US Bancorp DE Sells 69,088 Shares of Huntington Bancshares Incorporated (NASDAQ:HBAN)

Key Points

• US Bancorp DE has reduced its stake in Huntington Bancshares by 16.9%, selling 69,088 shares during the first quarter, leaving it with 340,091 shares valued at approximately $5.1 million.
• Huntington Bancshares has initiated a $1 billion share repurchase program, indicating potential confidence from the company's leadership that its shares are undervalued.
• The company recently announced a quarterly dividend of $0.155 per share, representing a 3.8% yield based on an annualized payout of $0.62.

US Bancorp DE reduced its position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 16.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 340,091 shares of the bank's stock after selling 69,088 shares during the period. US Bancorp DE's holdings in Huntington Bancshares were worth $5,105,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Foundations Investment Advisors LLC increased its stake in shares of Huntington Bancshares by 2.4% during the 1st quarter. Foundations Investment Advisors LLC now owns 29,023 shares of the bank's stock worth $436,000 after purchasing an additional 691 shares during the last quarter. Winch Advisory Services LLC increased its position in Huntington Bancshares by 18.3% during the first quarter. Winch Advisory Services LLC now owns 4,579 shares of the bank's stock worth $69,000 after buying an additional 709 shares during the last quarter. CreativeOne Wealth LLC lifted its position in shares of Huntington Bancshares by 4.0% in the fourth quarter. CreativeOne Wealth LLC now owns 20,019 shares of the bank's stock valued at $326,000 after buying an additional 762 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in shares of Huntington Bancshares by 5.5% during the 1st quarter. First Horizon Advisors Inc. now owns 16,073 shares of the bank's stock worth $241,000 after acquiring an additional 844 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in Huntington Bancshares by 4.0% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 21,835 shares of the bank's stock valued at $328,000 after acquiring an additional 847 shares during the period. 80.72% of the stock is currently owned by institutional investors and hedge funds.

Huntington Bancshares Stock Down 1.1%

Shares of NASDAQ HBAN traded down $0.17 during trading on Thursday, hitting $15.87. 23,780,676 shares of the company traded hands, compared to its average volume of 25,774,102. Huntington Bancshares Incorporated has a fifty-two week low of $11.91 and a fifty-two week high of $18.44. The firm has a market capitalization of $23.15 billion, a price-to-earnings ratio of 11.76, a P/E/G ratio of 0.83 and a beta of 0.93. The business's fifty day moving average is $16.47 and its 200 day moving average is $15.73. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.89 and a current ratio of 0.89.

Huntington Bancshares declared that its board has authorized a share buyback plan on Thursday, April 17th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the bank to repurchase up to 5% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

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 given a dividend of $0.155 per share. The ex-dividend date of this dividend is Wednesday, September 17th. This represents a $0.62 annualized dividend and a dividend yield of 3.9%. Huntington Bancshares's payout ratio is presently 45.93%.

Insider Activity at Huntington Bancshares

In related news, EVP Marcy C. Hingst sold 13,700 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $15.79, for a total value of $216,323.00. Following the transaction, the executive vice president owned 337,879 shares of the company's stock, valued at approximately $5,335,109.41. This trade represents a 3.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.89% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on HBAN shares. Citigroup raised their target price on shares of Huntington Bancshares from $19.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Raymond James Financial restated a "strong-buy" rating and set a $21.00 price objective (up previously from $18.00) on shares of Huntington Bancshares in a report on Tuesday, July 8th. Truist Financial increased their target price on Huntington Bancshares from $18.00 to $19.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. Cowen began coverage on Huntington Bancshares in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Finally, Stephens reiterated an "equal weight" rating and set a $16.50 price objective on shares of Huntington Bancshares in a research report on Monday, April 21st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $18.68.

Huntington Bancshares 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.