Convergence Investment Partners LLC Takes $828,000 Position in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Convergence Investment Partners LLC purchased a new stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 55,168 shares of the bank's stock, valued at approximately $828,000.

A number of other institutional investors also recently modified their holdings of the company. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Huntington Bancshares in the first quarter worth $29,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of Huntington Bancshares in the first quarter worth $31,000. Golden State Wealth Management LLC grew its stake in shares of Huntington Bancshares by 516.3% in the first quarter. Golden State Wealth Management LLC now owns 2,231 shares of the bank's stock worth $33,000 after acquiring an additional 1,869 shares during the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Huntington Bancshares in the first quarter worth $39,000. Finally, TruNorth Capital Management LLC acquired a new stake in shares of Huntington Bancshares in the first quarter worth $40,000. Institutional investors own 80.72% of the company's stock.

Insider Activity

In other news, insider Helga Houston sold 42,345 shares of the company's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $14.72, for a total value of $623,318.40. Following the completion of the sale, the insider directly owned 592,119 shares of the company's stock, valued at $8,715,991.68. This represents a 6.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Zachary Jacob Wasserman sold 59,060 shares of the company's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $14.36, for a total value of $848,101.60. Following the completion of the sale, the chief financial officer directly owned 277,348 shares of the company's stock, valued at approximately $3,982,717.28. This trade represents a 17.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,105 shares of company stock valued at $1,687,743 in the last ninety days. 0.89% of the stock is owned by insiders.

Huntington Bancshares Trading Up 1.2%

NASDAQ:HBAN traded up $0.20 on Friday, hitting $16.84. 47,060,112 shares of the stock were exchanged, compared to its average volume of 36,499,588. The stock has a market capitalization of $24.60 billion, a price-to-earnings ratio of 12.47, a P/E/G ratio of 0.88 and a beta of 0.93. Huntington Bancshares Incorporated has a 52 week low of $11.91 and a 52 week high of $18.44. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.89 and a current ratio of 0.89. The company's 50-day moving average price is $16.34 and its 200 day moving average price is $15.73.

Huntington Bancshares declared that its board has authorized a share repurchase program on Thursday, April 17th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the bank to buy up to 5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Huntington Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 17th will be paid a $0.155 dividend. The ex-dividend date is Wednesday, September 17th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.68%. Huntington Bancshares's dividend payout ratio (DPR) is presently 45.93%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on HBAN shares. Truist Financial lifted their price target on shares of Huntington Bancshares from $18.00 to $19.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. Argus set a $17.00 price target on shares of Huntington Bancshares in a research note on Friday, April 25th. TD Cowen started coverage on shares of Huntington Bancshares in a research note on Thursday, May 15th. They set a "buy" rating and a $20.00 price target on the stock. Stephens reiterated an "equal weight" rating and set a $16.50 price target on shares of Huntington Bancshares in a research note on Monday, April 21st. Finally, DA Davidson lifted their price target on shares of Huntington Bancshares from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Huntington Bancshares currently has an average rating of "Moderate Buy" and a consensus price target of $18.68.

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.