Merit Financial Group LLC increased its position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 212.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 76,255 shares of the bank's stock after buying an additional 51,851 shares during the period. Merit Financial Group LLC's holdings in Huntington Bancshares were worth $1,145,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Huntington Bancshares by 3.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 64,926,419 shares of the bank's stock valued at $1,056,353,000 after purchasing an additional 2,218,020 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Huntington Bancshares by 4.6% in the fourth 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 increased its holdings in shares of 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 purchasing an additional 8,759,871 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Huntington Bancshares by 7.4% in the fourth quarter. Victory Capital Management Inc. now owns 21,825,092 shares of the bank's stock valued at $355,094,000 after purchasing an additional 1,506,606 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Huntington Bancshares in the fourth quarter valued at $302,826,000. 80.72% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft raised shares of Huntington Bancshares from a "hold" rating to a "buy" rating and set a $17.50 target price for the company in a research report on Thursday, April 24th. Raymond James reissued a "strong-buy" rating and issued a $18.00 target price (down previously from $20.00) on shares of Huntington Bancshares in a research report on Monday, April 21st. Truist Financial reduced their target price on shares of Huntington Bancshares from $21.00 to $17.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. TD Cowen assumed coverage on shares of Huntington Bancshares in a research report on Thursday, May 15th. They issued a "buy" rating and a $20.00 target price for the company. Finally, JPMorgan Chase & Co. reduced their target price on shares of Huntington Bancshares from $18.50 to $16.00 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $17.83.
Check Out Our Latest Stock Report on HBAN
Insider Activity at Huntington Bancshares
In other Huntington Bancshares news, insider Helga Houston sold 42,345 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $14.72, for a total transaction of $623,318.40. Following the completion of the sale, the insider now directly owns 592,119 shares of the company's stock, valued at approximately $8,715,991.68. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Zachary Jacob Wasserman sold 38,451 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $14.38, for a total transaction of $552,925.38. Following the sale, the chief financial officer now directly owns 335,538 shares of the company's stock, valued at approximately $4,825,036.44. The trade was a 10.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 312,456 shares of company stock valued at $4,464,105 over the last 90 days. 0.89% of the stock is owned by corporate insiders.
Huntington Bancshares Stock Performance
Shares of NASDAQ:HBAN traded down $0.22 during trading on Wednesday, hitting $16.09. The company's stock had a trading volume of 51,731,537 shares, compared to its average volume of 18,520,646. The company has a 50-day moving average of $14.83 and a 200-day moving average of $15.81. Huntington Bancshares Incorporated has a 12 month low of $11.92 and a 12 month high of $18.45. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.89 and a quick ratio of 0.88. The firm has a market cap of $23.50 billion, a price-to-earnings ratio of 13.08, a P/E/G ratio of 1.33 and a beta of 0.92.
Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last released its earnings results on Thursday, April 17th. The bank reported $0.34 EPS for the quarter, topping analysts' consensus estimates of $0.31 by $0.03. Huntington Bancshares had a net margin of 16.23% and a return on equity of 11.23%. The company had revenue of $1.94 billion for the quarter, compared to analysts' expectations of $1.89 billion. During the same quarter last year, the business earned $0.27 EPS. On average, sell-side analysts expect that Huntington Bancshares Incorporated will post 1.39 earnings per share for the current year.
Huntington Bancshares Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th will be paid a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date is Tuesday, June 17th. Huntington Bancshares's payout ratio is 47.33%.
Huntington Bancshares declared that its board has initiated a share repurchase 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 a sign that the company's management believes its stock is undervalued.
Huntington Bancshares Profile
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Free Report)
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.
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