Huntington Bancshares Incorporated $HBAN Shares Bought by Allstate Corp

Key Points

• Allstate Corp boosted its stake in Huntington Bancshares by 129.9% in the fourth quarter, ending with 113,669 shares valued at about $1.97 million.
• Several other institutions also adjusted holdings, and 80.72% of HBAN shares are now owned by institutional investors and hedge funds.
• Huntington Bancshares beat quarterly earnings expectations, reporting $0.37 EPS versus the $0.16 consensus, while also announcing a $0.155 per share quarterly dividend.

Allstate Corp grew its position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 129.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 113,669 shares of the bank's stock after purchasing an additional 64,224 shares during the period. Allstate Corp's holdings in Huntington Bancshares were worth $1,972,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in HBAN. Summitry LLC purchased a new stake in shares of Huntington Bancshares during the fourth quarter worth $348,000. Legal & General Group Plc increased its position in shares of Huntington Bancshares by 0.6% during the fourth quarter. Legal & General Group Plc now owns 9,277,672 shares of the bank's stock worth $160,968,000 after acquiring an additional 57,385 shares during the period. Mathes Company Inc. purchased a new stake in shares of Huntington Bancshares during the fourth quarter worth $213,000. Todd Asset Management LLC increased its position in shares of Huntington Bancshares by 2.2% during the fourth quarter. Todd Asset Management LLC now owns 53,931 shares of the bank's stock worth $936,000 after acquiring an additional 1,160 shares during the period. Finally, Swedbank AB increased its position in shares of Huntington Bancshares by 0.8% during the fourth quarter. Swedbank AB now owns 415,578 shares of the bank's stock worth $7,210,000 after acquiring an additional 3,308 shares during the period. 80.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Huntington Bancshares news, VP Scott D. Kleinman sold 65,530 shares of Huntington Bancshares stock in a transaction that occurred 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 sale, the vice president owned 481,676 shares of the company's stock, valued at approximately $7,360,009.28. The trade was a 11.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Prashant Nateri sold 10,171 shares of Huntington Bancshares stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $15.50, for a total value of $157,650.50. Following the completion of the sale, the insider directly owned 83,819 shares in the company, valued at $1,299,194.50. This represents a 10.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders have purchased a total of 18,127 shares of company stock valued at $343,888 over the last quarter. 0.67% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Evercore cut their price objective on Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating on the stock in a research report on Monday, April 6th. Barclays downgraded shares of Huntington Bancshares from a "hold" rating to a "strong sell" rating in a research report on Monday, April 20th. Wall Street Zen raised shares of Huntington Bancshares from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Wolfe Research dropped their price objective on shares of Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 1st. Finally, UBS Group set a $21.00 price objective on shares of Huntington Bancshares in a research report on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $20.05.

Huntington Bancshares Stock Performance

NASDAQ HBAN opened at $16.12 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. Huntington Bancshares Incorporated has a 52-week low of $14.89 and a 52-week high of $19.45. The business's 50-day moving average price is $16.02 and its 200 day moving average price is $16.77. The firm has a market cap of $32.68 billion, a P/E ratio of 12.40, a P/E/G ratio of 0.74 and a beta of 0.96.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last released 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 firm had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.57 billion. During the same quarter last year, the company posted $0.34 earnings per share. On average, equities research analysts expect that Huntington Bancshares Incorporated will post 1.62 earnings per share for the current year.

Huntington Bancshares Dividend Announcement

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 issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Wednesday, June 17th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.8%. Huntington Bancshares's dividend payout ratio (DPR) is currently 47.69%.

About Huntington Bancshares

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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