SEB Asset Management AB Makes New Investment in Huntington Bancshares Incorporated $HBAN

Key Points

• SEB Asset Management AB opened a new position in Huntington Bancshares during the first quarter, buying 399,502 shares valued at about $6.25 million.
• Institutional ownership remains heavy, with 80.72% of HBAN shares held by hedge funds and other institutions. Several large firms, including Vanguard, State Street, and Wellington, also increased their stakes.
• Huntington Bancshares reported strong quarterly results, with EPS of $0.37 beating estimates of $0.16 and revenue of $2.59 billion slightly above expectations. The company also paid a quarterly dividend of $0.155 per share, implying a 3.4% yield.

SEB Asset Management AB purchased a new stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 399,502 shares of the bank's stock, valued at approximately $6,252,000.

Several other hedge funds and other institutional investors have also made changes to their positions in HBAN. Vanguard Group Inc. increased its position in Huntington Bancshares by 8.1% in the 4th 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 boosted its position in Huntington Bancshares by 4.7% during the 4th quarter. State Street Corp now owns 77,228,656 shares of the bank's stock worth $1,351,806,000 after acquiring an additional 3,438,501 shares during the period. Wellington Management Group LLP grew its stake in shares of Huntington Bancshares by 4,265.5% in the fourth quarter. Wellington Management Group LLP now owns 70,083,841 shares of the bank's stock worth $1,215,955,000 after purchasing an additional 68,478,435 shares in the last quarter. Boston Partners increased its holdings in shares of Huntington Bancshares by 3.9% during the third quarter. Boston Partners now owns 63,302,953 shares of the bank's stock valued at $1,091,615,000 after purchasing an additional 2,363,905 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Huntington Bancshares by 6.6% during the fourth quarter. Invesco Ltd. now owns 62,971,849 shares of the bank's stock valued at $1,092,562,000 after purchasing an additional 3,908,927 shares in the last quarter. 80.72% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director James D. Rollins III sold 223,522 shares of the stock in a transaction on 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 completion of the sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Marcy C. Hingst sold 10,568 shares of the business's stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $18.00, for a total value of $190,224.00. Following the completion of the transaction, the executive vice president owned 267,859 shares in the company, valued at $4,821,462. This trade represents 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. Insiders bought 33,500 shares of company stock worth $617,542 over the last ninety days. 0.67% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on HBAN shares. JPMorgan Chase & Co. increased their target price on shares of Huntington Bancshares from $18.50 to $19.50 and gave the company an "overweight" rating in a research report on Monday, July 6th. Stephens began coverage on shares of Huntington Bancshares in a research note on Monday, June 15th. They issued an "equal weight" rating and a $19.00 price target for the company. Piper Sandler upgraded 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 report on Thursday, April 23rd. Wall Street Zen upgraded shares of Huntington Bancshares from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Finally, Barclays downgraded Huntington Bancshares from a "hold" rating to a "strong sell" rating in a research report on Monday, April 20th. One 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 given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $20.25.

Huntington Bancshares Stock Performance

Shares of Huntington Bancshares stock opened at $18.17 on Wednesday. Huntington Bancshares Incorporated has a 12 month low of $14.89 and a 12 month high of $19.45. 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 $36.83 billion, a PE ratio of 13.98, a price-to-earnings-growth ratio of 0.81 and a beta of 0.93. The business has a fifty day simple moving average of $16.99 and a 200-day simple moving average of $16.93.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last announced 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 firm had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.57 billion. During the same period in the prior year, the business earned $0.34 EPS. On average, 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 declared 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 payout ratio is currently 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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