Huntington Bancshares Incorporated (NASDAQ:HBAN) Shares Purchased by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its holdings in Huntington Bancshares by 28.6% in the first quarter, reaching a total of 138,555 shares valued at approximately $2.08 million.
• The company has initiated a $1 billion share repurchase plan, indicating that the board believes its shares are undervalued.
• Huntington Bancshares announced a quarterly dividend of $0.155 per share, resulting in an annualized dividend yield of 3.9%.

Mackenzie Financial Corp grew its holdings in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 28.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 138,555 shares of the bank's stock after purchasing an additional 30,808 shares during the period. Mackenzie Financial Corp's holdings in Huntington Bancshares were worth $2,080,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Smallwood Wealth Investment Management LLC purchased a new position in Huntington Bancshares in the first quarter worth $29,000. LFA Lugano Financial Advisors SA acquired a new position in shares of Huntington Bancshares during the 1st quarter worth $31,000. Golden State Wealth Management LLC increased its holdings in shares of Huntington Bancshares by 516.3% in the 1st quarter. Golden State Wealth Management LLC now owns 2,231 shares of the bank's stock valued at $33,000 after purchasing an additional 1,869 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Huntington Bancshares in the first quarter valued at about $39,000. Finally, TruNorth Capital Management LLC purchased a new stake in Huntington Bancshares during the first quarter worth about $40,000. 80.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Huntington Bancshares

In other Huntington Bancshares news, EVP Marcy C. Hingst sold 13,700 shares of Huntington Bancshares stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $15.79, for a total value of $216,323.00. Following the completion of the sale, the executive vice president owned 337,879 shares in the company, valued at $5,335,109.41. The trade was a 3.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.89% of the stock is currently owned by corporate insiders.

Huntington Bancshares Stock Performance

Shares of HBAN opened at $16.04 on Monday. Huntington Bancshares Incorporated has a 1 year low of $11.91 and a 1 year high of $18.44. The company's 50 day simple moving average is $16.43 and its 200 day simple moving average is $15.73. The company has a market capitalization of $23.40 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 0.82 and a beta of 0.93. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.89 and a current ratio of 0.89.

Huntington Bancshares announced that its board has initiated a share repurchase plan on Thursday, April 17th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the bank to repurchase up to 5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Huntington Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 17th will be given a $0.155 dividend. The ex-dividend date of this dividend is Wednesday, September 17th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.9%. Huntington Bancshares's payout ratio is currently 45.93%.

Wall Street Analyst Weigh In

HBAN has been the subject of a number of research analyst reports. Wolfe Research raised shares of Huntington Bancshares from a "peer perform" rating to an "outperform" rating and set a $21.00 target price for the company in a report on Thursday, July 3rd. DA Davidson raised their price objective on Huntington Bancshares from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, July 21st. Stephens reaffirmed an "equal weight" rating and set a $16.50 price objective on shares of Huntington Bancshares in a report on Monday, April 21st. Keefe, Bruyette & Woods lowered their target price on Huntington Bancshares from $18.00 to $17.00 and set a "market perform" rating on the stock in a report on Monday, April 21st. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $21.00 price target (up previously from $18.00) on shares of Huntington Bancshares in a research note on Tuesday, July 8th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $18.68.

About Huntington Bancshares

Huntington Bancshares Incorporated operates as the bank holding company for The Huntington National Bank that provides commercial, consumer, and mortgage banking services in the United States. The company offers financial products and services to consumer and business customers, including deposits, lending, payments, mortgage banking, dealer financing, investment management, trust, brokerage, insurance, and other financial products and services.

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