Handelsbanken Fonder AB Increases Stake in Huntington Bancshares Incorporated $HBAN

Key Points

• Handelsbanken Fonder AB increased its stake in Huntington Bancshares by 26.3% in the fourth quarter, adding 101,103 shares to hold 485,507 shares valued at about $8.4 million.
• Huntington Bancshares reported better-than-expected quarterly results, posting EPS of $0.37 versus the $0.16 consensus and revenue of $2.59 billion, slightly above estimates.
• The bank declared a quarterly dividend of $0.155 per share, implying a 3.9% yield, while analysts overall rate the stock Moderate Buy with an average price target of $20.05.

Handelsbanken Fonder AB grew its position in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 26.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 485,507 shares of the bank's stock after acquiring an additional 101,103 shares during the quarter. Handelsbanken Fonder AB's holdings in Huntington Bancshares were worth $8,424,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Palisade Asset Management LLC purchased a new stake in shares of Huntington Bancshares in the third quarter valued at $26,000. South Plains Financial Inc. raised its stake in shares of 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 acquiring an additional 826 shares during the period. Accredited Wealth Management LLC raised its stake in shares of 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 acquiring an additional 1,322 shares during the period. Grey Fox Wealth Advisors LLC purchased a new stake in shares of Huntington Bancshares in the third quarter valued at $31,000. Finally, AlphaCore Capital LLC purchased a new stake in shares of Huntington Bancshares in the third quarter valued at $33,000. Hedge funds and other institutional investors own 80.72% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on HBAN. The Goldman Sachs Group cut their price target on shares of Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Monday, April 6th. Piper Sandler upgraded 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 report on Thursday, April 23rd. Jefferies Financial Group upped their price target on shares of Huntington Bancshares from $19.00 to $20.00 and gave the stock a "buy" rating in a report on Friday, April 24th. UBS Group set a $21.00 price target on shares of Huntington Bancshares in a report on Wednesday, February 4th. Finally, Wolfe Research cut their price target on shares of Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating on the stock in a report on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $20.05.

Huntington Bancshares Stock Performance

HBAN stock opened at $15.85 on Friday. The firm has a market cap of $32.13 billion, a price-to-earnings ratio of 12.19, a PEG ratio of 0.73 and a beta of 0.96. The firm has a 50-day simple moving average of $15.96 and a two-hundred day simple moving average of $16.75. Huntington Bancshares Incorporated has a one year low of $14.89 and a one year high of $19.45. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.92 and a current ratio of 0.93.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.37 EPS for the quarter, beating the consensus estimate of $0.16 by $0.21. The business had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.57 billion. Huntington Bancshares had a net margin of 16.63% and a return on equity of 11.42%. During the same period in the prior year, the firm posted $0.34 earnings per share. On average, equities analysts forecast that Huntington Bancshares Incorporated will post 1.62 EPS 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 given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Wednesday, June 17th. Huntington Bancshares's dividend payout ratio is presently 47.69%.

Insider Buying and Selling at Huntington Bancshares

In other Huntington Bancshares news, insider Prashant Nateri sold 10,171 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $15.50, for a total transaction of $157,650.50. Following the completion of the sale, the insider directly owned 83,819 shares of the company's stock, valued at approximately $1,299,194.50. This represents a 10.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director James D. Rollins III acquired 3,029 shares of the firm's stock in a transaction that occurred on Tuesday, April 28th. The stock was bought 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 $199,975. The trade was a 46.81% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders bought 25,000 shares of company stock valued at $503,822. 0.67% of the stock is currently owned by insiders.

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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