Huntington Bancshares Incorporated $HBAN Holdings Raised by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• VIRGINIA RETIREMENT SYSTEMS ET Al increased its stake in Huntington Bancshares by 19.4% in the fourth quarter, owning 539,500 shares valued at about $9.36 million.
• Insider activity was mixed: Director Gary Torgow bought shares, while VP Scott D. Kleinman sold 65,530 shares. Insiders still own just 0.67% of the company, though they bought 39,200 shares over the last quarter.
• Huntington Bancshares reported strong quarterly results, with EPS of $0.37 beating expectations and revenue of $2.59 billion topping estimates. The bank also declared a quarterly dividend of $0.155 per share, yielding about 4.0% annually.

VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 19.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 539,500 shares of the bank's stock after acquiring an additional 87,700 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in Huntington Bancshares were worth $9,360,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Palisade Asset Management LLC acquired a new stake in shares of Huntington Bancshares during the 3rd quarter valued at approximately $26,000. South Plains Financial Inc. raised its position in shares of Huntington Bancshares by 116.3% during the 3rd 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 in the last quarter. Accredited Wealth Management LLC raised its position in shares of Huntington Bancshares by 374.5% during the 3rd 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 in the last quarter. Grey Fox Wealth Advisors LLC acquired a new stake in shares of Huntington Bancshares during the 3rd quarter valued at approximately $31,000. Finally, AlphaCore Capital LLC acquired a new stake in shares of Huntington Bancshares during the 3rd quarter valued at approximately $33,000. 80.72% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Huntington Bancshares news, Director Gary Torgow purchased 14,200 shares of Huntington Bancshares stock in a transaction on Thursday, February 19th. The stock was bought at an average price of $17.81 per share, for a total transaction of $252,902.00. Following the transaction, the director owned 943,341 shares of the company's stock, valued at $16,800,903.21. The trade was a 1.53% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Scott D. Kleinman sold 65,530 shares of the business's stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $15.28, for a total value of $1,001,298.40. Following the transaction, the vice president owned 481,676 shares of the company's stock, valued at $7,360,009.28. This trade represents a 11.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have purchased 39,200 shares of company stock worth $756,724. Insiders own 0.67% of the company's stock.

Huntington Bancshares Trading Down 3.1%

Shares of HBAN stock opened at $15.35 on Thursday. 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 Incorporated has a 1 year low of $14.89 and a 1 year high of $19.45. The stock has a fifty day moving average of $16.06 and a two-hundred day moving average of $16.74. The firm has a market capitalization of $31.12 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 0.73 and a beta of 0.96.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $0.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.16 by $0.21. Huntington Bancshares had a return on equity of 11.42% and a net margin of 16.63%.The company had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.57 billion. During the same quarter in the previous year, the firm posted $0.34 EPS. As a group, research analysts expect that Huntington Bancshares Incorporated will post 1.62 EPS for the current year.

Huntington Bancshares Dividend Announcement

The firm 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 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Wednesday, June 17th. Huntington Bancshares's payout ratio is 47.69%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on HBAN shares. Keefe, Bruyette & Woods cut their price target on Huntington Bancshares from $20.00 to $19.50 and set a "market perform" rating on the stock in a report on Friday, January 23rd. Piper Sandler raised 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 raised their price target on Huntington Bancshares from $19.00 to $20.00 and gave the stock a "buy" rating in a report on Friday, April 24th. JPMorgan Chase & Co. cut their price target on Huntington Bancshares from $19.00 to $18.50 and set an "overweight" rating on the stock in a report on Thursday, April 30th. Finally, Wall Street Zen raised Huntington Bancshares from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $20.05.

Huntington Bancshares 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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