The Manufacturers Life Insurance Company Reduces Stake in Huntington Bancshares Incorporated $HBAN

Key Points

• The Manufacturers Life Insurance Company reduced its holdings in Huntington Bancshares by 10.0%, selling 522,856 shares in the first quarter, and now owns 4,723,312 shares valued at approximately $70.9 million.
• Institutional investors collectively own 80.72% of Huntington Bancshares, with notable increases in stakes from other investors, including Invesco and Deutsche Bank.
• Huntington Bancshares announced a quarterly dividend of $0.155 to be paid on October 1st, representing an annual yield of 3.5%.

The Manufacturers Life Insurance Company lessened its holdings in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 10.0% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,723,312 shares of the bank's stock after selling 522,856 shares during the period. The Manufacturers Life Insurance Company owned 0.32% of Huntington Bancshares worth $70,897,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in HBAN. Smallwood Wealth Investment Management LLC purchased a new position in Huntington Bancshares in the first quarter worth $29,000. LFA Lugano Financial Advisors SA purchased a new position in Huntington Bancshares in the first quarter worth $31,000. Golden State Wealth Management LLC raised its position in Huntington Bancshares by 516.3% in the 1st quarter. Golden State Wealth Management LLC now owns 2,231 shares of the bank's stock worth $33,000 after purchasing an additional 1,869 shares during the period. Wayfinding Financial LLC purchased a new position in Huntington Bancshares in the 1st quarter worth $39,000. Finally, TruNorth Capital Management LLC purchased a new position in Huntington Bancshares in the 1st quarter worth $40,000. Hedge funds and other institutional investors own 80.72% of the company's stock.

Insider Activity at Huntington Bancshares

In other news, EVP Marcy C. Hingst sold 13,700 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $15.79, for a total value of $216,323.00. Following the sale, the executive vice president directly owned 337,879 shares of the company's stock, valued at approximately $5,335,109.41. This represents a 3.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.89% of the company's stock.

Huntington Bancshares Stock Up 1.5%

Huntington Bancshares stock traded up $0.27 on Thursday, hitting $17.88. 29,406,787 shares of the stock traded hands, compared to its average volume of 25,600,611. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.92. The firm has a market cap of $26.08 billion, a P/E ratio of 13.24, a price-to-earnings-growth ratio of 0.91 and a beta of 0.97. The business's fifty day simple moving average is $16.91 and its 200 day simple moving average is $15.73. Huntington Bancshares Incorporated has a 1 year low of $11.91 and a 1 year high of $18.44.

Huntington Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 17th will be paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Wednesday, September 17th. Huntington Bancshares's dividend payout ratio is currently 45.93%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Wall Street Zen cut shares of Huntington Bancshares from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. Raymond James Financial reiterated a "strong-buy" rating and issued a $21.00 target price (up previously from $18.00) on shares of Huntington Bancshares in a research report on Tuesday, July 8th. Citigroup lifted their target price on shares of Huntington Bancshares from $19.00 to $20.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Cowen started coverage on shares of Huntington Bancshares in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Finally, Wolfe Research raised shares of Huntington Bancshares from a "peer perform" rating to an "outperform" rating and set a $21.00 price target for the company in a research report on Thursday, July 3rd. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $18.74.

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.