Nuveen LLC Makes New Investment in Huntington Bancshares Incorporated $HBAN

Key Points

• Nuveen LLC acquired a new stake in Huntington Bancshares, purchasing 3,336,281 shares valued at approximately $50 million, representing about 0.23% ownership of the bank.
• Huntington Bancshares has recently authorized a $1 billion stock buyback plan, indicating management's belief that the stock is undervalued.
• The company declared a quarterly dividend of $0.155 per share, with an annualized yield of 3.7% and a payout ratio of 45.93%.

Nuveen LLC bought a new position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,336,281 shares of the bank's stock, valued at approximately $50,078,000. Nuveen LLC owned approximately 0.23% of Huntington Bancshares as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Invesco Ltd. increased its position in shares of Huntington Bancshares by 8.7% in the 1st quarter. Invesco Ltd. now owns 57,186,593 shares of the bank's stock valued at $858,371,000 after purchasing an additional 4,586,607 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Huntington Bancshares by 126.6% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 7,048,773 shares of the bank's stock worth $114,684,000 after purchasing an additional 3,938,769 shares during the period. Van Lanschot Kempen Investment Management N.V. boosted its stake in Huntington Bancshares by 356.1% during the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 4,432,186 shares of the bank's stock worth $72,112,000 after purchasing an additional 3,460,328 shares during the period. Deutsche Bank AG lifted its stake in shares of Huntington Bancshares by 47.7% in the 1st quarter. Deutsche Bank AG now owns 8,870,393 shares of the bank's stock worth $133,145,000 after acquiring an additional 2,865,727 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Huntington Bancshares by 18.4% in the fourth quarter. Northern Trust Corp now owns 14,422,723 shares of the bank's stock valued at $234,658,000 after purchasing an additional 2,241,926 shares during the period. 80.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

HBAN has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of Huntington Bancshares from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. TD Cowen assumed coverage on shares of Huntington Bancshares in a research report on Thursday, May 15th. They set a "buy" rating and a $20.00 target price on the stock. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $21.00 price target (up from $18.00) on shares of Huntington Bancshares in a report on Tuesday, July 8th. Truist Financial upped their price target on shares of Huntington Bancshares from $18.00 to $19.00 and gave the company a "buy" rating in a report on Friday, June 13th. Finally, Argus set a $17.00 price target on shares of Huntington Bancshares in a research report on Friday, April 25th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $18.68.

Huntington Bancshares Trading Down 0.2%

Shares of HBAN traded down $0.0280 during midday trading on Tuesday, hitting $16.6520. The stock had a trading volume of 5,489,343 shares, compared to its average volume of 25,518,072. Huntington Bancshares Incorporated has a fifty-two week low of $11.91 and a fifty-two week high of $18.44. The business has a 50-day simple moving average of $16.56 and a two-hundred day simple moving average of $15.67. The firm has a market cap of $24.29 billion, a P/E ratio of 12.33, a price-to-earnings-growth ratio of 0.85 and a beta of 0.93. 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 firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Wednesday, September 17th will be given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Wednesday, September 17th. Huntington Bancshares's dividend payout ratio (DPR) is presently 45.93%.

Insiders Place Their Bets

In other news, EVP Marcy C. Hingst sold 13,700 shares of Huntington Bancshares stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.89% of the company's stock.

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.