Navellier & Associates Inc. Makes New $372,000 Investment in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Key Points

• Navellier & Associates Inc. recently acquired a new position in Huntington Bancshares, purchasing 24,778 shares valued at approximately $372,000.
• The company has authorized a $1.00 billion stock repurchase program, indicating that its board believes the stock is undervalued.
• Huntington Bancshares declared a quarterly dividend of $0.155 per share, representing an annualized yield of 3.68%, with a payout ratio of 45.93%.

Navellier & Associates Inc. bought a new position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 24,778 shares of the bank's stock, valued at approximately $372,000.

Several other hedge funds have also recently bought and sold shares of HBAN. Invesco Ltd. increased its holdings in shares of Huntington Bancshares by 4.6% in the 4th quarter. Invesco Ltd. now owns 52,599,986 shares of the bank's stock valued at $855,802,000 after acquiring 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 4th quarter. FMR LLC now owns 32,479,039 shares of the bank's stock valued at $528,434,000 after acquiring an additional 8,759,871 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Huntington Bancshares by 9.2% in the 1st quarter. Victory Capital Management Inc. now owns 23,828,775 shares of the bank's stock valued at $357,670,000 after acquiring an additional 2,003,683 shares during the last quarter. Norges Bank purchased a new position in shares of Huntington Bancshares in the 4th quarter valued at about $302,826,000. Finally, Northern Trust Corp increased its holdings in shares of Huntington Bancshares by 18.4% in the 4th quarter. Northern Trust Corp now owns 14,422,723 shares of the bank's stock valued at $234,658,000 after acquiring an additional 2,241,926 shares during the last quarter. Institutional investors and hedge funds own 80.72% of the company's stock.

Huntington Bancshares Stock Up 0.7%

NASDAQ HBAN traded up $0.13 on Wednesday, hitting $16.88. 11,108,364 shares of the stock traded hands, compared to its average volume of 25,268,469. The company has a market capitalization of $24.65 billion, a P/E ratio of 12.50, a price-to-earnings-growth ratio of 0.85 and a beta of 0.93. The stock has a 50-day moving average of $16.37 and a 200 day moving average of $15.74. Huntington Bancshares Incorporated has a twelve month low of $11.91 and a twelve month high of $18.44. 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 Dividend Announcement

The business 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 dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 3.67%. The ex-dividend date is Wednesday, September 17th. Huntington Bancshares's dividend payout ratio (DPR) is presently 45.93%.

Huntington Bancshares declared that its board has approved a stock buyback program on Thursday, April 17th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the bank to repurchase up to 5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

HBAN has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft raised Huntington Bancshares from a "hold" rating to a "buy" rating and set a $17.50 price objective for the company in a research report on Thursday, April 24th. Citigroup raised their price target on Huntington Bancshares from $19.00 to $20.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. reduced their price target on Huntington Bancshares from $18.50 to $16.00 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Argus set a $17.00 price target on Huntington Bancshares in a report on Friday, April 25th. Finally, Truist Financial raised their price target on Huntington Bancshares from $18.00 to $19.00 and gave the company a "buy" rating in a report on Friday, June 13th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $18.68.

Insider Activity at Huntington Bancshares

In other news, insider Helga Houston sold 42,345 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $14.72, for a total transaction of $623,318.40. Following the completion of the transaction, the insider directly owned 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Marcy C. Hingst sold 13,700 shares of the stock in a transaction on Friday, June 13th. The shares were sold at an average price of $15.79, for a total value of $216,323.00. Following the sale, the executive vice president 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 disclosure for this sale can be found here. 0.89% of the stock is currently owned by corporate insiders.

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.