Fisher Asset Management LLC Decreases Position in Huntington Bancshares Incorporated $HBAN

Key Points

• Fisher Asset Management cut its Huntington Bancshares stake by 5.5% in the fourth quarter, selling 184,581 shares and leaving it with 3.2 million shares valued at about $55.5 million.
• Huntington Bancshares recently beat quarterly earnings expectations, reporting $0.37 EPS versus the $0.16 consensus, while revenue of $2.59 billion also slightly topped estimates.
• The bank announced a quarterly dividend of $0.155 per share, implying an annualized yield of 3.9%, and analysts currently rate the stock a Moderate Buy with an average target price of $20.05.

Fisher Asset Management LLC trimmed its holdings in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 5.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,200,089 shares of the bank's stock after selling 184,581 shares during the quarter. Fisher Asset Management LLC owned about 0.20% of Huntington Bancshares worth $55,522,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of HBAN. Palisade Asset Management LLC purchased a new position in Huntington Bancshares in the 3rd quarter worth approximately $26,000. South Plains Financial Inc. lifted its stake in Huntington Bancshares by 116.3% in the 3rd quarter. South Plains Financial Inc. now owns 1,536 shares of the bank's stock worth $27,000 after purchasing an additional 826 shares in the last quarter. Accredited Wealth Management LLC lifted its stake in Huntington Bancshares by 374.5% in the 3rd 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 in the last quarter. AlphaCore Capital LLC purchased a new position in Huntington Bancshares in the 3rd quarter worth approximately $33,000. Finally, Quest 10 Wealth Builders Inc. increased its holdings in shares of Huntington Bancshares by 403.1% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 2,611 shares of the bank's stock worth $45,000 after buying an additional 2,092 shares during the last quarter. 80.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

HBAN has been the subject of several analyst reports. The Goldman Sachs Group lowered their price objective on Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating for the company in a research report on Monday, April 6th. Wolfe Research dropped their target price on shares of Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating for the company in a report on Wednesday, April 1st. Piper Sandler upgraded shares of Huntington Bancshares from a "strong sell" rating to a "hold" rating and set a $18.00 target price for the company in a report on Thursday, April 23rd. Wall Street Zen upgraded shares of Huntington Bancshares from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Finally, Jefferies Financial Group lifted their target price on shares of Huntington Bancshares from $19.00 to $20.00 and gave the company a "buy" rating in a report on Friday, April 24th. One investment 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's stock. Based on data from MarketBeat, Huntington Bancshares has a consensus rating of "Moderate Buy" and an average target price of $20.05.

Insider Activity at Huntington Bancshares

In related news, Director James D. Rollins III purchased 3,029 shares of Huntington Bancshares stock in a transaction that occurred on Tuesday, April 28th. The stock was purchased at an average cost of $21.05 per share, with a total value of $63,760.45. Following the completion of the transaction, the director directly owned 9,500 shares in the company, valued at approximately $199,975. The trade was a 46.81% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Scott D. Kleinman sold 65,530 shares of the business's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $15.28, for a total transaction of $1,001,298.40. Following the completion of the sale, the vice president directly owned 481,676 shares of the company's stock, valued at approximately $7,360,009.28. This trade represents a 11.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders purchased a total of 25,000 shares of company stock valued at $503,822 over the last ninety days. Insiders own 0.67% of the company's stock.

Huntington Bancshares Price Performance

Huntington Bancshares stock opened at $16.06 on Wednesday. The stock has a market cap of $32.56 billion, a P/E ratio of 12.35, a price-to-earnings-growth ratio of 0.73 and a beta of 0.96. The company has a fifty day simple moving average of $15.99 and a 200-day simple moving average of $16.76. Huntington Bancshares Incorporated has a 12-month low of $14.89 and a 12-month high of $19.45. 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 released its quarterly earnings data 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 net margin of 16.63% and a return on equity of 11.42%. The business had revenue of $2.59 billion during the quarter, compared to analysts' expectations of $2.57 billion. During the same period in the previous year, the company earned $0.34 EPS. Equities analysts expect that Huntington Bancshares Incorporated will post 1.62 EPS for the current fiscal year.

Huntington Bancshares Announces Dividend

The business also recently declared 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 of this dividend is Wednesday, June 17th. This represents a $0.62 dividend on an annualized basis and a yield of 3.9%. Huntington Bancshares's payout ratio is 47.69%.

Huntington Bancshares Company 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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