King Luther Capital Management Corp Acquires New Position in Huntington Bancshares Incorporated $HBAN

Key Points

• King Luther Capital Management opened a new position in Huntington Bancshares, buying 153,905 shares valued at about $2.67 million in the fourth quarter.
• Huntington Bancshares reported better-than-expected quarterly results, with EPS of $0.37 versus the $0.16 consensus and revenue of $2.59 billion, topping estimates.
• The bank declared a quarterly dividend of $0.155 per share, equal to an annualized yield of about 3.8%; meanwhile, analysts currently rate the stock a Moderate Buy with a consensus target price of $20.05.

King Luther Capital Management Corp acquired a new stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 153,905 shares of the bank's stock, valued at approximately $2,670,000.

A number of other hedge funds have also recently modified their holdings of the company. Sagespring Wealth Partners LLC grew its holdings in shares of Huntington Bancshares by 2.4% in the fourth quarter. Sagespring Wealth Partners LLC now owns 25,217 shares of the bank's stock valued at $438,000 after purchasing an additional 587 shares during the period. Rehmann Capital Advisory Group lifted its holdings in Huntington Bancshares by 4.3% in the third quarter. Rehmann Capital Advisory Group now owns 16,881 shares of the bank's stock valued at $292,000 after acquiring an additional 694 shares during the last quarter. Glenmede Investment Management LP grew its position in Huntington Bancshares by 1.7% in the third quarter. Glenmede Investment Management LP now owns 43,702 shares of the bank's stock worth $755,000 after acquiring an additional 728 shares during the period. Advisory Services Network LLC grew its position in Huntington Bancshares by 2.5% in the third quarter. Advisory Services Network LLC now owns 29,690 shares of the bank's stock worth $513,000 after acquiring an additional 737 shares during the period. Finally, Hill Island Financial LLC grew its position in Huntington Bancshares by 3.0% in the fourth quarter. Hill Island Financial LLC now owns 27,377 shares of the bank's stock worth $475,000 after acquiring an additional 803 shares during the period. Hedge funds and other institutional investors own 80.72% of the company's stock.

Huntington Bancshares Stock Up 0.6%

Huntington Bancshares stock opened at $16.12 on Friday. The firm has a 50 day moving average price of $16.02 and a 200 day moving average price of $16.77. Huntington Bancshares Incorporated has a fifty-two week low of $14.89 and a fifty-two week high of $19.45. The company has a market capitalization of $32.68 billion, a PE ratio of 12.40, a price-to-earnings-growth ratio of 0.74 and a beta of 0.96. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.92 and a current ratio of 0.93.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last announced its earnings results on Thursday, April 23rd. The bank reported $0.37 EPS for the quarter, beating analysts' consensus estimates of $0.16 by $0.21. Huntington Bancshares had a return on equity of 11.42% and a net margin of 16.63%.The company had revenue of $2.59 billion during the quarter, compared to analysts' expectations of $2.57 billion. During the same period last year, the business posted $0.34 EPS. Research analysts expect that Huntington Bancshares Incorporated will post 1.62 earnings per share for the current year.

Huntington Bancshares Announces Dividend

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

Insiders Place Their Bets

In other Huntington Bancshares news, VP Scott D. Kleinman sold 65,530 shares of the stock in a transaction that occurred on 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 sale, the vice president directly owned 481,676 shares in the company, valued at $7,360,009.28. This represents a 11.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James D. Rollins III bought 3,029 shares of Huntington Bancshares stock in a transaction on Tuesday, April 28th. The shares were acquired at an average price of $21.05 per share, for a total transaction of $63,760.45. Following the completion of the acquisition, the director owned 9,500 shares in the company, valued at $199,975. This represents a 46.81% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 18,127 shares of company stock worth $343,888 in the last ninety days. 0.67% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on HBAN shares. DA Davidson lowered their price objective on Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating for the company in a research report on Monday, March 16th. Royal Bank Of Canada reduced their price objective on shares of Huntington Bancshares from $21.00 to $20.00 and set an "outperform" rating on the stock in a report on Tuesday, April 7th. JPMorgan Chase & Co. reduced their price objective on shares of Huntington Bancshares from $19.00 to $18.50 and set an "overweight" rating on the stock in a report on Thursday, April 30th. Barclays lowered shares of Huntington Bancshares from a "hold" rating to a "strong sell" rating in a report on Monday, April 20th. Finally, Morgan Stanley reduced their price objective on shares of Huntington Bancshares from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price 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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