Sumitomo Mitsui Trust Group Inc. Grows Position in Huntington Bancshares Incorporated $HBAN

Key Points

• Sumitomo Mitsui Trust Group increased its stake in Huntington Bancshares by 10.1% in Q4, buying 391,074 shares to hold 4,273,047 shares (~0.27%) worth about $74.14 million.
• Institutional ownership is high (about 80.72%) with multiple large funds adding positions, and analysts have a consensus rating of "Moderate Buy" with an average target of $20.13 while the stock trades near $16.58.
• Huntington missed the recent quarter's estimates (EPS $0.37 vs. $0.40 consensus) and reported lower-than-expected revenue, but it pays a quarterly dividend of $0.155 (annualized yield ~3.7%).

Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 10.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,273,047 shares of the bank's stock after purchasing an additional 391,074 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.27% of Huntington Bancshares worth $74,137,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in HBAN. Junto Capital Management LP bought a new position in Huntington Bancshares in the third quarter worth $85,690,000. Victory Capital Management Inc. grew its position in shares of Huntington Bancshares by 15.7% in the 3rd quarter. Victory Capital Management Inc. now owns 34,230,988 shares of the bank's stock worth $594,054,000 after buying an additional 4,640,302 shares during the period. Squarepoint Ops LLC grew its position in shares of Huntington Bancshares by 48.0% in the 3rd quarter. Squarepoint Ops LLC now owns 9,676,829 shares of the bank's stock worth $167,119,000 after buying an additional 3,138,669 shares during the period. Millennium Management LLC increased its stake in shares of Huntington Bancshares by 85.7% in the 3rd quarter. Millennium Management LLC now owns 6,790,019 shares of the bank's stock worth $117,264,000 after acquiring an additional 3,133,208 shares in the last quarter. Finally, Boston Partners lifted its position in Huntington Bancshares by 3.9% during the 3rd quarter. Boston Partners now owns 63,302,953 shares of the bank's stock valued at $1,091,615,000 after acquiring an additional 2,363,905 shares during the period. 80.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on HBAN. Raymond James Financial upped their price objective on shares of Huntington Bancshares from $20.00 to $21.00 and gave the stock a "strong-buy" rating in a report on Friday, January 23rd. The Goldman Sachs Group cut their price target on Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, April 6th. Truist Financial reduced their price objective on Huntington Bancshares from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Friday, March 13th. Wolfe Research lowered their price objective on Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating for the company in a research note on Wednesday, April 1st. Finally, Argus boosted their target price on Huntington Bancshares from $19.00 to $20.00 and gave the stock a "buy" rating in a report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Huntington Bancshares has a consensus rating of "Moderate Buy" and an average target price of $20.13.

Huntington Bancshares Trading Down 0.2%

Shares of NASDAQ:HBAN opened at $16.58 on Wednesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.93 and a quick ratio of 0.92. Huntington Bancshares Incorporated has a 1 year low of $13.10 and a 1 year high of $19.45. The company has a market cap of $33.78 billion, a P/E ratio of 11.93, a PEG ratio of 0.72 and a beta of 0.95. The stock's fifty day moving average price is $16.58 and its 200-day moving average price is $16.73.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last released its quarterly earnings data on Thursday, January 22nd. The bank reported $0.37 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.03). Huntington Bancshares had a return on equity of 11.98% and a net margin of 17.71%.The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $2.21 billion. During the same quarter in the previous year, the business posted $0.34 earnings per share. Sell-side analysts expect that Huntington Bancshares Incorporated will post 1.39 earnings per share for the current year.

Huntington Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Wednesday, March 18th were issued a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Wednesday, March 18th. Huntington Bancshares's payout ratio is presently 44.60%.

Insider Activity at Huntington Bancshares

In related news, Director James D. Rollins III acquired 6,873 shares of the stock in a transaction that occurred on Friday, February 27th. The shares were bought at an average price of $23.27 per share, for a total transaction of $159,934.71. Following the completion of the transaction, the director directly owned 4,000 shares in the company, valued at approximately $93,080. This trade represents a -239.23% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Prashant Nateri sold 10,171 shares of Huntington Bancshares stock in a transaction that occurred on 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 approximately $1,299,194.50. This trade represents a 10.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have purchased 27,700 shares of company stock valued at $540,401 and have sold 98,986 shares valued at $1,600,958. 0.67% of the stock is currently owned by company insiders.

About Huntington Bancshares

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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