. Following the transaction, the director owned 11,127 shares of the company's stock, valued at $183,595.50. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Prashant Nateri sold 10,171 shares of the business's stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $15.50, for a total value of $157,650.50. Following the completion of the sale, the insider owned 83,819 shares in the company, valued at $1,299,194.50. The trade was a 10.82% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders acquired 34,627 shares of company stock worth $646,157. 0.67% of the stock is owned by company insiders.

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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