LPL Financial LLC Cuts Holdings in Huntington Bancshares Incorporated (NASDAQ:HBAN)

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

Other institutional investors and hedge funds have also made changes to their positions in the company. Smallwood Wealth Investment Management LLC bought a new stake in Huntington Bancshares during the 1st quarter worth approximately $29,000. LFA Lugano Financial Advisors SA purchased a new position in shares of Huntington Bancshares during the first quarter valued at about $31,000. Golden State Wealth Management LLC increased its stake in Huntington Bancshares by 516.3% in the 1st quarter. Golden State Wealth Management LLC now owns 2,231 shares of the bank's stock worth $33,000 after acquiring an additional 1,869 shares during the last quarter. Wayfinding Financial LLC bought a new stake in Huntington Bancshares in the first quarter worth $39,000. Finally, TruNorth Capital Management LLC bought a new stake in shares of Huntington Bancshares in the 1st quarter worth about $40,000. Institutional investors own 80.72% of the company's stock.

Huntington Bancshares Stock Down 1.0%

Shares of Huntington Bancshares stock traded down $0.16 on Wednesday, reaching $16.04. 28,234,328 shares of the company were exchanged, compared to its average volume of 25,786,744. The stock's 50 day moving average price is $16.46 and its 200-day moving average price is $15.73. The company has a market cap of $23.40 billion, a P/E ratio of 11.88, a price-to-earnings-growth ratio of 0.83 and a beta of 0.93. Huntington Bancshares Incorporated has a 1-year low of $11.91 and a 1-year high of $18.44. 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 Dividend Announcement

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

Huntington Bancshares declared that its Board of Directors has initiated a stock buyback program on Thursday, April 17th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the bank to repurchase up to 5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on HBAN shares. Truist Financial increased their target price on shares of Huntington Bancshares from $18.00 to $19.00 and gave the company a "buy" rating in a research note on Friday, June 13th. Royal Bank Of Canada reduced their price target on Huntington Bancshares from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Wall Street Zen downgraded Huntington Bancshares from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. DA Davidson increased their price objective on Huntington Bancshares from $18.00 to $20.00 and gave the company a "buy" rating in a report on Monday, July 21st. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $21.00 price target (up from $18.00) on shares of Huntington Bancshares in a report on Tuesday, July 8th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $18.68.

Insider Buying and Selling

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

Huntington Bancshares Company Profile

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.