Summit Global Investments Purchases Shares of 93,022 Huntington Bancshares Incorporated (NASDAQ:HBAN)

Summit Global Investments purchased a new position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 93,022 shares of the bank's stock, valued at approximately $1,396,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of HBAN. Norges Bank acquired a new position in Huntington Bancshares during the fourth quarter worth approximately $302,826,000. Raymond James Financial Inc. purchased a new stake in Huntington Bancshares during the fourth quarter worth approximately $150,444,000. FMR LLC grew its stake in Huntington Bancshares by 36.9% during the fourth quarter. FMR LLC now owns 32,479,039 shares of the bank's stock worth $528,434,000 after buying an additional 8,759,871 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in Huntington Bancshares by 126.6% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 7,048,773 shares of the bank's stock worth $114,684,000 after buying an additional 3,938,769 shares during the period. Finally, Amundi grew its stake in Huntington Bancshares by 26.7% during the fourth quarter. Amundi now owns 17,435,207 shares of the bank's stock worth $286,460,000 after buying an additional 3,671,235 shares during the period. Institutional investors and hedge funds own 80.72% of the company's stock.

Huntington Bancshares Stock Performance

NASDAQ HBAN traded down $0.09 on Wednesday, hitting $15.82. The stock had a trading volume of 10,475,861 shares, compared to its average volume of 18,204,431. The company's 50-day moving average is $14.63 and its two-hundred day moving average is $15.87. The stock has a market cap of $23.11 billion, a price-to-earnings ratio of 12.86, a P/E/G ratio of 1.33 and a beta of 0.92. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.92. Huntington Bancshares Incorporated has a one year low of $11.92 and a one year high of $18.45.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The bank reported $0.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.31 by $0.03. Huntington Bancshares had a return on equity of 11.23% and a net margin of 16.23%. The business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same period in the prior year, the company posted $0.27 EPS. On average, analysts expect that Huntington Bancshares Incorporated will post 1.39 earnings per share for the current year.

Huntington Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th will be issued a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 3.92%. The ex-dividend date is Tuesday, June 17th. Huntington Bancshares's payout ratio is currently 47.33%.

Huntington Bancshares declared that its Board of Directors has initiated a share repurchase plan on Thursday, April 17th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the bank to purchase up to 5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts have issued reports on HBAN shares. Truist Financial decreased their price objective on shares of Huntington Bancshares from $21.00 to $17.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Robert W. Baird upgraded shares of Huntington Bancshares from a "neutral" rating to an "outperform" rating and set a $18.00 price objective for the company in a research note on Friday, March 7th. Deutsche Bank Aktiengesellschaft upgraded shares of Huntington Bancshares from a "hold" rating to a "buy" rating and set a $17.50 target price for the company in a research note on Thursday, April 24th. Citigroup decreased their target price on shares of Huntington Bancshares from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Finally, Raymond James restated a "strong-buy" rating and issued a $18.00 target price (down from $20.00) on shares of Huntington Bancshares in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $17.83.

Insider Activity at Huntington Bancshares

In related news, insider Kendall A. Kowalski sold 25,419 shares of the firm's stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $13.68, for a total transaction of $347,731.92. Following the transaction, the insider now owns 70,281 shares in the company, valued at $961,444.08. This trade represents a 26.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Helga Houston sold 42,345 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $14.72, for a total value of $623,318.40. Following the completion of the sale, the insider now owns 592,119 shares of the company's stock, valued at $8,715,991.68. This trade represents a 6.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 312,456 shares of company stock worth $4,464,105 in the last 90 days. Corporate insiders own 0.89% of the company's stock.

About Huntington Bancshares

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.