Measured Wealth Private Client Group LLC Invests $338,000 in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Key Points

• Measured Wealth Private Client Group LLC acquired a new stake in Huntington Bancshares, purchasing 22,514 shares valued at approximately $338,000 in the 1st quarter.
• The bank announced a $1 billion share buyback plan and a quarterly dividend of $0.155 per share, which represents a yield of 3.9%.
• Huntington Bancshares received positive ratings from several analysts, with a consensus price target of $18.68, indicating a generally favorable outlook for the stock.

Measured Wealth Private Client Group LLC acquired a new position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 22,514 shares of the bank's stock, valued at approximately $338,000.

A number of other large investors have also modified their holdings of the stock. FIL Ltd grew its stake in shares of Huntington Bancshares by 91.3% during the fourth quarter. FIL Ltd now owns 49,833 shares of the bank's stock worth $811,000 after purchasing an additional 23,786 shares in the last quarter. APG Asset Management N.V. acquired a new position in shares of Huntington Bancshares during the fourth quarter worth $12,488,000. Treasurer of the State of North Carolina grew its stake in shares of Huntington Bancshares by 0.5% during the fourth quarter. Treasurer of the State of North Carolina now owns 651,842 shares of the bank's stock worth $10,605,000 after purchasing an additional 3,060 shares in the last quarter. Sterling Capital Management LLC grew its stake in shares of Huntington Bancshares by 33.0% during the fourth quarter. Sterling Capital Management LLC now owns 119,002 shares of the bank's stock worth $1,936,000 after purchasing an additional 29,509 shares in the last quarter. Finally, Rockefeller Capital Management L.P. grew its stake in shares of Huntington Bancshares by 24.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 161,067 shares of the bank's stock worth $2,618,000 after purchasing an additional 31,782 shares in the last quarter. Hedge funds and other institutional investors own 80.72% of the company's stock.

Huntington Bancshares Price Performance

Shares of HBAN stock traded up $0.18 during midday trading on Wednesday, reaching $16.65. 15,336,795 shares of the company traded hands, compared to its average volume of 25,687,195. The firm's 50 day simple moving average is $16.50 and its two-hundred day simple moving average is $15.69. Huntington Bancshares Incorporated has a 1-year low of $11.91 and a 1-year high of $18.44. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market cap of $24.28 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 0.82 and a beta of 0.93.

Huntington Bancshares declared that its Board of Directors has authorized a share buyback program on Thursday, April 17th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the bank to purchase up to 5% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board of directors 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. Stockholders of record on Wednesday, September 17th will be given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Wednesday, September 17th. Huntington Bancshares's dividend payout ratio (DPR) is presently 45.93%.

Insider Activity

In other news, EVP Marcy C. Hingst sold 13,700 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $15.79, for a total transaction of $216,323.00. Following the completion of the transaction, the executive vice president directly owned 337,879 shares of the company's stock, valued at $5,335,109.41. This trade represents a 3.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.89% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on HBAN. Jefferies Financial Group began coverage on shares of Huntington Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $20.00 target price for the company. Raymond James Financial restated a "strong-buy" rating and issued a $21.00 price objective (up previously from $18.00) on shares of Huntington Bancshares in a research note on Tuesday, July 8th. Argus set a $17.00 price objective on shares of Huntington Bancshares in a research note on Friday, April 25th. Keefe, Bruyette & Woods decreased their price objective on shares of Huntington Bancshares from $18.00 to $17.00 and set a "market perform" rating for the company in a research note on Monday, April 21st. Finally, Truist Financial upped their price objective on shares of Huntington Bancshares from $18.00 to $19.00 and gave the company a "buy" rating in a research note on Friday, June 13th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.68.

Huntington Bancshares Company 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.