Mitsubishi UFJ Asset Management Co. Ltd. Has $38.28 Million Holdings in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Huntington Bancshares by 13%, acquiring an additional 292,741 shares, bringing its total holdings to 2,550,515 shares valued at approximately $38.28 million.
• Huntington Bancshares has approved a $1 billion stock buyback program and declared a quarterly dividend of $0.155, indicating confidence in the stock's valuation and providing returns to shareholders.
• Analysts have generally positive ratings for Huntington Bancshares, with a consensus rating of "Moderate Buy" and an average price target of $18.68, reflecting optimistic sentiment regarding the stock's future performance.

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 13.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,550,515 shares of the bank's stock after purchasing an additional 292,741 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.17% of Huntington Bancshares worth $38,283,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of HBAN. Deutsche Bank AG raised its holdings in shares of Huntington Bancshares by 47.7% during the 1st quarter. Deutsche Bank AG now owns 8,870,393 shares of the bank's stock valued at $133,145,000 after buying an additional 2,865,727 shares during the period. ASR Vermogensbeheer N.V. purchased a new stake in shares of Huntington Bancshares during the 1st quarter valued at about $4,557,000. Greykasell Wealth Strategies Inc. purchased a new stake in shares of Huntington Bancshares during the 1st quarter valued at about $66,000. Vanguard Group Inc. raised its holdings in shares of Huntington Bancshares by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 173,956,974 shares of the bank's stock valued at $2,611,094,000 after buying an additional 978,565 shares during the period. Finally, West Michigan Advisors LLC increased its holdings in Huntington Bancshares by 1.3% during the 1st quarter. West Michigan Advisors LLC now owns 356,346 shares of the bank's stock worth $5,404,000 after purchasing an additional 4,502 shares during the last quarter. 80.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

HBAN has been the topic of several analyst reports. Citigroup lifted their price objective on Huntington Bancshares from $19.00 to $20.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Wall Street Zen downgraded Huntington Bancshares from a "hold" rating to a "sell" rating in a report on Sunday, July 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. TD Cowen began coverage on Huntington Bancshares in a report on Thursday, May 15th. They issued a "buy" rating and a $20.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft upgraded Huntington Bancshares from a "hold" rating to a "buy" rating and set a $17.50 price target for the company in a report on Thursday, April 24th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Huntington Bancshares currently has an average rating of "Moderate Buy" and an average price target of $18.68.

Insider Buying and Selling at Huntington Bancshares

In other news, EVP Marcy C. Hingst sold 13,700 shares of the company's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $15.79, for a total value of $216,323.00. Following the transaction, the executive vice president owned 337,879 shares in the company, 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. 0.89% of the stock is owned by corporate insiders.

Huntington Bancshares Trading Up 1.5%

Shares of Huntington Bancshares stock traded up $0.26 on Wednesday, reaching $16.73. 23,035,544 shares of the company were exchanged, compared to its average volume of 25,710,668. The stock has a fifty day moving average price of $16.50 and a 200-day moving average price of $15.69. The firm has a market capitalization of $24.40 billion, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 0.82 and a beta of 0.93. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.92. Huntington Bancshares Incorporated has a fifty-two week low of $11.91 and a fifty-two week high of $18.44.

Huntington Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 17th will be issued a $0.155 dividend. The ex-dividend date is Wednesday, September 17th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.7%. Huntington Bancshares's dividend payout ratio is currently 45.93%.

Huntington Bancshares declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 17th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the bank to reacquire up to 5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

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.