Vanguard Group Inc. Has $2.61 Billion Stock Position in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Key Points

• Vanguard Group Inc. increased its stake in Huntington Bancshares by 0.6% during Q1, holding nearly 174 million shares worth approximately $2.61 billion.
• Brokerages have recently given Huntington Bancshares several price target upgrades, with Wolfe Research setting a target at $21.00, reflecting a positive outlook for the stock.
• The company announced a quarterly dividend of $0.155 per share, representing a yield of 3.9% and an authorized $1 billion share buyback program, which suggests management believes the stock is undervalued.

Vanguard Group Inc. boosted its stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 0.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 173,956,974 shares of the bank's stock after purchasing an additional 978,565 shares during the quarter. Vanguard Group Inc. owned 11.91% of Huntington Bancshares worth $2,611,094,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Huntington Bancshares during the 1st quarter valued at about $29,000. LFA Lugano Financial Advisors SA bought a new stake in shares of Huntington Bancshares in the 1st quarter valued at approximately $31,000. Golden State Wealth Management LLC raised its holdings in shares of 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 buying an additional 1,869 shares in the last quarter. Wayfinding Financial LLC bought a new position in shares of Huntington Bancshares during the 1st quarter worth approximately $39,000. Finally, TruNorth Capital Management LLC acquired a new stake in Huntington Bancshares in the 1st quarter valued at $40,000. 80.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on HBAN. Wolfe Research upgraded shares of Huntington Bancshares from a "peer perform" rating to an "outperform" rating and set a $21.00 target price on the stock in a research note on Thursday, July 3rd. TD Cowen started coverage on shares of Huntington Bancshares in a research report on Thursday, May 15th. They issued a "buy" rating and a $20.00 price target on the stock. Cowen started coverage on shares of Huntington Bancshares in a report on Wednesday, May 14th. They set a "buy" rating for the company. DA Davidson boosted their target price on Huntington Bancshares from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, July 21st. Finally, Argus set a $17.00 price target on Huntington Bancshares in a report on Friday, April 25th. Two research analysts have rated the stock with a sell rating, three have given 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 stock presently has an average rating of "Moderate Buy" and a consensus target price of $18.68.

Insider Buying and Selling

In related news, EVP Marcy C. Hingst sold 13,700 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 337,879 shares in the company, valued at approximately $5,335,109.41. The trade was a 3.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.89% of the company's stock.

Huntington Bancshares Stock Up 1.4%

Shares of NASDAQ HBAN opened at $16.09 on Friday. Huntington Bancshares Incorporated has a 52-week low of $11.91 and a 52-week high of $18.44. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market cap of $23.47 billion, a P/E ratio of 11.92, a P/E/G ratio of 0.81 and a beta of 0.93. The firm has a 50 day moving average price of $16.48 and a 200 day moving average price of $15.71.

Huntington Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Wednesday, September 17th will be paid a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Wednesday, September 17th. Huntington Bancshares's dividend payout ratio (DPR) is presently 45.93%.

Huntington Bancshares announced that its Board of Directors has approved a share repurchase program on Thursday, April 17th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the bank to purchase up to 5% of its stock through open market purchases. Stock buyback programs are typically an indication 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.

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