Korea Investment CORP Acquires 2,035,351 Shares of Huntington Bancshares Incorporated $HBAN

Key Points

• Korea Investment CORP increased its stake in Huntington Bancshares by 107.2%, buying an additional 2,035,351 shares to hold 3,933,919 shares (about 0.27% of the company) valued at roughly $67.94 million.
• Analysts hold a consensus "Moderate Buy" on HBAN with an average price target of $20.78, and several firms recently raised targets or ratings (e.g., Raymond James to $21/"strong-buy"; Evercore initiated at $21/"outperform").
• Huntington declared a quarterly dividend of $0.155 (annualized $0.62) representing a ~3.8% yield, while it slightly missed quarterly EPS expectations at $0.37 vs. $0.40.

Korea Investment CORP grew its stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 107.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,933,919 shares of the bank's stock after purchasing an additional 2,035,351 shares during the quarter. Korea Investment CORP owned approximately 0.27% of Huntington Bancshares worth $67,939,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. MTM Investment Management LLC bought a new stake in Huntington Bancshares during the 2nd quarter valued at about $25,000. Accredited Wealth Management LLC grew its stake in Huntington Bancshares by 374.5% in the 3rd quarter. Accredited Wealth Management LLC now owns 1,675 shares of the bank's stock worth $29,000 after acquiring an additional 1,322 shares in the last quarter. Grey Fox Wealth Advisors LLC bought a new position in Huntington Bancshares in the 3rd quarter worth about $31,000. AlphaCore Capital LLC purchased a new position in shares of Huntington Bancshares during the third quarter worth approximately $33,000. Finally, First Horizon Corp purchased a new position in shares of Huntington Bancshares during the third quarter worth approximately $36,000. 80.72% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Huntington Bancshares

In related news, EVP Marcy C. Hingst sold 12,832 shares of the business's stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $18.00, for a total transaction of $230,976.00. Following the transaction, the executive vice president directly owned 239,473 shares in the company, valued at $4,310,514. The trade was a 5.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Amit Dhingra sold 10,000 shares of the company's stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $18.50, for a total value of $185,000.00. Following the transaction, the insider directly owned 155,634 shares in the company, valued at $2,879,229. This represents a 6.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders acquired 26,488 shares of company stock valued at $510,286 and sold 50,145 shares valued at $929,885. Company insiders own 0.89% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on HBAN. Argus boosted their price target on Huntington Bancshares from $19.00 to $20.00 and gave the company a "buy" rating in a report on Wednesday, January 28th. Wall Street Zen downgraded Huntington Bancshares from a "hold" rating to a "sell" rating in a report on Saturday, November 15th. Piper Sandler upped their target price on Huntington Bancshares from $16.00 to $17.00 and gave the stock an "underweight" rating in a report on Thursday, January 22nd. Raymond James Financial increased their price target on Huntington Bancshares from $20.00 to $21.00 and gave the stock a "strong-buy" rating in a research report on Friday, January 23rd. Finally, Evercore began coverage on Huntington Bancshares in a research note on Tuesday, February 3rd. They set an "outperform" rating and a $21.00 price target on the stock. One 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 issued a Sell rating to the stock. According to data from MarketBeat, Huntington Bancshares has a consensus rating of "Moderate Buy" and an average price target of $20.78.

Huntington Bancshares Stock Performance

HBAN stock opened at $16.31 on Monday. Huntington Bancshares Incorporated has a one year low of $11.91 and a one year high of $19.45. The firm has a market cap of $33.11 billion, a price-to-earnings ratio of 11.73, a PEG ratio of 0.66 and a beta of 0.95. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a 50-day simple moving average of $17.70 and a two-hundred day simple moving average of $17.08.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $0.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.40 by ($0.03). The firm had revenue of $2.19 billion during the quarter, compared to analysts' expectations of $2.21 billion. Huntington Bancshares had a return on equity of 11.98% and a net margin of 17.71%.During the same period in the previous year, the firm earned $0.34 EPS. On average, equities analysts forecast that Huntington Bancshares Incorporated will post 1.39 EPS for the current fiscal year.

Huntington Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Wednesday, March 18th will be given a dividend of $0.155 per share. The ex-dividend date of this dividend is Wednesday, March 18th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.8%. Huntington Bancshares's dividend payout ratio is presently 44.60%.

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.

Want to see what other hedge funds are holding HBAN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.