New York State Teachers Retirement System Buys 555,527 Shares of Huntington Bancshares Incorporated $HBAN

Key Points

• New York State Teachers Retirement System boosted its Huntington Bancshares stake by 45.2% in the first quarter, buying 555,527 shares and bringing its total holding to 1,784,227 shares valued at about $27.9 million.
• Huntington Bancshares reported better-than-expected first-quarter earnings of $0.37 per share versus $0.16 expected, while revenue came in slightly ahead of estimates at $2.59 billion.
• The company recently paid a quarterly dividend of $0.155 per share, equal to an annualized yield of about 3.5%, even as some insiders sold shares and analysts maintained a consensus Moderate Buy rating.

New York State Teachers Retirement System grew its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 45.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,784,227 shares of the bank's stock after buying an additional 555,527 shares during the period. New York State Teachers Retirement System owned approximately 0.09% of Huntington Bancshares worth $27,923,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in HBAN. Private Advisor Group LLC raised its stake in shares of Huntington Bancshares by 7.8% in the 1st quarter. Private Advisor Group LLC now owns 50,158 shares of the bank's stock valued at $785,000 after acquiring an additional 3,631 shares in the last quarter. Y Intercept Hong Kong Ltd lifted its holdings in Huntington Bancshares by 1.8% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 810,061 shares of the bank's stock worth $12,677,000 after purchasing an additional 14,591 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in Huntington Bancshares by 169.9% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 512,713 shares of the bank's stock worth $8,024,000 after purchasing an additional 322,750 shares during the period. Elevation Point Wealth Partners LLC boosted its position in Huntington Bancshares by 360.6% during the first quarter. Elevation Point Wealth Partners LLC now owns 68,926 shares of the bank's stock worth $1,082,000 after purchasing an additional 53,962 shares during the period. Finally, Platform Technology Partners acquired a new position in Huntington Bancshares during the first quarter valued at approximately $309,000. Institutional investors own 80.72% of the company's stock.

Huntington Bancshares Stock Performance

Shares of NASDAQ HBAN opened at $17.86 on Friday. Huntington Bancshares Incorporated has a 12 month low of $14.89 and a 12 month high of $19.45. The company has a market cap of $36.20 billion, a P/E ratio of 13.74, a P/E/G ratio of 0.81 and a beta of 0.93. The business's 50 day moving average is $16.60 and its two-hundred day moving average is $16.90. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.73.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.21. The company had revenue of $2.59 billion during 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 in the prior year, the business earned $0.34 earnings per share. On average, equities analysts expect that Huntington Bancshares Incorporated will post 1.62 EPS for the current year.

Huntington Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Wednesday, June 17th were issued a $0.155 dividend. The ex-dividend date of this dividend was Wednesday, June 17th. This represents a $0.62 dividend on an annualized basis and a yield of 3.5%. Huntington Bancshares's dividend payout ratio is 47.69%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on HBAN shares. Piper Sandler raised shares of Huntington Bancshares from a "strong sell" rating to a "hold" rating and set a $18.00 price target on the stock in a research report on Thursday, April 23rd. Wall Street Zen raised shares of Huntington Bancshares from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. The Goldman Sachs Group lowered their target price on shares of Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, April 6th. Stephens began coverage on shares of Huntington Bancshares in a report on Monday, June 15th. They issued an "equal weight" rating and a $19.00 target price on the stock. Finally, Barclays lowered shares of Huntington Bancshares from a "hold" rating to a "strong sell" rating in a research report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $20.15.

Huntington Bancshares Company 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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