Huntington Bancshares Incorporated $HBAN Shares Sold by Brevan Howard Capital Management LP

Key Points

• Brevan Howard Capital Management LP trimmed its stake in Huntington Bancshares by 23.0% in Q3, selling 183,011 shares and leaving 613,111 shares valued at about $10.59 million.
• Huntington missed expectations with quarterly EPS of $0.37 (est. $0.40) and reported revenue of $1.61 billion versus estimates of $2.21 billion.
• The bank declared a quarterly dividend of $0.155 per share (annualized $0.62), implying a 4.1% yield; the ex-dividend date is March 18 and the payment date is April 1.

Brevan Howard Capital Management LP lessened its holdings in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 23.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 613,111 shares of the bank's stock after selling 183,011 shares during the quarter. Brevan Howard Capital Management LP's holdings in Huntington Bancshares were worth $10,588,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of HBAN. Altrius Capital Management Inc purchased a new stake in Huntington Bancshares during the 3rd quarter valued at about $4,894,000. FineMark National Bank & Trust lifted its stake in Huntington Bancshares by 59.2% in the 2nd quarter. FineMark National Bank & Trust now owns 175,144 shares of the bank's stock worth $2,935,000 after purchasing an additional 65,144 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Huntington Bancshares by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 176,980,819 shares of the bank's stock worth $3,056,459,000 after purchasing an additional 680,601 shares during the last quarter. Midwest Trust Co grew its position in shares of Huntington Bancshares by 12.7% in the third quarter. Midwest Trust Co now owns 1,510,977 shares of the bank's stock valued at $26,095,000 after purchasing an additional 170,240 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in shares of Huntington Bancshares in the third quarter valued at approximately $3,746,000. 80.72% of the stock is currently owned by institutional investors and hedge funds.

Huntington Bancshares Trading Down 1.7%

NASDAQ HBAN opened at $15.21 on Friday. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.93 and a quick ratio of 0.92. The stock has a market capitalization of $30.87 billion, a P/E ratio of 10.94, a PEG ratio of 0.61 and a beta of 0.95. The firm's 50-day moving average is $17.53 and its two-hundred day moving average is $17.03. Huntington Bancshares Incorporated has a 12 month low of $11.91 and a 12 month high of $19.45.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $0.37 earnings per share for the quarter, missing analysts' consensus estimates of $0.40 by ($0.03). Huntington Bancshares had a net margin of 17.71% and a return on equity of 11.98%. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $2.21 billion. During the same quarter in the prior year, the business earned $0.34 earnings per share. On average, sell-side analysts anticipate that Huntington Bancshares Incorporated will post 1.39 earnings per share for the current year.

Huntington Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Wednesday, March 18th will be paid a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Wednesday, March 18th. Huntington Bancshares's dividend payout ratio is 44.60%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on HBAN shares. Raymond James Financial boosted their price objective on Huntington Bancshares from $20.00 to $21.00 and gave the stock a "strong-buy" rating in a research note on Friday, January 23rd. Barclays boosted their price target on shares of Huntington Bancshares from $19.00 to $20.00 and gave the company an "equal weight" rating in a research report on Monday, January 5th. Wall Street Zen cut shares of Huntington Bancshares from a "hold" rating to a "sell" rating in a research report on Saturday, November 15th. Wolfe Research reiterated an "outperform" rating and issued a $21.00 target price on shares of Huntington Bancshares in a report on Wednesday, January 7th. Finally, Zacks Research cut shares of Huntington Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 2nd. 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 given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $20.68.

Insider Buying and Selling at Huntington Bancshares

In other news, Director James D. Rollins III acquired 6,873 shares of the company's stock in a transaction dated Friday, February 27th. The stock was acquired at an average cost of $23.27 per share, with a total value of $159,934.71. Following the completion of the purchase, the director owned 4,000 shares of the company's stock, valued at $93,080. This represents a -239.23% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, VP Brendan A. Lawlor sold 17,455 shares of the business's stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $18.93, for a total value of $330,423.15. Following the completion of the sale, the vice president owned 42,398 shares in the company, valued at $802,594.14. This represents a 29.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders bought 27,700 shares of company stock valued at $540,401 and sold 33,285 shares valued at $627,009. Corporate insiders own 0.89% of the company's stock.

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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