Delta Global Management LP Sells 1,144,843 Shares of Huntington Bancshares Incorporated $HBAN

Key Points

• Delta Global Management LP cut its Huntington Bancshares stake by 41.7% in the fourth quarter, selling 1,144,843 shares and leaving it with 1,600,176 shares worth about $27.8 million.
• Analyst sentiment remains moderately bullish, with a consensus rating of “Moderate Buy” and an average price target of $20.05, though several firms recently trimmed their targets slightly.
• Huntington Bancshares reported better-than-expected quarterly results and continues to pay a dividend: $0.155 per share quarterly, equal to a 3.6% annualized yield.

Delta Global Management LP lowered its stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 41.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,600,176 shares of the bank's stock after selling 1,144,843 shares during the quarter. Huntington Bancshares makes up approximately 1.3% of Delta Global Management LP's portfolio, making the stock its 14th largest holding. Delta Global Management LP owned about 0.10% of Huntington Bancshares worth $27,763,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Palisade Asset Management LLC purchased a new stake in shares of Huntington Bancshares in the third quarter worth about $26,000. South Plains Financial Inc. raised its stake in Huntington Bancshares by 116.3% in the third quarter. South Plains Financial Inc. now owns 1,536 shares of the bank's stock valued at $27,000 after purchasing an additional 826 shares in the last quarter. Accredited Wealth Management LLC raised its stake in Huntington Bancshares by 374.5% in the third quarter. Accredited Wealth Management LLC now owns 1,675 shares of the bank's stock valued at $29,000 after purchasing an additional 1,322 shares in the last quarter. AlphaCore Capital LLC purchased a new stake in Huntington Bancshares in the third quarter valued at approximately $33,000. Finally, Quest 10 Wealth Builders Inc. raised its stake 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 valued at $45,000 after purchasing an additional 2,092 shares in the last quarter. Institutional investors own 80.72% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Wall Street Zen raised shares of Huntington Bancshares from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. DA Davidson decreased their price target on shares of Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, March 16th. The Goldman Sachs Group decreased their price target on shares of Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, April 6th. Piper Sandler raised shares of Huntington Bancshares from a "strong sell" rating to a "hold" rating and set a $18.00 price target on the stock in a research note on Thursday, April 23rd. Finally, Wolfe Research decreased their price target on shares of Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Huntington Bancshares presently has a consensus rating of "Moderate Buy" and an average price target of $20.05.

Insider Activity

In related news, Director James D. Rollins III acquired 4,798 shares of the business's stock in a transaction that occurred on Thursday, June 4th. The stock was bought at an average cost of $20.30 per share, for a total transaction of $97,399.40. Following the purchase, the director owned 10,000 shares in the company, valued at $203,000. The trade was a 92.23% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders bought 33,500 shares of company stock worth $617,542. Insiders own 0.67% of the company's stock.

Huntington Bancshares Stock Performance

Shares of Huntington Bancshares stock opened at $17.21 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $34.89 billion, a P/E ratio of 13.24, a P/E/G ratio of 0.80 and a beta of 0.94. The business has a fifty day simple moving average of $16.32 and a two-hundred day simple moving average of $16.85. Huntington Bancshares Incorporated has a 12 month low of $14.89 and a 12 month high of $19.45.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $0.37 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.57 billion. During the same quarter in the previous year, the firm earned $0.34 EPS. On average, equities analysts forecast that Huntington Bancshares Incorporated will post 1.61 earnings per share for the current fiscal year.

Huntington Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Wednesday, June 17th will be paid a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Wednesday, June 17th. Huntington Bancshares's payout ratio is currently 47.69%.

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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