Neo Ivy Capital Management Sells 77,949 Shares of Huntington Bancshares Incorporated (NASDAQ:HBAN)

Key Points

• Neo Ivy Capital Management has decreased its stake in Huntington Bancshares by 67.5%, selling 77,949 shares and reducing its holdings to 37,464 shares valued at approximately $562,000.
• Analysts have revised price targets for Huntington Bancshares, with JPMorgan Chase & Co. lowering its target from $18.50 to $16.00, while Wolfe Research raised the rating to "outperform" with a target of $21.00.
• Huntington Bancshares announced a quarterly dividend of $0.155 per share, representing an annualized yield of 3.68%, with a share buyback program authorized to repurchase $1 billion in stock.

Neo Ivy Capital Management lowered its holdings in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 67.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 37,464 shares of the bank's stock after selling 77,949 shares during the period. Neo Ivy Capital Management's holdings in Huntington Bancshares were worth $562,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Winch Advisory Services LLC boosted its position in Huntington Bancshares by 18.3% during the first quarter. Winch Advisory Services LLC now owns 4,579 shares of the bank's stock valued at $69,000 after acquiring an additional 709 shares during the last quarter. CreativeOne Wealth LLC lifted its stake in Huntington Bancshares by 4.0% in the fourth quarter. CreativeOne Wealth LLC now owns 20,019 shares of the bank's stock valued at $326,000 after buying an additional 762 shares during the period. First Horizon Advisors Inc. boosted its holdings in shares of Huntington Bancshares by 5.5% during the 1st quarter. First Horizon Advisors Inc. now owns 16,073 shares of the bank's stock worth $241,000 after buying an additional 844 shares in the last quarter. NorthCrest Asset Manangement LLC increased its stake in shares of Huntington Bancshares by 7.7% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 12,013 shares of the bank's stock valued at $195,000 after acquiring an additional 856 shares in the last quarter. Finally, Keudell Morrison Wealth Management increased its stake in shares of Huntington Bancshares by 5.2% in the 1st quarter. Keudell Morrison Wealth Management now owns 17,509 shares of the bank's stock valued at $263,000 after acquiring an additional 858 shares in the last quarter. Institutional investors and hedge funds own 80.72% of the company's stock.

Insider Buying and Selling

In other news, insider Helga Houston sold 42,345 shares of the business's stock in a transaction on 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 transaction, the insider directly owned 592,119 shares in the company, valued at $8,715,991.68. The trade was a 6.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Marcy C. Hingst sold 13,700 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $15.79, for a total value of $216,323.00. Following the completion of the sale, the executive vice president owned 337,879 shares in the company, 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. Corporate insiders own 0.89% of the company's stock.

Huntington Bancshares Stock Performance

HBAN stock traded up $0.13 during midday trading on Wednesday, reaching $16.88. 11,108,364 shares of the company's stock traded hands, compared to its average volume of 25,268,469. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.89 and a current ratio of 0.89. Huntington Bancshares Incorporated has a 52 week low of $11.91 and a 52 week high of $18.44. The firm has a market capitalization of $24.65 billion, a PE ratio of 12.50, a price-to-earnings-growth ratio of 0.85 and a beta of 0.93. The company has a 50-day moving average price of $16.37 and a two-hundred day moving average price of $15.74.

Huntington Bancshares announced that its board has initiated a share repurchase program on Thursday, April 17th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes 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 board believes its stock is undervalued.

Huntington Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Wednesday, September 17th will be paid a dividend of $0.155 per share. The ex-dividend date is Wednesday, September 17th. This represents a $0.62 annualized dividend and a yield of 3.67%. Huntington Bancshares's dividend payout ratio is currently 45.93%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Wall Street Zen lowered Huntington Bancshares from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. Deutsche Bank Aktiengesellschaft raised shares of Huntington Bancshares from a "hold" rating to a "buy" rating and set a $17.50 price target for the company in a research report on Thursday, April 24th. Wolfe Research upgraded shares of Huntington Bancshares from a "peer perform" rating to an "outperform" rating and set a $21.00 price objective on the stock in a report on Thursday, July 3rd. Stephens reaffirmed an "equal weight" rating and issued a $16.50 price target on shares of Huntington Bancshares in a research report on Monday, April 21st. Finally, Royal Bank Of Canada decreased their price objective on Huntington Bancshares from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Monday, April 21st. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $18.68.

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.