Nicholas Hoffman & Company LLC. Takes Position in Huntington Bancshares Incorporated $HBAN

Key Points

• Nicholas Hoffman & Company LLC opened a new position in Huntington Bancshares, buying 708,066 shares worth about $11.1 million in the first quarter. The stake now represents roughly 0.3% of its portfolio.
• Analysts have been increasingly positive on HBAN, with several firms raising price targets and the stock carrying a “Moderate Buy” consensus rating. The average price target is currently $20.25.
• Huntington Bancshares reported better-than-expected quarterly results, posting EPS of $0.37 versus the $0.16 estimate, and it recently paid a quarterly dividend of $0.155 per share, implying a 3.4% yield.

Nicholas Hoffman & Company LLC. purchased a new position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 708,066 shares of the bank's stock, valued at approximately $11,081,000. Huntington Bancshares comprises about 0.3% of Nicholas Hoffman & Company LLC.'s investment portfolio, making the stock its 23rd largest position.

Other institutional investors also recently bought and sold shares of the company. CIBC Asset Management Inc lifted its stake in shares of Huntington Bancshares by 24.5% in the fourth quarter. CIBC Asset Management Inc now owns 533,005 shares of the bank's stock worth $9,248,000 after buying an additional 104,965 shares in the last quarter. KBC Group NV raised its holdings in Huntington Bancshares by 16.3% in the 4th quarter. KBC Group NV now owns 2,820,816 shares of the bank's stock valued at $48,941,000 after acquiring an additional 395,489 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its stake in Huntington Bancshares by 688.9% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 86,478 shares of the bank's stock worth $1,500,000 after purchasing an additional 75,516 shares in the last quarter. Hsbc Holdings PLC lifted its stake in Huntington Bancshares by 25.4% in the 4th quarter. Hsbc Holdings PLC now owns 8,161,085 shares of the bank's stock worth $141,625,000 after purchasing an additional 1,652,464 shares in the last quarter. Finally, SageView Advisory Group LLC acquired a new position in shares of Huntington Bancshares during the 3rd quarter worth approximately $2,163,000. 80.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on HBAN. Wall Street Zen upgraded Huntington Bancshares from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Morgan Stanley raised their target price on Huntington Bancshares from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Monday, June 29th. Royal Bank Of Canada lifted their price target on Huntington Bancshares from $20.00 to $21.00 and gave the stock an "outperform" rating in a report on Wednesday, July 1st. 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. Finally, JPMorgan Chase & Co. raised their price objective on shares of Huntington Bancshares from $18.50 to $19.50 and gave the stock an "overweight" rating in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $20.25.

Insiders Place Their Bets

In related news, Director James D. Rollins III sold 223,522 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $17.35, for a total transaction of $3,878,106.70. Following the completion of the transaction, the director directly owned 612,155 shares in the company, valued at $10,620,889.25. This trade represents a 26.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Marcy C. Hingst sold 10,568 shares of Huntington Bancshares 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 transaction, the executive vice president directly owned 267,859 shares of the company's stock, valued at approximately $4,821,462. This represents a 3.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders bought 33,500 shares of company stock valued at $617,542 over the last ninety days. Insiders own 0.67% of the company's stock.

Huntington Bancshares Trading Up 0.7%

Shares of HBAN stock opened at $18.01 on Wednesday. Huntington Bancshares Incorporated has a 1-year low of $14.89 and a 1-year high of $19.45. The firm has a market cap of $36.51 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 0.81 and a beta of 0.93. The company has a 50-day moving average of $16.65 and a two-hundred day moving average of $16.90. 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 (NASDAQ:HBAN - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $0.37 EPS for the quarter, topping the consensus estimate of $0.16 by $0.21. Huntington Bancshares had a net margin of 16.63% and a return on equity of 11.42%. The firm had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.57 billion. During the same period in the prior year, the business posted $0.34 EPS. On average, analysts predict that Huntington Bancshares Incorporated will post 1.62 EPS for the current year.

Huntington Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th were given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Wednesday, June 17th. Huntington Bancshares's dividend payout ratio (DPR) is currently 47.69%.

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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