Salzhauer Michael Boosts Stake in Huntington Bancshares Incorporated $HBAN

Key Points

• Salzhauer Michael boosted its stake in Huntington Bancshares by 509.9% in Q4 to 116,107 shares worth $2.01 million, making HBAN 0.8% of its portfolio and its 22nd largest holding.
• Insider activity was mixed: Director Gary Torgow bought 14,200 shares (~$252,902) while another insider sold 10,171 shares; over the last three months insiders purchased 39,200 shares and sold 98,986 shares, with insiders owning 0.67% of the stock.
• Huntington beat quarterly EPS estimates (EPS $0.37 vs. $0.16 expected) on $2.59 billion revenue and announced a quarterly dividend of $0.155 (annualized $0.62) representing a ~3.7% yield.

Salzhauer Michael raised its position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 509.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 116,107 shares of the bank's stock after acquiring an additional 97,070 shares during the period. Huntington Bancshares makes up 0.8% of Salzhauer Michael's portfolio, making the stock its 22nd biggest position. Salzhauer Michael's holdings in Huntington Bancshares were worth $2,014,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Palisade Asset Management LLC acquired a new position in shares of Huntington Bancshares in the 3rd quarter valued at about $26,000. South Plains Financial Inc. raised its stake in shares of Huntington Bancshares by 116.3% in the 3rd quarter. South Plains Financial Inc. now owns 1,536 shares of the bank's stock valued at $27,000 after acquiring an additional 826 shares during the period. Accredited Wealth Management LLC raised its stake in shares of Huntington Bancshares by 374.5% in the 3rd quarter. Accredited Wealth Management LLC now owns 1,675 shares of the bank's stock valued at $29,000 after acquiring an additional 1,322 shares during the period. Grey Fox Wealth Advisors LLC acquired a new stake in Huntington Bancshares in the 3rd quarter valued at $31,000. Finally, AlphaCore Capital LLC purchased a new position in Huntington Bancshares in the third quarter valued at about $33,000. 80.72% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Gary Torgow bought 14,200 shares of the company's stock in a transaction dated Thursday, February 19th. The stock was bought at an average price of $17.81 per share, with a total value of $252,902.00. Following the transaction, the director owned 943,341 shares of the company's stock, valued at approximately $16,800,903.21. This trade represents a 1.53% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Prashant Nateri sold 10,171 shares of the business's stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $15.50, for a total transaction of $157,650.50. Following the completion of the sale, the insider directly owned 83,819 shares of the company's stock, valued at $1,299,194.50. The trade was a 10.82% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have purchased 39,200 shares of company stock worth $756,724 and have sold 98,986 shares worth $1,600,958. Company insiders own 0.67% of the company's stock.

Huntington Bancshares Price Performance

HBAN stock opened at $16.76 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. Huntington Bancshares Incorporated has a 52-week low of $14.42 and a 52-week high of $19.45. The stock's 50 day moving average is $16.23 and its two-hundred day moving average is $16.72. The company has a market capitalization of $34.14 billion, a PE ratio of 12.89, a P/E/G ratio of 0.75 and a beta of 0.95.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $0.37 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.57 billion. During the same period in the previous year, the business earned $0.34 EPS. Analysts predict that Huntington Bancshares Incorporated will post 1.61 earnings per share for the current fiscal year.

Huntington Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th will be given a $0.155 dividend. The ex-dividend date of this dividend is Wednesday, June 17th. This represents a $0.62 annualized dividend and a dividend yield of 3.7%. Huntington Bancshares's payout ratio is presently 47.69%.

Analyst Ratings Changes

Several research firms have commented on HBAN. DA Davidson cut their price objective on Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating on the stock in a research report on Monday, March 16th. Raymond James Financial raised their target price on Huntington Bancshares from $20.00 to $21.00 and gave the company a "strong-buy" rating in a report on Friday, January 23rd. Wolfe Research dropped their target price on Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating on the stock in a report on Wednesday, April 1st. Truist Financial dropped their target price on Huntington Bancshares from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Friday, March 13th. Finally, Morgan Stanley dropped their target price on Huntington Bancshares from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $20.05.

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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