Hudson Edge Investment Partners Inc. Takes Position in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Hudson Edge Investment Partners Inc. acquired a new position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 452,191 shares of the bank's stock, valued at approximately $6,787,000. Huntington Bancshares accounts for approximately 1.4% of Hudson Edge Investment Partners Inc.'s portfolio, making the stock its 14th largest position.

A number of other institutional investors also recently made changes to their positions in the company. National Bank of Canada FI boosted its stake in shares of Huntington Bancshares by 220.9% in the fourth quarter. National Bank of Canada FI now owns 3,666,949 shares of the bank's stock valued at $59,661,000 after buying an additional 2,524,077 shares during the period. Pictet Asset Management Holding SA boosted its stake in shares of Huntington Bancshares by 17.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 850,139 shares of the bank's stock valued at $13,832,000 after buying an additional 129,106 shares during the period. Fisher Asset Management LLC bought a new stake in shares of Huntington Bancshares in the fourth quarter valued at approximately $189,000. IFP Advisors Inc boosted its position in shares of Huntington Bancshares by 120.6% during the 4th quarter. IFP Advisors Inc now owns 4,503 shares of the bank's stock worth $73,000 after acquiring an additional 2,462 shares in the last quarter. Finally, QRG Capital Management Inc. boosted its position in shares of Huntington Bancshares by 11.9% during the 1st quarter. QRG Capital Management Inc. now owns 25,827 shares of the bank's stock worth $388,000 after acquiring an additional 2,751 shares in the last quarter. Institutional investors own 80.72% of the company's stock.

Huntington Bancshares Trading Up 0.6%

NASDAQ HBAN traded up $0.11 on Friday, reaching $17.51. The company had a trading volume of 21,797,655 shares, compared to its average volume of 19,021,731. The firm has a market cap of $25.58 billion, a price-to-earnings ratio of 13.37, a P/E/G ratio of 1.34 and a beta of 0.93. Huntington Bancshares Incorporated has a fifty-two week low of $11.92 and a fifty-two week high of $18.45. The business has a 50 day moving average of $15.83 and a two-hundred day moving average of $15.67. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.90 and a quick ratio of 0.89.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The bank reported $0.34 earnings per share for the quarter, beating analysts' consensus estimates of $0.31 by $0.03. The business had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.89 billion. Huntington Bancshares had a return on equity of 11.44% and a net margin of 16.94%. During the same period in the prior year, the business posted $0.27 earnings per share. Analysts forecast that Huntington Bancshares Incorporated will post 1.39 EPS for the current year.

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

Huntington Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th were issued a dividend of $0.155 per share. The ex-dividend date was Tuesday, June 17th. This represents a $0.62 dividend on an annualized basis and a yield of 3.54%. Huntington Bancshares's payout ratio is currently 47.33%.

Insider Activity

In other Huntington Bancshares news, insider Helga Houston sold 42,345 shares of the stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $14.72, for a total transaction of $623,318.40. Following the completion of the sale, the insider directly owned 592,119 shares in the company, valued at approximately $8,715,991.68. This trade represents a 6.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Zachary Jacob Wasserman sold 59,060 shares of the stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $14.36, for a total value of $848,101.60. Following the sale, the chief financial officer owned 277,348 shares of the company's stock, valued at approximately $3,982,717.28. The trade was a 17.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 214,375 shares of company stock worth $3,049,277. 0.89% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Raymond James Financial restated a "strong-buy" rating and set a $18.00 target price (down from $20.00) on shares of Huntington Bancshares in a research note on Monday, April 21st. Truist Financial upped their target price on Huntington Bancshares from $18.00 to $19.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. Baird R W upgraded Huntington Bancshares from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. JPMorgan Chase & Co. cut their target price on Huntington Bancshares from $18.50 to $16.00 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Finally, Wall Street Zen upgraded Huntington Bancshares from a "sell" rating to a "hold" rating in a research note on Saturday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $18.33.

Huntington Bancshares 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.