National Bank of Canada FI Sells 2,260,116 Shares of Huntington Bancshares Incorporated (NASDAQ:HBAN)

Key Points

• National Bank of Canada FI significantly reduced its stake in Huntington Bancshares by 61.6%, now holding approximately 1.4 million shares valued at $21.1 million.
• The bank's board has approved a $1 billion share repurchase program, indicating confidence in the stock's valuation.
• Huntington Bancshares declared a quarterly dividend of $0.155 per share, representing an annual yield of 3.9%.

National Bank of Canada FI lowered its holdings in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 61.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,406,833 shares of the bank's stock after selling 2,260,116 shares during the period. National Bank of Canada FI owned about 0.10% of Huntington Bancshares worth $21,116,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of HBAN. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Huntington Bancshares during the 1st quarter worth approximately $29,000. LFA Lugano Financial Advisors SA acquired a new stake in Huntington Bancshares in the 1st quarter valued at approximately $31,000. Golden State Wealth Management LLC increased its position in shares of Huntington Bancshares by 516.3% during 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 during the period. Wayfinding Financial LLC acquired a new position in shares of Huntington Bancshares during the 1st quarter valued at $39,000. Finally, TruNorth Capital Management LLC acquired a new position in shares of Huntington Bancshares during the 1st quarter valued at $40,000. Hedge funds and other institutional investors own 80.72% of the company's stock.

Insider Activity

In other news, EVP Marcy C. Hingst sold 13,700 shares of Huntington Bancshares stock in a transaction that occurred on Friday, June 13th. The shares were 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 owned 337,879 shares in the company, valued at approximately $5,335,109.41. The trade was a 3.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.89% of the company's stock.

Huntington Bancshares Price Performance

NASDAQ HBAN traded down $0.15 during trading on Friday, reaching $16.67. 7,253,560 shares of the company traded hands, compared to its average volume of 25,581,393. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.89 and a current ratio of 0.89. The stock's 50 day moving average price is $16.54 and its two-hundred day moving average price is $15.70. The company has a market cap of $24.31 billion, a price-to-earnings ratio of 12.37, a P/E/G ratio of 0.86 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.

Huntington Bancshares declared that its board has initiated a share repurchase plan on Thursday, April 17th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the bank to reacquire up to 5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Huntington Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 17th will be paid a $0.155 dividend. The ex-dividend date is Wednesday, September 17th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.7%. Huntington Bancshares's payout ratio is 45.93%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on HBAN. Royal Bank Of Canada reduced their price objective on Huntington Bancshares from $20.00 to $18.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Raymond James Financial reiterated a "strong-buy" rating and set a $21.00 price objective (up from $18.00) on shares of Huntington Bancshares in a report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft upgraded Huntington Bancshares from a "hold" rating to a "buy" rating and set a $17.50 price objective for the company in a report on Thursday, April 24th. Keefe, Bruyette & Woods cut their price objective on Huntington Bancshares from $18.00 to $17.00 and set a "market perform" rating for the company in a report on Monday, April 21st. Finally, DA Davidson raised their target price on Huntington Bancshares from $18.00 to $20.00 and gave the company a "buy" rating in a report on Monday, July 21st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $18.68.

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.