Huntington Bancshares Incorporated (NASDAQ:HBAN) Shares Acquired by Empire Life Investments Inc.

Key Points

• Empire Life Investments Inc. increased its stake in Huntington Bancshares by 306.9%, acquiring an additional 447,750 shares, bringing its total ownership to 593,637 shares valued at approximately $8.91 million.
• Several institutional investors have modified their holdings in Huntington Bancshares, with notable increases from Invesco Ltd., FMR LLC, and Victory Capital Management Inc., collectively indicating a strong interest in the stock.
• Huntington Bancshares has recently declared a quarterly dividend of $0.155, reflecting a dividend yield of 3.9%, alongside the authorization of a share repurchase program of up to $1 billion, suggesting confidence in the stock's valuation.

Empire Life Investments Inc. lifted its position in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 306.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 593,637 shares of the bank's stock after purchasing an additional 447,750 shares during the period. Empire Life Investments Inc.'s holdings in Huntington Bancshares were worth $8,910,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in HBAN. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Huntington Bancshares in the first quarter valued at about $29,000. LFA Lugano Financial Advisors SA acquired a new position in shares of Huntington Bancshares in the 1st quarter worth approximately $31,000. Golden State Wealth Management LLC boosted its position in shares of Huntington Bancshares by 516.3% during the first quarter. Golden State Wealth Management LLC now owns 2,231 shares of the bank's stock worth $33,000 after buying an additional 1,869 shares during the period. Wayfinding Financial LLC acquired a new position in Huntington Bancshares in the 1st quarter valued at about $39,000. Finally, TruNorth Capital Management LLC acquired a new stake in shares of Huntington Bancshares during the first quarter worth about $40,000. 80.72% of the stock is currently owned by institutional investors and hedge funds.

Huntington Bancshares Stock Performance

HBAN traded down $0.17 on Thursday, reaching $15.87. The company had a trading volume of 23,780,706 shares, compared to its average volume of 25,774,385. Huntington Bancshares Incorporated has a 1 year low of $11.91 and a 1 year high of $18.44. The stock has a market capitalization of $23.15 billion, a PE ratio of 11.76, a P/E/G ratio of 0.83 and a beta of 0.93. 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 stock has a 50-day moving average price of $16.47 and a 200-day moving average price of $15.73.

Huntington Bancshares Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Wednesday, September 17th. This represents a $0.62 dividend on an annualized basis and a yield of 3.9%. Huntington Bancshares's payout ratio is 45.93%.

Huntington Bancshares declared that its Board of Directors has initiated a share repurchase program on Thursday, April 17th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the bank to purchase up to 5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

HBAN has been the topic of several research reports. Truist Financial increased their price target on shares of Huntington Bancshares from $18.00 to $19.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Raymond James Financial reissued a "strong-buy" rating and set a $21.00 price target (up previously from $18.00) on shares of Huntington Bancshares in a research report on Tuesday, July 8th. Stephens reissued an "equal weight" rating and set a $16.50 price target on shares of Huntington Bancshares in a research report on Monday, April 21st. DA Davidson increased their price target on shares of Huntington Bancshares from $18.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. Finally, Wall Street Zen cut shares of Huntington Bancshares from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. 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 MarketBeat, Huntington Bancshares has an average rating of "Moderate Buy" and an average target price of $18.68.

Insiders Place Their Bets

In other news, EVP Marcy C. Hingst sold 13,700 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $15.79, for a total transaction of $216,323.00. Following the transaction, the executive vice president directly 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 legal filing with the SEC, which is accessible through this link. 0.89% of the stock is currently owned by company insiders.

Huntington Bancshares Company 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.