Pacer Advisors Inc. Cuts Holdings in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Key Points

• Pacer Advisors Inc. reduced its stake in Huntington Bancshares by 53.8%, owning 74,227 shares valued at approximately $1.11 million after selling 86,351 shares in the first quarter.
• Huntington Bancshares announced a $1 billion share buyback program, indicating management's belief that its stock is undervalued.
• The company declared a quarterly dividend of $0.155 per share, representing an annualized yield of 3.74% and a payout ratio of 45.93%.

Pacer Advisors Inc. lessened its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 53.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 74,227 shares of the bank's stock after selling 86,351 shares during the period. Pacer Advisors Inc.'s holdings in Huntington Bancshares were worth $1,114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in HBAN. Winch Advisory Services LLC raised its stake in shares of Huntington Bancshares by 18.3% in the first quarter. Winch Advisory Services LLC now owns 4,579 shares of the bank's stock worth $69,000 after purchasing an additional 709 shares during the last quarter. CreativeOne Wealth LLC raised its stake in shares of Huntington Bancshares by 4.0% in the fourth quarter. CreativeOne Wealth LLC now owns 20,019 shares of the bank's stock worth $326,000 after purchasing an additional 762 shares during the last quarter. First Horizon Advisors Inc. raised its stake in shares of Huntington Bancshares by 5.5% in the first quarter. First Horizon Advisors Inc. now owns 16,073 shares of the bank's stock worth $241,000 after purchasing an additional 844 shares during the last quarter. NorthCrest Asset Manangement LLC grew its holdings in Huntington Bancshares by 7.7% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 12,013 shares of the bank's stock worth $195,000 after acquiring an additional 856 shares during the period. Finally, Keudell Morrison Wealth Management grew its holdings in Huntington Bancshares by 5.2% during the first quarter. Keudell Morrison Wealth Management now owns 17,509 shares of the bank's stock worth $263,000 after acquiring an additional 858 shares during the period. 80.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Deutsche Bank Aktiengesellschaft raised Huntington Bancshares from a "hold" rating to a "buy" rating and set a $17.50 target price on the stock in a report on Thursday, April 24th. TD Cowen assumed coverage on Huntington Bancshares in a report on Thursday, May 15th. They set a "buy" rating and a $20.00 target price on the stock. Citigroup raised their target price on Huntington Bancshares from $19.00 to $20.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Jefferies Financial Group initiated coverage on Huntington Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $20.00 price objective on the stock. Finally, Argus set a $17.00 price objective on Huntington Bancshares in a report on Friday, April 25th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Huntington Bancshares presently has an average rating of "Moderate Buy" and a consensus price target of $18.68.

Huntington Bancshares Stock Down 2.4%

NASDAQ HBAN traded down $0.39 during trading hours on Friday, hitting $16.04. 41,446,866 shares of the company were exchanged, compared to its average volume of 37,740,524. The company has a 50 day moving average of $16.43 and a two-hundred day moving average of $15.74. The firm has a market cap of $23.40 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 0.82 and a beta of 0.94. Huntington Bancshares Incorporated has a 52-week low of $11.91 and a 52-week high of $18.44. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.92.

Huntington Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders 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 dividend yield of 3.9%. The ex-dividend date of this dividend is Wednesday, September 17th. Huntington Bancshares's dividend payout ratio is currently 45.93%.

Huntington Bancshares announced that its Board of Directors has initiated a share repurchase plan on Thursday, April 17th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the bank to repurchase up to 5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In other news, EVP Marcy C. Hingst sold 13,700 shares of the company's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $15.79, for a total transaction of $216,323.00. Following the completion of the transaction, the executive vice president directly owned 337,879 shares of the company's stock, valued at approximately $5,335,109.41. This represents a 3.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.89% of the company's stock.

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.