Los Angeles Capital Management LLC Sells 127,264 Shares of Huntington Bancshares Incorporated $HBAN

Key Points

• Los Angeles Capital Management cut its Huntington Bancshares stake by 38.2% in the fourth quarter, selling 127,264 shares and leaving it with 206,247 shares worth about $3.58 million.
• Institutional ownership remains high, with hedge funds and other investors controlling 80.72% of the stock; several firms, including Vanguard and Norges Bank, also made large position changes.
• Huntington posted solid quarterly results, beating EPS estimates at $0.37 per share versus $0.16 expected, and it announced a quarterly dividend of $0.155 per share, implying a 3.7% yield.

Los Angeles Capital Management LLC lowered its holdings in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 38.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 206,247 shares of the bank's stock after selling 127,264 shares during the quarter. Los Angeles Capital Management LLC's holdings in Huntington Bancshares were worth $3,578,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of HBAN. Norges Bank bought a new position in shares of Huntington Bancshares during the 4th quarter valued at $432,584,000. Vanguard Group Inc. raised its holdings in Huntington Bancshares by 8.1% in the 4th quarter. Vanguard Group Inc. now owns 191,319,041 shares of the bank's stock worth $3,319,385,000 after acquiring an additional 14,338,222 shares during the period. Junto Capital Management LP bought a new position in Huntington Bancshares in the 3rd quarter worth $85,690,000. Victory Capital Management Inc. raised its holdings in Huntington Bancshares by 15.7% in the 3rd quarter. Victory Capital Management Inc. now owns 34,230,988 shares of the bank's stock worth $594,054,000 after acquiring an additional 4,640,302 shares during the period. Finally, Munich Reinsurance Co Stock Corp in Munich bought a new position in Huntington Bancshares in the 4th quarter worth $73,333,000. Institutional investors own 80.72% of the company's stock.

Huntington Bancshares Stock Performance

NASDAQ:HBAN opened at $16.82 on Wednesday. The firm's 50-day moving average is $16.19 and its 200-day moving average is $16.81. Huntington Bancshares Incorporated has a 52-week low of $14.89 and a 52-week high of $19.45. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.92 and a current ratio of 0.93. The company has a market cap of $34.10 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 0.75 and a beta of 0.94.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $0.37 earnings per share (EPS) 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 company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.57 billion. During the same quarter in the previous year, the firm posted $0.34 EPS. Equities research analysts anticipate that Huntington Bancshares Incorporated will post 1.61 earnings per share for the current year.

Huntington Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th will be issued a dividend of $0.155 per share. The ex-dividend date is Wednesday, June 17th. This represents a $0.62 annualized dividend and a dividend yield of 3.7%. Huntington Bancshares's payout ratio is presently 47.69%.

Insider Transactions at Huntington Bancshares

In other news, VP Scott D. Kleinman sold 65,530 shares of the business'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 transaction, the vice president owned 481,676 shares in the company, valued at approximately $7,360,009.28. The trade was a 11.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Prashant Nateri sold 10,171 shares of Huntington Bancshares stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $15.50, for a total transaction of $157,650.50. Following the sale, the insider owned 83,819 shares in the company, valued at approximately $1,299,194.50. This trade represents a 10.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have purchased 33,500 shares of company stock worth $617,542. 0.67% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on HBAN shares. Jefferies Financial Group lifted their target price on shares of Huntington Bancshares from $19.00 to $20.00 and gave the stock a "buy" rating in a report on Friday, April 24th. Piper Sandler upgraded shares of Huntington Bancshares from a "strong sell" rating to a "hold" rating and set a $18.00 target price on the stock in a report on Thursday, April 23rd. Wolfe Research dropped their target price on shares of Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating on the stock in a report on Wednesday, April 1st. Royal Bank Of Canada dropped their target price 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. Finally, Evercore dropped their target price on shares of Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating on the stock in a report on Monday, April 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company 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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