Exchange Traded Concepts LLC Reduces Stock Position in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Exchange Traded Concepts LLC cut its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 97.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,527 shares of the bank's stock after selling 273,182 shares during the period. Exchange Traded Concepts LLC's holdings in Huntington Bancshares were worth $113,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. National Bank of Canada FI lifted its stake in Huntington Bancshares by 220.9% during the fourth quarter. National Bank of Canada FI now owns 3,666,949 shares of the bank's stock worth $59,661,000 after purchasing an additional 2,524,077 shares in the last quarter. Pictet Asset Management Holding SA lifted its stake in Huntington Bancshares by 17.9% during the fourth quarter. Pictet Asset Management Holding SA now owns 850,139 shares of the bank's stock worth $13,832,000 after purchasing an additional 129,106 shares in the last quarter. Fisher Asset Management LLC acquired a new position in Huntington Bancshares during the fourth quarter worth $189,000. IFP Advisors Inc lifted its stake in Huntington Bancshares by 120.6% during the fourth quarter. IFP Advisors Inc now owns 4,503 shares of the bank's stock worth $73,000 after purchasing an additional 2,462 shares in the last quarter. Finally, Global Retirement Partners LLC lifted its stake in Huntington Bancshares by 14.6% during the fourth quarter. Global Retirement Partners LLC now owns 11,069 shares of the bank's stock worth $180,000 after purchasing an additional 1,407 shares in the last quarter. 80.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Raymond James Financial reissued a "strong-buy" rating and issued a $18.00 target price (down previously from $20.00) on shares of Huntington Bancshares in a report on Monday, April 21st. Deutsche Bank Aktiengesellschaft raised Huntington Bancshares from a "hold" rating to a "buy" rating and set a $17.50 target price on the stock in a report on Thursday, April 24th. Truist Financial increased their target price on Huntington Bancshares from $18.00 to $19.00 and gave the company a "buy" rating in a report on Friday, June 13th. Argus set a $17.00 price objective on Huntington Bancshares in a report on Friday, April 25th. Finally, Royal Bank Of Canada dropped their price objective on Huntington Bancshares from $20.00 to $18.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.08.

Insider Activity at Huntington Bancshares

In related news, EVP Marcy C. Hingst sold 13,700 shares of Huntington Bancshares stock in a transaction 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 now owns 337,879 shares in the company, valued at approximately $5,335,109.41. The trade was a 3.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kendall A. Kowalski sold 3,434 shares of the business's stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $14.50, for a total transaction of $49,793.00. Following the completion of the transaction, the insider now owns 66,847 shares in the company, valued at $969,281.50. This represents a 4.89% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 215,096 shares of company stock worth $3,060,286. 0.89% of the stock is currently owned by corporate insiders.

Huntington Bancshares Trading Up 1.2%

Shares of HBAN opened at $16.26 on Wednesday. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.90 and a quick ratio of 0.89. The firm has a 50 day simple moving average of $15.33 and a 200-day simple moving average of $15.67. Huntington Bancshares Incorporated has a 1-year low of $11.92 and a 1-year high of $18.45. The stock has a market cap of $23.75 billion, a price-to-earnings ratio of 12.41, a price-to-earnings-growth ratio of 1.23 and a beta of 0.92.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last released its earnings results on Thursday, April 17th. The bank reported $0.34 EPS for the quarter, topping the consensus estimate of $0.31 by $0.03. The firm had revenue of $1.94 billion during the quarter, compared to analysts' expectations of $1.89 billion. Huntington Bancshares had a net margin of 16.94% and a return on equity of 11.44%. During the same period in the previous year, the company earned $0.27 EPS. Equities analysts forecast that Huntington Bancshares Incorporated will post 1.39 EPS for the current fiscal year.

Huntington Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th will be paid a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, June 17th. This represents a $0.62 annualized dividend and a dividend yield of 3.81%. Huntington Bancshares's dividend payout ratio is presently 47.33%.

Huntington Bancshares announced that its board has authorized a stock buyback program on Thursday, April 17th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the bank to reacquire up to 5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

About Huntington Bancshares

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.

Want to see what other hedge funds are holding HBAN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.