Munich Reinsurance Co Stock Corp in Munich Increases Stake in Huntington Bancshares Incorporated $HBAN

Key Points

• Munich Reinsurance increased its stake in Huntington Bancshares by 18.9% in Q1, buying 794,347 more shares and bringing its holdings to about 4.99 million shares worth roughly $78.1 million.
• Wall Street sentiment is moderately positive: analysts’ consensus rating is “Moderate Buy” with a $20.25 average price target, though recent ratings have been mixed.
• Huntington reported better-than-expected quarterly earnings of $0.37 per share on revenue of $2.59 billion, and it also paid a quarterly dividend of $0.155 per share, implying a 3.6% yield.

Munich Reinsurance Co Stock Corp in Munich increased its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 18.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,992,023 shares of the bank's stock after buying an additional 794,347 shares during the period. Huntington Bancshares accounts for 1.9% of Munich Reinsurance Co Stock Corp in Munich's portfolio, making the stock its 16th largest position. Munich Reinsurance Co Stock Corp in Munich owned approximately 0.25% of Huntington Bancshares worth $78,125,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. MV Capital Management Inc. purchased a new position in shares of Huntington Bancshares during the 4th quarter worth approximately $25,000. Palisade Asset Management LLC purchased a new position in shares of Huntington Bancshares in the 3rd quarter valued at approximately $26,000. South Plains Financial Inc. boosted its position in shares of Huntington Bancshares by 116.3% during the third quarter. South Plains Financial Inc. now owns 1,536 shares of the bank's stock valued at $27,000 after purchasing an additional 826 shares in the last quarter. Centennial Bank AR bought a new stake in shares of Huntington Bancshares during the fourth quarter valued at approximately $28,000. Finally, DV Equities LLC purchased a new stake in Huntington Bancshares in the fourth quarter worth $38,000. 80.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on HBAN. Royal Bank Of Canada boosted their target price on shares of Huntington Bancshares from $20.00 to $21.00 and gave the company an "outperform" rating in a report on Wednesday, July 1st. Wall Street Zen raised shares of Huntington Bancshares from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Barclays cut shares of Huntington Bancshares from a "hold" rating to a "strong sell" rating in a report on Monday, April 20th. Piper Sandler upgraded shares of Huntington Bancshares from a "strong sell" rating to a "hold" rating and set a $18.00 target price for the company in a report on Thursday, April 23rd. Finally, Stephens started coverage on Huntington Bancshares in a research report on Monday, June 15th. They set an "equal weight" rating and a $19.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.25.

Insider Activity

In other news, Director James D. Rollins III sold 223,522 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $17.35, for a total value of $3,878,106.70. Following the transaction, the director owned 612,155 shares in the company, valued at $10,620,889.25. This represents a 26.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Marcy C. Hingst sold 10,568 shares of the firm's stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $18.00, for a total transaction of $190,224.00. Following the completion of the transaction, the executive vice president directly owned 267,859 shares in the company, valued at approximately $4,821,462. The trade was a 3.80% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders acquired 33,500 shares of company stock worth $617,542 over the last three months. Insiders own 0.67% of the company's stock.

Huntington Bancshares Stock Down 3.1%

HBAN stock opened at $17.46 on Thursday. The stock has a market capitalization of $35.39 billion, a P/E ratio of 13.43, a P/E/G ratio of 0.82 and a beta of 0.93. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.92. Huntington Bancshares Incorporated has a 1-year low of $14.89 and a 1-year high of $19.45. The business has a fifty day moving average price of $16.67 and a 200-day moving average price of $16.90.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $0.37 EPS for the quarter, beating the consensus estimate of $0.16 by $0.21. The company had revenue of $2.59 billion for the quarter, compared to analysts' expectations of $2.57 billion. Huntington Bancshares had a return on equity of 11.42% and a net margin of 16.63%.During the same period last year, the firm posted $0.34 earnings per share. Equities analysts forecast that Huntington Bancshares Incorporated will post 1.62 earnings per share for the current fiscal year.

Huntington Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th were issued a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Wednesday, June 17th. Huntington Bancshares's dividend payout ratio is presently 47.69%.

Huntington Bancshares Profile

Huntington Bancshares Incorporated NASDAQ: HBAN is a bank holding company headquartered in Columbus, Ohio, that provides a broad range of banking and financial services through its principal subsidiary, Huntington National Bank. The company's operations are centered on retail and commercial banking, and it serves individual consumers, small and middle-market businesses, and institutional customers.

Huntington's product offerings include traditional deposit and lending products, consumer and commercial loans, mortgage origination and servicing, auto financing, and business banking solutions.

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