Huntington Bancshares Incorporated $HBAN Stock: VIRGINIA RETIREMENT SYSTEMS ET Al Decreases Stake

Key Points

• Virginia Retirement Systems cut its Huntington Bancshares stake by 44.9% in the third quarter, selling 583,800 shares and retaining 715,050 shares worth approximately $10.9 million. Institutional investors collectively own 80.72% of HBAN.
• Analysts remain moderately bullish, with a consensus “Moderate Buy” rating and an average price target of $18.98, despite several firms lowering their targets. HBAN recently traded at $15.78.
• Huntington reported quarterly EPS of $0.38, matching estimates, and announced a quarterly dividend of $0.155 per share, equivalent to a 3.9% annualized yield.

VIRGINIA RETIREMENT SYSTEMS ET Al cut its holdings in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 44.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 715,050 shares of the bank's stock after selling 583,800 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in Huntington Bancshares were worth $10,912,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of HBAN. Parcion Private Wealth LLC lifted its stake in shares of Huntington Bancshares by 31.7% in the third quarter. Parcion Private Wealth LLC now owns 25,902 shares of the bank's stock worth $395,000 after buying an additional 6,242 shares in the last quarter. Soltis Investment Advisors LLC bought a new position in Huntington Bancshares in the 3rd quarter valued at approximately $625,000. Livelsberger Financial Advisory bought a new position in Huntington Bancshares in the 3rd quarter valued at approximately $31,000. Childress Capital Advisors LLC bought a new position in Huntington Bancshares in the 3rd quarter valued at approximately $263,000. Finally, D.A. Davidson & CO. boosted its stake in Huntington Bancshares by 9.5% during the 3rd quarter. D.A. Davidson & CO. now owns 234,286 shares of the bank's stock valued at $3,575,000 after purchasing an additional 20,323 shares during the last quarter. 80.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on HBAN. Robert W. Baird cut their price target on Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating for the company in a research note on Friday, October 23rd. DA Davidson lowered their target price on shares of Huntington Bancshares from $22.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, September 21st. Citigroup dropped their target price on shares of Huntington Bancshares from $21.00 to $19.00 and set a "buy" rating for the company in a report on Monday, October 26th. Morgan Stanley cut Huntington Bancshares from an "overweight" rating to an "equal weight" rating and decreased their price target for the company from $21.00 to $19.00 in a report on Friday, July 24th. Finally, Jefferies Financial Group lowered their price objective on Huntington Bancshares from $18.00 to $17.00 and set a "hold" rating on the stock in a research report on Thursday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Huntington Bancshares has a consensus rating of "Moderate Buy" and a consensus target price of $18.98.

Insider Activity

In other Huntington Bancshares news, Director Gary Torgow purchased 12,700 shares of the firm's stock in a transaction that occurred on Tuesday, October 27th. The stock was purchased at an average cost of $15.73 per share, with a total value of $199,771.00. Following the purchase, the director owned 956,041 shares of the company's stock, valued at approximately $15,038,524.93. The trade was a 1.35% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kendall Kowalski sold 27,971 shares of the business's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $17.20, for a total value of $481,101.20. Following the transaction, the insider owned 70,025 shares of the company's stock, valued at approximately $1,204,430. The trade was a 28.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.67% of the company's stock.

Huntington Bancshares Trading Down 1.2%

Shares of HBAN stock opened at $15.78 on Friday. The company has a market cap of $31.88 billion, a PE ratio of 13.04, a price-to-earnings-growth ratio of 1.01 and a beta of 0.95. Huntington Bancshares Incorporated has a 1 year low of $14.82 and a 1 year high of $19.45. The stock's 50 day simple moving average is $15.96 and its two-hundred day simple moving average is $16.70. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.91 and a quick ratio of 0.91.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last posted its quarterly earnings data on Thursday, October 22nd. The bank reported $0.38 earnings per share for the quarter, meeting analysts' consensus estimates of $0.38. Huntington Bancshares had a net margin of 16.28% and a return on equity of 10.93%. The business had revenue of $2.79 billion for the quarter, compared to analysts' expectations of $2.82 billion. During the same quarter in the previous year, the business posted $0.41 earnings per share. Research analysts predict that Huntington Bancshares Incorporated will post 1.54 earnings per share for the current year.

Huntington Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Friday, December 18th will be paid a dividend of $0.1550 per share. The ex-dividend date of this dividend is Friday, December 18th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.9%. Huntington Bancshares's dividend payout ratio is currently 51.24%.

Huntington Bancshares Profile

Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio. Its principal subsidiary, The Huntington National Bank, provides banking and financial services to consumers, businesses, institutions and government entities.

The company's offerings include checking and savings accounts, consumer and residential lending, credit cards, auto finance, mortgages, commercial loans, treasury management, investment and wealth management services, insurance, and other financial solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.