Huntington Bancshares Incorporated (NASDAQ:HBAN) Shares Sold by Tredje AP fonden

Key Points

• Tredje AP fonden reduced its stake in Huntington Bancshares by 32.5%, selling 100,000 shares and retaining 207,476 shares valued at approximately $3.1 million.
• The bank's Board of Directors has approved a $1 billion share buyback program, allowing repurchase of up to 5% of its outstanding shares, indicating confidence in the company's valuation.
• Huntington Bancshares has declared a quarterly dividend of $0.155 per share, representing an annual yield of 3.74% with a payout ratio of 45.93%.

Tredje AP fonden reduced its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 32.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 207,476 shares of the bank's stock after selling 100,000 shares during the quarter. Tredje AP fonden's holdings in Huntington Bancshares were worth $3,114,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of HBAN. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Huntington Bancshares during the first quarter worth about $29,000. LFA Lugano Financial Advisors SA bought a new stake in Huntington Bancshares during the 1st quarter worth $31,000. Golden State Wealth Management LLC grew its position in Huntington Bancshares by 516.3% during the 1st quarter. Golden State Wealth Management LLC now owns 2,231 shares of the bank's stock worth $33,000 after acquiring an additional 1,869 shares during the last quarter. Wayfinding Financial LLC acquired a new position in shares of Huntington Bancshares in the 1st quarter valued at about $39,000. Finally, TruNorth Capital Management LLC acquired a new position in Huntington Bancshares during the 1st quarter worth approximately $40,000. 80.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the company. DA Davidson increased their price objective on Huntington Bancshares from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. TD Cowen assumed coverage on Huntington Bancshares in a research report on Thursday, May 15th. They issued a "buy" rating and a $20.00 price target on the stock. Truist Financial lifted their target price on Huntington Bancshares from $18.00 to $19.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Keefe, Bruyette & Woods reduced their target price on Huntington Bancshares from $18.00 to $17.00 and set a "market perform" rating on the stock in a report on Monday, April 21st. Finally, Raymond James Financial restated a "strong-buy" rating and set a $21.00 target price (up previously from $18.00) on shares of Huntington Bancshares in a research report on Tuesday, July 8th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $18.68.

Insider Transactions at Huntington Bancshares

In related news, EVP Marcy C. Hingst sold 13,700 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $15.79, for a total transaction of $216,323.00. Following the completion of the transaction, the executive vice president directly owned 337,879 shares of the company's stock, valued at $5,335,109.41. This represents a 3.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.89% of the stock is owned by corporate insiders.

Huntington Bancshares Trading Down 2.4%

NASDAQ HBAN traded down $0.39 on Friday, reaching $16.04. The stock had a trading volume of 41,446,866 shares, compared to its average volume of 37,740,524. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.92. The stock has a fifty day moving average price of $16.43 and a two-hundred day moving average price of $15.74. The firm has a market capitalization of $23.40 billion, a price-to-earnings ratio of 11.88, a P/E/G ratio of 0.82 and a beta of 0.94. Huntington Bancshares Incorporated has a 12-month low of $11.91 and a 12-month high of $18.44.

Huntington Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 17th will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Wednesday, September 17th. Huntington Bancshares's dividend payout ratio is presently 45.93%.

Huntington Bancshares declared that its board has initiated a stock repurchase program 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 programs are typically a sign that the company's leadership believes its stock is undervalued.

Huntington Bancshares Company Profile

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.