Huntington Bancshares Incorporated $HBAN Position Increased by Geode Capital Management LLC

Key Points

• Geode Capital Management increased its stake in Huntington Bancshares by 7.7% in the fourth quarter, owning 43.2 million shares worth about $746.3 million. Institutional investors now hold about 80.72% of the bank’s stock.
• Huntington reported strong quarterly results, posting EPS of $0.37 versus the $0.16 consensus estimate and revenue of $2.59 billion, slightly above expectations. Analysts now expect full-year EPS of 1.61.
• The bank declared a quarterly dividend of $0.155 per share, implying an annualized yield of 3.8%. Meanwhile, analysts remain mostly constructive overall, with a consensus rating of “Moderate Buy” and an average price target of $20.05.

Geode Capital Management LLC raised its holdings in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 7.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 43,171,993 shares of the bank's stock after buying an additional 3,074,673 shares during the period. Geode Capital Management LLC owned about 2.74% of Huntington Bancshares worth $746,257,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Sagespring Wealth Partners LLC boosted its holdings in Huntington Bancshares by 2.4% during the fourth quarter. Sagespring Wealth Partners LLC now owns 25,217 shares of the bank's stock worth $438,000 after buying an additional 587 shares in the last quarter. Rehmann Capital Advisory Group boosted its holdings in Huntington Bancshares by 4.3% during the third quarter. Rehmann Capital Advisory Group now owns 16,881 shares of the bank's stock worth $292,000 after buying an additional 694 shares in the last quarter. Glenmede Investment Management LP boosted its holdings in Huntington Bancshares by 1.7% during the third quarter. Glenmede Investment Management LP now owns 43,702 shares of the bank's stock worth $755,000 after buying an additional 728 shares in the last quarter. Advisory Services Network LLC boosted its holdings in Huntington Bancshares by 2.5% during the third quarter. Advisory Services Network LLC now owns 29,690 shares of the bank's stock worth $513,000 after buying an additional 737 shares in the last quarter. Finally, Hill Island Financial LLC boosted its holdings in Huntington Bancshares by 3.0% during the fourth quarter. Hill Island Financial LLC now owns 27,377 shares of the bank's stock worth $475,000 after buying an additional 803 shares in the last quarter. 80.72% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Huntington Bancshares news, VP Scott D. Kleinman sold 65,530 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $15.28, for a total value of $1,001,298.40. Following the completion of the sale, the vice president owned 481,676 shares in the company, valued at $7,360,009.28. This represents a 11.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James D. Rollins III bought 8,471 shares of the business's stock in a transaction on Monday, April 27th. The stock was bought at an average price of $18.01 per share, with a total value of $152,562.71. Following the transaction, the director owned 11,500 shares in the company, valued at approximately $207,115. This represents a 279.66% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders bought 18,127 shares of company stock valued at $343,888. Company insiders own 0.67% of the company's stock.

Huntington Bancshares Trading Up 1.5%

Huntington Bancshares stock opened at $16.36 on Friday. The company has a 50 day moving average price of $16.05 and a 200 day moving average price of $16.77. Huntington Bancshares Incorporated has a 52 week low of $14.89 and a 52 week 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. The firm has a market capitalization of $33.16 billion, a price-to-earnings ratio of 12.58, a P/E/G ratio of 0.75 and a beta of 0.96.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.16 by $0.21. Huntington Bancshares had a net margin of 16.63% and a return on equity of 11.42%. The firm had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.57 billion. During the same quarter last year, the business posted $0.34 EPS. Research analysts forecast that Huntington Bancshares Incorporated will post 1.61 EPS for the current year.

Huntington Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Wednesday, June 17th will be paid 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 3.8%. Huntington Bancshares's dividend payout ratio (DPR) is currently 47.69%.

Analysts Set New Price Targets

A number of analysts recently weighed in on HBAN shares. Barclays cut shares of Huntington Bancshares from a "hold" rating to a "strong sell" rating in a report on Monday, April 20th. JPMorgan Chase & Co. reduced their target price on shares of Huntington Bancshares from $19.00 to $18.50 and set an "overweight" rating for the company in a report on Thursday, April 30th. The Goldman Sachs Group reduced their target price on shares of Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating for the company in a report on Monday, April 6th. Royal Bank Of Canada decreased their price objective on shares of Huntington Bancshares from $21.00 to $20.00 and set an "outperform" rating for the company in a research note on Tuesday, April 7th. Finally, Morgan Stanley decreased their price objective on shares of Huntington Bancshares from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target 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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