Jupiter Asset Management Ltd. Purchases 1,797,059 Shares of Huntington Bancshares Incorporated $HBAN

Key Points

• Jupiter Asset Management massively increased its stake in Huntington Bancshares, buying 1,797,059 additional shares and ending the quarter with 1,823,953 shares valued at about $31.6 million.
• Huntington Bancshares reported better-than-expected quarterly results, with earnings of $0.37 per share versus $0.16 expected and revenue of $2.59 billion, slightly above estimates.
• The bank also announced a quarterly dividend of $0.155 per share, implying an annualized yield of about 3.8%; meanwhile, analysts currently rate the stock a Moderate Buy with an average target price of $20.05.

Jupiter Asset Management Ltd. grew its position in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 6,682.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,823,953 shares of the bank's stock after acquiring an additional 1,797,059 shares during the period. Jupiter Asset Management Ltd. owned about 0.12% of Huntington Bancshares worth $31,646,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Palisade Asset Management LLC acquired a new stake in shares of Huntington Bancshares during the 3rd quarter worth about $26,000. South Plains Financial Inc. lifted its stake in shares of Huntington Bancshares by 116.3% during the 3rd quarter. South Plains Financial Inc. now owns 1,536 shares of the bank's stock worth $27,000 after buying an additional 826 shares during the last quarter. Accredited Wealth Management LLC lifted its stake in shares of Huntington Bancshares by 374.5% during the 3rd quarter. Accredited Wealth Management LLC now owns 1,675 shares of the bank's stock worth $29,000 after buying an additional 1,322 shares during the last quarter. AlphaCore Capital LLC acquired a new stake in shares of Huntington Bancshares during the 3rd quarter worth about $33,000. Finally, Quest 10 Wealth Builders Inc. lifted its stake in shares of Huntington Bancshares by 403.1% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 2,611 shares of the bank's stock worth $45,000 after buying an additional 2,092 shares during the last quarter. Institutional investors and hedge funds own 80.72% of the company's stock.

Huntington Bancshares Price Performance

Shares of Huntington Bancshares stock opened at $16.12 on Friday. Huntington Bancshares Incorporated has a twelve month low of $14.89 and a twelve month high of $19.45. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. The company has a 50-day simple moving average of $16.02 and a two-hundred day simple moving average of $16.77. The stock has a market capitalization of $32.68 billion, a price-to-earnings ratio of 12.40, a price-to-earnings-growth ratio of 0.74 and a beta of 0.96.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.21. Huntington Bancshares had a net margin of 16.63% and a return on equity of 11.42%. The business had revenue of $2.59 billion during the quarter, compared to analysts' expectations of $2.57 billion. During the same quarter in the previous year, the company earned $0.34 EPS. Analysts forecast that Huntington Bancshares Incorporated will post 1.62 EPS for the current year.

Huntington Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Wednesday, June 17th will be issued a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Wednesday, June 17th. Huntington Bancshares's dividend payout ratio (DPR) is currently 47.69%.

Insider Buying and Selling at Huntington Bancshares

In other Huntington Bancshares news, insider Prashant Nateri sold 10,171 shares of the firm's stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $15.50, for a total value of $157,650.50. Following the transaction, the insider directly owned 83,819 shares of the company's stock, valued at $1,299,194.50. This trade represents a 10.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Scott D. Kleinman sold 65,530 shares of the firm's stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $15.28, for a total transaction of $1,001,298.40. Following the completion of the transaction, the vice president directly owned 481,676 shares in the company, valued at approximately $7,360,009.28. This represents a 11.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have bought a total of 18,127 shares of company stock valued at $343,888 in the last ninety days. 0.67% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Evercore cut their target price on shares of Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating for the company in a research note on Monday, April 6th. Piper Sandler upgraded shares of Huntington Bancshares from a "strong sell" rating to a "hold" rating and set a $18.00 target price for the company in a research note on Thursday, April 23rd. Truist Financial cut their target price on shares of Huntington Bancshares from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Friday, March 13th. JPMorgan Chase & Co. cut their target price on shares of Huntington Bancshares from $19.00 to $18.50 and set an "overweight" rating for the company in a research note on Thursday, April 30th. Finally, National Bank Financial set a $21.00 target price on shares of Huntington Bancshares in a research note on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $20.05.

Huntington Bancshares Profile

Huntington Bancshares Incorporated NASDAQ: HBAN is a bank holding company headquartered in Columbus, Ohio, that provides a broad range of banking and financial services through its principal subsidiary, Huntington National Bank. The company's operations are centered on retail and commercial banking, and it serves individual consumers, small and middle-market businesses, and institutional customers.

Huntington's product offerings include traditional deposit and lending products, consumer and commercial loans, mortgage origination and servicing, auto financing, and business banking solutions.

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