Huntington Bancshares Incorporated (NASDAQ:HBAN) Shares Sold by LPL Financial LLC

Key Points

• LPL Financial LLC reduced its stake in Huntington Bancshares by 1.0%, selling 27,510 shares to hold 2,680,430 shares valued at approximately $40.2 million.
• Huntington Bancshares recently announced a $1.00 billion share repurchase program, indicating the company’s leadership believes its shares are undervalued.
• The company declared a quarterly dividend of $0.155, translating to an annual yield of 3.9%, with a payout ratio of 45.93%.

LPL Financial LLC decreased its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 1.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,680,430 shares of the bank's stock after selling 27,510 shares during the period. LPL Financial LLC owned approximately 0.18% of Huntington Bancshares worth $40,233,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Schroder Investment Management Group boosted its holdings in Huntington Bancshares by 12.8% in the fourth quarter. Schroder Investment Management Group now owns 588,221 shares of the bank's stock valued at $9,606,000 after purchasing an additional 66,937 shares during the last quarter. Summit Financial LLC boosted its holdings in Huntington Bancshares by 39.5% in the fourth quarter. Summit Financial LLC now owns 15,538 shares of the bank's stock valued at $255,000 after purchasing an additional 4,397 shares during the last quarter. StoneX Group Inc. acquired a new stake in Huntington Bancshares during the fourth quarter valued at approximately $193,000. Trexquant Investment LP acquired a new stake in Huntington Bancshares during the fourth quarter valued at approximately $5,140,000. Finally, Meeder Advisory Services Inc. raised its stake in Huntington Bancshares by 66.0% during the fourth quarter. Meeder Advisory Services Inc. now owns 37,119 shares of the bank's stock valued at $604,000 after buying an additional 14,758 shares in the last quarter. Hedge funds and other institutional investors own 80.72% of the company's stock.

Insider Transactions at Huntington Bancshares

In related news, EVP Marcy C. Hingst sold 13,700 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 337,879 shares of the company's stock, valued at $5,335,109.41. This represents a 3.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.89% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have issued reports on the company. Jefferies Financial Group assumed coverage on Huntington Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $20.00 price objective on the stock. Royal Bank Of Canada cut their price objective on Huntington Bancshares from $20.00 to $18.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Raymond James Financial restated a "strong-buy" rating and set a $21.00 price objective (up previously from $18.00) on shares of Huntington Bancshares in a research note on Tuesday, July 8th. Argus set a $17.00 price objective on Huntington Bancshares in a research note on Friday, April 25th. Finally, Keefe, Bruyette & Woods cut their price objective on Huntington Bancshares from $18.00 to $17.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $18.68.

Huntington Bancshares Stock Performance

HBAN stock traded down $0.39 on Friday, reaching $16.04. The company's stock had a trading volume of 41,446,866 shares, compared to its average volume of 39,812,872. Huntington Bancshares Incorporated has a 52 week low of $11.91 and a 52 week high of $18.44. The company has a market capitalization of $23.40 billion, a P/E ratio of 11.88, a price-to-earnings-growth ratio of 0.82 and a beta of 0.93. The firm has a fifty day moving average of $16.43 and a two-hundred day moving average of $15.73. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.89 and a quick ratio of 0.89.

Huntington Bancshares declared that its Board of Directors has initiated a stock repurchase plan on Thursday, April 17th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the bank to purchase up to 5% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

Huntington Bancshares Announces Dividend

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

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.