Rafferty Asset Management LLC Sells 737,031 Shares of Huntington Bancshares Incorporated $HBAN

Key Points

• Rafferty Asset Management LLC reduced its stake in Huntington Bancshares by 35.9%, holding approximately 1.31 million shares valued at $19.71 million after selling over 737,000 shares.
• Huntington Bancshares announced a quarterly dividend of $0.155 per share, with a yield of 3.5%, slated for payment on October 1st to investors of record on September 17th.
• Several analysts have upgraded Huntington Bancshares, increasing the price target to between $20.00 and $21.00, with a consensus rating of "Moderate Buy" from the research community.

Rafferty Asset Management LLC decreased its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 35.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,313,212 shares of the bank's stock after selling 737,031 shares during the period. Rafferty Asset Management LLC owned approximately 0.09% of Huntington Bancshares worth $19,711,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Smallwood Wealth Investment Management LLC acquired a new stake in Huntington Bancshares in the 1st quarter worth $29,000. LFA Lugano Financial Advisors SA bought a new stake in shares of Huntington Bancshares in the first quarter valued at about $31,000. Golden State Wealth Management LLC grew its position in Huntington Bancshares by 516.3% during the first quarter. Golden State Wealth Management LLC now owns 2,231 shares of the bank's stock worth $33,000 after buying an additional 1,869 shares in the last quarter. Wayfinding Financial LLC bought a new position in Huntington Bancshares during the first quarter valued at about $39,000. Finally, TruNorth Capital Management LLC bought a new stake in shares of Huntington Bancshares in the 1st quarter worth approximately $40,000. Institutional investors own 80.72% of the company's stock.

Insider Buying and Selling at Huntington Bancshares

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 completion of the transaction, the executive vice president owned 337,879 shares in the company, valued at approximately $5,335,109.41. The trade was a 3.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.89% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on HBAN shares. Citigroup lifted their price objective on Huntington Bancshares from $19.00 to $20.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Wolfe Research upgraded shares of Huntington Bancshares from a "peer perform" rating to an "outperform" rating and set a $21.00 price target on the stock in a research note on Thursday, July 3rd. Jefferies Financial Group began coverage on shares of Huntington Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $20.00 price target on the stock. Wall Street Zen downgraded shares of Huntington Bancshares from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. Finally, Truist Financial lifted their target price on shares of Huntington Bancshares from $18.00 to $19.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Huntington Bancshares currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.68.

Huntington Bancshares Price Performance

Shares of NASDAQ HBAN traded up $0.01 during midday trading on Monday, reaching $17.81. 22,951,162 shares of the company traded hands, compared to its average volume of 24,577,678. Huntington Bancshares Incorporated has a 12 month low of $11.91 and a 12 month high of $18.44. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.89 and a current ratio of 0.89. The stock's 50-day simple moving average is $16.82 and its 200-day simple moving average is $15.70. The firm has a market cap of $25.98 billion, a PE ratio of 13.19, a PEG ratio of 0.91 and a beta of 0.96.

Huntington Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 17th will be paid a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Wednesday, September 17th. Huntington Bancshares's dividend payout ratio is currently 45.93%.

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.