QRG Capital Management Inc. Increases Stock Position in Huntington Bancshares Incorporated $HBAN

Key Points

• QRG Capital Management boosted its Huntington Bancshares stake by 225.5% in the first quarter, buying an additional 99,009 shares and bringing its total to 142,918 shares worth about $2.24 million.
• Insider selling was notable: Director James D. Rollins III sold 223,522 shares, and EVP Marcy C. Hingst sold 10,568 shares under a Rule 10b5-1 plan, while insiders bought 33,500 shares over the last three months.
• HBAN shares were up 0.9% to $18.05, after the company reported stronger-than-expected quarterly earnings of $0.37 per share and paid a $0.155 quarterly dividend, implying a 3.4% yield.

QRG Capital Management Inc. lifted its holdings in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 225.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 142,918 shares of the bank's stock after buying an additional 99,009 shares during the period. QRG Capital Management Inc.'s holdings in Huntington Bancshares were worth $2,237,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Huntington Bancshares by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 191,319,041 shares of the bank's stock valued at $3,319,385,000 after acquiring an additional 14,338,222 shares during the period. State Street Corp lifted its stake in shares of Huntington Bancshares by 4.7% in the fourth quarter. State Street Corp now owns 77,228,656 shares of the bank's stock valued at $1,351,806,000 after purchasing an additional 3,438,501 shares during the period. Wellington Management Group LLP grew its position in Huntington Bancshares by 4,265.5% during the fourth quarter. Wellington Management Group LLP now owns 70,083,841 shares of the bank's stock worth $1,215,955,000 after buying an additional 68,478,435 shares during the period. Boston Partners increased its holdings in Huntington Bancshares by 3.9% in the third quarter. Boston Partners now owns 63,302,953 shares of the bank's stock valued at $1,091,615,000 after buying an additional 2,363,905 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Huntington Bancshares by 6.6% during the 4th quarter. Invesco Ltd. now owns 62,971,849 shares of the bank's stock valued at $1,092,562,000 after acquiring an additional 3,908,927 shares during the period. Institutional investors and hedge funds own 80.72% of the company's stock.

Insider Activity at Huntington Bancshares

In related news, Director James D. Rollins III sold 223,522 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The shares were 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 of the company's stock, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Marcy C. Hingst sold 10,568 shares of the business's stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $18.00, for a total transaction of $190,224.00. Following the completion of the sale, the executive vice president owned 267,859 shares of the company's stock, valued at approximately $4,821,462. The trade was 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 purchased 33,500 shares of company stock worth $617,542 over the last three months. Corporate insiders own 0.67% of the company's stock.

Huntington Bancshares Trading Up 0.9%

Shares of HBAN stock traded up $0.15 during mid-day trading on Tuesday, hitting $18.05. 2,183,464 shares of the company's stock were exchanged, compared to its average volume of 27,881,820. Huntington Bancshares Incorporated has a fifty-two week low of $14.89 and a fifty-two week high of $19.45. The stock has a 50-day simple moving average of $16.62 and a two-hundred day simple moving average of $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. The stock has a market cap of $36.58 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 0.81 and a beta of 0.93.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last released its earnings results on Thursday, April 23rd. The bank reported $0.37 EPS for the quarter, beating the consensus estimate of $0.16 by $0.21. Huntington Bancshares had a return on equity of 11.42% and a net margin of 16.63%.The firm had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.57 billion. During the same period in the prior year, the firm posted $0.34 earnings per share. Equities analysts expect that Huntington Bancshares Incorporated will post 1.62 EPS for the current fiscal year.

Huntington Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th were issued 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 is presently 47.69%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Weiss Ratings cut Huntington Bancshares from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, June 18th. UBS Group upped their target price on Huntington Bancshares from $21.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday. Jefferies Financial Group lowered shares of Huntington Bancshares from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $21.00 to $19.00 in a research report on Monday. Truist Financial dropped their target price on shares of Huntington Bancshares from $21.00 to $19.00 and set a "buy" rating for the company in a report on Friday, March 13th. Finally, Barclays downgraded shares of Huntington Bancshares from a "hold" rating to a "strong sell" rating in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Huntington Bancshares currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.25.

Huntington Bancshares 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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