Maxi Investments CY Ltd Buys Shares of 141,480 Huntington Bancshares Incorporated (NASDAQ:HBAN)

Key Points

• Maxi Investments CY Ltd has acquired a new stake in Huntington Bancshares Incorporated, purchasing 141,480 shares valued at approximately $2.12 million during the first quarter.
• Institutional ownership of Huntington Bancshares is high, with 80.72% of the stock held by institutional investors and hedge funds.
• The company's stock recently opened at $16.27, and it has a dividend yield of 3.8% with plans for a quarterly dividend payout scheduled for October 1st.

Maxi Investments CY Ltd purchased a new stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 141,480 shares of the bank's stock, valued at approximately $2,124,000.

Several other hedge funds have also added to or reduced their stakes in HBAN. Invesco Ltd. boosted its stake in shares of Huntington Bancshares by 4.6% in the 4th quarter. Invesco Ltd. now owns 52,599,986 shares of the bank's stock valued at $855,802,000 after purchasing an additional 2,310,502 shares during the last quarter. FMR LLC boosted its stake in Huntington Bancshares by 36.9% in the fourth quarter. FMR LLC now owns 32,479,039 shares of the bank's stock valued at $528,434,000 after acquiring an additional 8,759,871 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Huntington Bancshares by 9.2% during the 1st quarter. Victory Capital Management Inc. now owns 23,828,775 shares of the bank's stock worth $357,670,000 after acquiring an additional 2,003,683 shares during the period. Federated Hermes Inc. raised its position in shares of Huntington Bancshares by 2.5% during the 1st quarter. Federated Hermes Inc. now owns 20,103,485 shares of the bank's stock valued at $301,753,000 after acquiring an additional 498,182 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Huntington Bancshares by 18.4% in the 4th quarter. Northern Trust Corp now owns 14,422,723 shares of the bank's stock valued at $234,658,000 after purchasing an additional 2,241,926 shares during the period. Institutional investors own 80.72% of the company's stock.

Insider Activity

In related news, EVP Marcy C. Hingst sold 13,700 shares of the 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 of the company's stock, valued at $5,335,109.41. This represents a 3.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.89% of the company's stock.

Huntington Bancshares Price Performance

Shares of HBAN stock traded down $0.17 on Thursday, hitting $15.87. 23,780,706 shares of the company's stock were exchanged, compared to its average volume of 40,363,192. The company has a 50 day moving average of $16.47 and a 200 day moving average of $15.72. The stock has a market cap of $23.15 billion, a P/E ratio of 11.76, a price-to-earnings-growth ratio of 0.82 and a beta of 0.93. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.89 and a quick ratio of 0.89. Huntington Bancshares Incorporated has a 12 month low of $11.91 and a 12 month high of $18.44.

Huntington Bancshares announced that its Board of Directors has authorized a share repurchase program on Thursday, April 17th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the bank to reacquire up to 5% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Huntington Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Wednesday, September 17th will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Wednesday, September 17th. This represents a $0.62 annualized dividend and a dividend yield of 3.9%. Huntington Bancshares's payout ratio is 45.93%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on HBAN shares. Cowen started coverage on Huntington Bancshares in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Truist Financial increased their price target on shares of Huntington Bancshares from $18.00 to $19.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Stephens restated an "equal weight" rating and set a $16.50 price objective on shares of Huntington Bancshares in a report on Monday, April 21st. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $21.00 target price (up previously from $18.00) on shares of Huntington Bancshares in a research note on Tuesday, July 8th. Finally, Wolfe Research raised shares of Huntington Bancshares from a "peer perform" rating to an "outperform" rating and set a $21.00 price target on the stock in a research report on Thursday, July 3rd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Huntington Bancshares has a consensus rating of "Moderate Buy" and an average target price of $18.68.

Huntington Bancshares 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.