Huntington Bancshares Incorporated $HBAN Shares Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon Corp increased its stake in Huntington Bancshares by 17.8% in the first quarter, buying nearly 2.0 million additional shares. The firm now holds 13.18 million shares, worth about $206.3 million.
• Huntington Bancshares reported better-than-expected quarterly results, with earnings of $0.37 per share versus $0.16 expected and revenue of $2.59 billion versus $2.57 billion estimated. Management also pointed to a full-year EPS outlook of 1.62.
• The company recently paid a quarterly dividend of $0.155 per share, equal to an annualized yield of about 3.4%. Meanwhile, analyst sentiment remains mixed but broadly positive, with a consensus rating of Moderate Buy and an average price target of $20.25.

Bank of New York Mellon Corp grew its holdings in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 17.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,184,586 shares of the bank's stock after buying an additional 1,993,618 shares during the quarter. Bank of New York Mellon Corp owned 0.65% of Huntington Bancshares worth $206,339,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Illinois Municipal Retirement Fund grew its position in shares of Huntington Bancshares by 16.1% in the first quarter. Illinois Municipal Retirement Fund now owns 53,191 shares of the bank's stock valued at $832,000 after purchasing an additional 7,390 shares during the period. Geneos Wealth Management Inc. increased its stake in Huntington Bancshares by 7.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 285,169 shares of the bank's stock worth $4,463,000 after buying an additional 20,722 shares in the last quarter. MASTERINVEST Kapitalanlage GmbH raised its holdings in shares of Huntington Bancshares by 1.4% during the first quarter. MASTERINVEST Kapitalanlage GmbH now owns 130,884 shares of the bank's stock valued at $2,048,000 after acquiring an additional 1,863 shares during the last quarter. Ethos Financial Group LLC raised its holdings in shares of Huntington Bancshares by 2.8% during the first quarter. Ethos Financial Group LLC now owns 73,984 shares of the bank's stock valued at $1,169,000 after acquiring an additional 2,045 shares during the last quarter. Finally, SouthState Bank Corp lifted its position in shares of Huntington Bancshares by 19,902.9% in the first quarter. SouthState Bank Corp now owns 131,819 shares of the bank's stock valued at $2,063,000 after acquiring an additional 131,160 shares in the last quarter. 80.72% of the stock is owned by institutional investors and hedge funds.

Huntington Bancshares Stock Performance

NASDAQ:HBAN opened at $18.25 on Friday. The company's 50-day moving average is $16.90 and its two-hundred day moving average is $16.92. Huntington Bancshares Incorporated has a 1-year low of $14.89 and a 1-year high of $19.45. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a market capitalization of $37.00 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 0.82 and a beta 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 firm had revenue of $2.59 billion for 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 quarter in the previous year, the company earned $0.34 EPS. Analysts forecast that Huntington Bancshares Incorporated will post 1.62 EPS for the current year.

Huntington Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th were issued a dividend of $0.155 per share. The ex-dividend date was Wednesday, June 17th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.4%. Huntington Bancshares's dividend payout ratio is currently 47.69%.

Analysts Set New Price Targets

Several research analysts recently commented on HBAN shares. The Goldman Sachs Group reduced their price objective on Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating for the company in a research note on Monday, April 6th. Jefferies Financial Group cut shares of Huntington Bancshares from a "buy" rating to a "hold" rating and reduced their target price for the company from $21.00 to $19.00 in a research report on Monday, July 6th. Morgan Stanley raised their price target on shares of Huntington Bancshares from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Monday, June 29th. UBS Group boosted their price target on shares of Huntington Bancshares from $21.00 to $22.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Finally, Barclays cut shares of Huntington Bancshares from a "hold" rating to a "strong sell" rating in a research note on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.25.

Insiders Place Their Bets

In related news, EVP Marcy C. Hingst sold 10,568 shares of the firm's stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $18.00, for a total transaction of $190,224.00. Following the completion of the sale, the executive vice president directly owned 267,859 shares of the company's stock, valued at approximately $4,821,462. This trade represents a 3.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Rollins III sold 223,522 shares of the business's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $17.35, for a total transaction of $3,878,106.70. Following the completion of the sale, the director owned 612,155 shares in the company, valued at approximately $10,620,889.25. This trade represents a 26.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have bought 33,500 shares of company stock valued at $617,542. Company insiders own 0.67% of the company's stock.

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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