Teacher Retirement System of Texas boosted its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 1,462.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 212,390 shares of the bank's stock after purchasing an additional 198,796 shares during the quarter. Teacher Retirement System of Texas' holdings in Huntington Bancshares were worth $3,188,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Smallwood Wealth Investment Management LLC bought a new position in Huntington Bancshares in the 1st quarter valued at about $29,000. LFA Lugano Financial Advisors SA purchased a new position in shares of Huntington Bancshares during the first quarter valued at approximately $31,000. Golden State Wealth Management LLC grew its holdings in Huntington Bancshares by 516.3% during the first quarter. Golden State Wealth Management LLC now owns 2,231 shares of the bank's stock worth $33,000 after buying an additional 1,869 shares in the last quarter. Transce3nd LLC purchased a new stake in Huntington Bancshares in the 4th quarter valued at $48,000. Finally, Curat Global LLC purchased a new stake in Huntington Bancshares in the 1st quarter valued at $52,000. 80.72% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
HBAN has been the topic of a number of analyst reports. Wall Street Zen raised shares of Huntington Bancshares from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. Wolfe Research upgraded shares of Huntington Bancshares from a "peer perform" rating to an "outperform" rating and set a $21.00 price target on the stock in a report on Thursday, July 3rd. TD Cowen started coverage on shares of Huntington Bancshares in a research note on Thursday, May 15th. They issued a "buy" rating and a $20.00 price objective for the company. Keefe, Bruyette & Woods cut their target price on Huntington Bancshares from $18.00 to $17.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. Finally, Stephens reaffirmed an "equal weight" rating and set a $16.50 price target on shares of Huntington Bancshares in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $18.48.
Check Out Our Latest Stock Analysis on HBAN
Insider Transactions at Huntington Bancshares
In other news, insider Helga Houston sold 42,345 shares of the stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $14.72, for a total value of $623,318.40. Following the sale, the insider owned 592,119 shares of the company's stock, valued at approximately $8,715,991.68. This represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kendall A. Kowalski sold 25,419 shares of the company's stock in a transaction dated 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 owned 70,281 shares in the company, valued at $961,444.08. The trade was a 26.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 214,375 shares of company stock valued at $3,049,277 in the last 90 days. Company insiders own 0.89% of the company's stock.
Huntington Bancshares Price Performance
Shares of NASDAQ HBAN traded up $0.14 during mid-day trading on Thursday, reaching $17.56. The company's stock had a trading volume of 18,218,892 shares, compared to its average volume of 19,008,891. The stock has a fifty day moving average of $16.06 and a two-hundred day moving average of $15.71. The firm has a market capitalization of $25.65 billion, a PE ratio of 13.40, a P/E/G ratio of 1.33 and a beta of 0.93. Huntington Bancshares Incorporated has a 52 week low of $11.92 and a 52 week high of $18.45. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.90 and a quick ratio of 0.89.
Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last posted its earnings results on Thursday, April 17th. The bank reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.03. The company had revenue of $1.94 billion during the quarter, compared to analysts' expectations of $1.89 billion. Huntington Bancshares had a net margin of 16.94% and a return on equity of 11.44%. During the same period last year, the company posted $0.27 earnings per share. As a group, sell-side analysts anticipate that Huntington Bancshares Incorporated will post 1.39 EPS for the current fiscal year.
Huntington Bancshares Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th were paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date was Tuesday, June 17th. Huntington Bancshares's payout ratio is 47.33%.
Huntington Bancshares announced that its Board of Directors has initiated a stock repurchase plan on Thursday, April 17th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 5% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its shares are undervalued.
About Huntington Bancshares
(
Free Report)
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.
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