Pictet Asset Management Holding SA Buys 292,586 Shares of Huntington Bancshares Incorporated $HBAN

Key Points

• Pictet Asset Management increased its stake in Huntington Bancshares by 33.5% in the first quarter, buying 292,586 additional shares and bringing its total holding to 1,164,928 shares worth about $18.2 million.
• Several analysts remain positive on HBAN, with recent target increases from Jefferies and RBC and a consensus rating of “Moderate Buy” with an average price target of $20.15.
• Huntington posted solid results last quarter, beating EPS estimates at $0.37 versus $0.16 expected, and it also paid a quarterly dividend of $0.155 per share, implying a 3.4% annualized yield.

Pictet Asset Management Holding SA lifted its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 33.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,164,928 shares of the bank's stock after buying an additional 292,586 shares during the period. Pictet Asset Management Holding SA owned approximately 0.06% of Huntington Bancshares worth $18,231,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of HBAN. MV Capital Management Inc. purchased a new position in Huntington Bancshares in the 4th quarter worth approximately $25,000. Palisade Asset Management LLC bought a new stake in Huntington Bancshares in the third quarter valued at approximately $26,000. South Plains Financial Inc. boosted its stake in shares of Huntington Bancshares by 116.3% during the third quarter. South Plains Financial Inc. now owns 1,536 shares of the bank's stock valued at $27,000 after purchasing an additional 826 shares during the period. Centennial Bank AR bought a new position in shares of Huntington Bancshares in the fourth quarter worth approximately $28,000. Finally, DV Equities LLC purchased a new position in shares of Huntington Bancshares in the fourth quarter worth $38,000. Institutional investors own 80.72% of the company's stock.

Insider Transactions at Huntington Bancshares

In other news, Director James D. Rollins III sold 223,522 shares of Huntington Bancshares stock in a transaction that occurred on Friday, June 12th. The shares were 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 approximately $10,620,889.25. This trade represents a 26.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Marcy C. Hingst sold 10,568 shares of Huntington Bancshares stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $18.00, for a total value of $190,224.00. Following the transaction, the executive vice president owned 267,859 shares of the company's stock, valued at $4,821,462. The trade was a 3.80% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have purchased 33,500 shares of company stock valued at $617,542. 0.67% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Jefferies Financial Group upped their price target on shares of Huntington Bancshares from $19.00 to $20.00 and gave the company a "buy" rating in a report on Friday, April 24th. Stephens began coverage on shares of Huntington Bancshares in a research report on Monday, June 15th. They issued an "equal weight" rating and a $19.00 price objective on the stock. Piper Sandler raised shares of Huntington Bancshares from a "strong sell" rating to a "hold" rating and set a $18.00 price objective for the company in a research note on Thursday, April 23rd. Weiss Ratings lowered shares of Huntington Bancshares from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, June 18th. Finally, Royal Bank Of Canada raised their target price on Huntington Bancshares from $20.00 to $21.00 and gave the stock an "outperform" rating in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $20.15.

Huntington Bancshares Stock Up 2.1%

Shares of NASDAQ HBAN opened at $18.11 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.73. Huntington Bancshares Incorporated has a 12 month low of $14.89 and a 12 month high of $19.45. The firm has a market capitalization of $36.71 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 0.81 and a beta of 0.93. The firm has a fifty day simple moving average of $16.56 and a two-hundred day simple moving average of $16.90.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last announced its earnings results on Thursday, April 23rd. The bank reported $0.37 earnings per share for the quarter, beating analysts' consensus estimates 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 quarter in the previous year, the firm posted $0.34 EPS. Equities analysts expect that Huntington Bancshares Incorporated will post 1.62 earnings per share for the current year.

Huntington Bancshares Announces Dividend

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