RFG Advisory LLC Makes New $1.42 Million Investment in Huntington Bancshares Incorporated $HBAN

Key Points

• RFG Advisory LLC opened a new position in Huntington Bancshares during the first quarter, buying 90,753 shares valued at about $1.42 million.
• Several other institutional investors also increased their holdings, and hedge funds and institutions now own 80.72% of the company’s stock.
• Huntington Bancshares reported better-than-expected earnings of $0.37 per share on revenue of $2.59 billion, while also announcing a quarterly dividend of $0.155 per share (3.5% annualized yield).

RFG Advisory LLC acquired a new stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 90,753 shares of the bank's stock, valued at approximately $1,420,000.

Several other hedge funds have also made changes to their positions in the business. CIBC Asset Management Inc increased its stake in Huntington Bancshares by 24.5% in the 4th quarter. CIBC Asset Management Inc now owns 533,005 shares of the bank's stock valued at $9,248,000 after buying an additional 104,965 shares during the period. Fieldview Capital Management LLC boosted its holdings in shares of Huntington Bancshares by 15.9% in the third quarter. Fieldview Capital Management LLC now owns 478,852 shares of the bank's stock valued at $8,270,000 after acquiring an additional 65,828 shares in the last quarter. Creative Financial Designs Inc. ADV boosted its holdings in shares of Huntington Bancshares by 688.9% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 86,478 shares of the bank's stock valued at $1,500,000 after acquiring an additional 75,516 shares in the last quarter. KBC Group NV increased its stake in shares of Huntington Bancshares by 16.3% during the fourth quarter. KBC Group NV now owns 2,820,816 shares of the bank's stock worth $48,941,000 after acquiring an additional 395,489 shares during the period. Finally, Korea Investment CORP raised its holdings in Huntington Bancshares by 107.2% during the third quarter. Korea Investment CORP now owns 3,933,919 shares of the bank's stock worth $67,939,000 after purchasing an additional 2,035,351 shares in the last quarter. Institutional investors and hedge funds own 80.72% of the company's stock.

Insiders Place Their Bets

In other Huntington Bancshares news, EVP Marcy C. Hingst sold 10,568 shares of the firm's stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $18.00, for a total transaction of $190,224.00. Following the sale, the executive vice president directly owned 267,859 shares of the company's stock, valued at $4,821,462. This trade represents a 3.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Rollins III sold 223,522 shares of Huntington Bancshares stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $17.35, for a total transaction of $3,878,106.70. Following the sale, the director 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. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have purchased 33,500 shares of company stock worth $617,542. Corporate insiders own 0.67% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Truist Financial reduced their price objective on shares of Huntington Bancshares from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Friday, March 13th. Morgan Stanley cut their target price on Huntington Bancshares from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Friday, April 24th. DA Davidson reduced their price target on Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating for the company in a report on Monday, March 16th. JPMorgan Chase & Co. decreased their price target on Huntington Bancshares from $19.00 to $18.50 and set an "overweight" rating on the stock in a research note on Thursday, April 30th. Finally, Wolfe Research cut their price objective on Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating for the company in a research report on Wednesday, April 1st. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $20.05.

Huntington Bancshares Trading Down 0.6%

Shares of Huntington Bancshares stock opened at $17.79 on Friday. Huntington Bancshares Incorporated has a 1 year low of $14.89 and a 1 year high of $19.45. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.92. The business has a 50 day moving average price of $16.50 and a 200 day moving average price of $16.89. The company has a market capitalization of $36.06 billion, a P/E ratio of 13.68, a P/E/G ratio of 0.81 and a beta of 0.94.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last announced its earnings results on Thursday, April 23rd. The bank reported $0.37 EPS for the quarter, beating analysts' consensus estimates of $0.16 by $0.21. The firm had revenue of $2.59 billion for the quarter, compared to analysts' expectations of $2.57 billion. Huntington Bancshares had a return on equity of 11.42% and a net margin of 16.63%.During the same quarter in the prior year, the firm earned $0.34 EPS. Sell-side analysts anticipate 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 will be paid on Wednesday, July 1st. Investors of record on Wednesday, June 17th will be paid a dividend of $0.155 per share. The ex-dividend date of this dividend is Wednesday, June 17th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.5%. Huntington Bancshares's dividend payout ratio (DPR) is presently 47.69%.

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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