M&T Bank Corp Acquires 18,976 Shares of Huntington Bancshares Incorporated (NASDAQ:HBAN)

M&T Bank Corp boosted its stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 31.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 78,718 shares of the bank's stock after purchasing an additional 18,976 shares during the period. M&T Bank Corp's holdings in Huntington Bancshares were worth $1,182,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Huntington Bancshares in the 4th quarter valued at $302,826,000. FMR LLC lifted its stake in shares of Huntington Bancshares by 36.9% in the 4th quarter. FMR LLC now owns 32,479,039 shares of the bank's stock worth $528,434,000 after acquiring an additional 8,759,871 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Huntington Bancshares by 126.6% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 7,048,773 shares of the bank's stock worth $114,684,000 after buying an additional 3,938,769 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. raised its stake in Huntington Bancshares by 356.1% in the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 4,432,186 shares of the bank's stock valued at $72,112,000 after purchasing an additional 3,460,328 shares during the last quarter. Finally, National Bank of Canada FI increased its holdings in shares of Huntington Bancshares by 220.9% during the 4th quarter. National Bank of Canada FI now owns 3,666,949 shares of the bank's stock worth $59,661,000 after buying an additional 2,524,077 shares during the last quarter. Institutional investors and hedge funds own 80.72% of the company's stock.

Insider Transactions at Huntington Bancshares

In related news, VP Brantley J. Standridge sold 70,417 shares of the firm's stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $13.69, for a total value of $964,008.73. Following the completion of the sale, the vice president directly owned 326,456 shares in the company, valued at approximately $4,469,182.64. This trade represents a 17.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kendall A. Kowalski sold 25,419 shares of the business's stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $13.68, for a total value of $347,731.92. Following the sale, the insider owned 70,281 shares of the company's stock, valued at approximately $961,444.08. This represents a 26.56% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 214,375 shares of company stock valued at $3,049,277. Corporate insiders own 0.89% of the company's stock.

Huntington Bancshares Stock Performance

Huntington Bancshares stock traded down $0.32 during mid-day trading on Monday, hitting $17.07. 69,006,028 shares of the company's stock traded hands, compared to its average volume of 23,786,502. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.98. The firm has a 50 day moving average price of $16.10 and a 200 day moving average price of $15.70. Huntington Bancshares Incorporated has a one year low of $11.91 and a one year high of $18.44. The company has a market cap of $24.94 billion, a PE ratio of 13.03, a price-to-earnings-growth ratio of 1.32 and a beta of 0.93.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The bank reported $0.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.31 by $0.03. Huntington Bancshares had a net margin of 16.94% and a return on equity of 11.44%. The firm had revenue of $1.94 billion during the quarter, compared to analysts' expectations of $1.89 billion. During the same period in the prior year, the company posted $0.27 earnings per share. On average, equities analysts forecast that Huntington Bancshares Incorporated will post 1.39 EPS for the current year.

Huntington Bancshares announced that its board has authorized a stock buyback plan 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 shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

Huntington Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th were given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend was Tuesday, June 17th. Huntington Bancshares's dividend payout ratio is 47.33%.

Analyst Ratings Changes

A number of brokerages recently issued reports on HBAN. Truist Financial increased their price objective on Huntington Bancshares from $18.00 to $19.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Wolfe Research raised shares of Huntington Bancshares from a "peer perform" rating to an "outperform" rating and set a $21.00 price target for the company in a report on Thursday, July 3rd. JPMorgan Chase & Co. dropped their price target on shares of Huntington Bancshares from $18.50 to $16.00 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Argus set a $17.00 price target on shares of Huntington Bancshares in a research note on Friday, April 25th. Finally, Citigroup lifted their target price on Huntington Bancshares from $19.00 to $20.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $18.48.

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.