Vanguard Group Inc. Has $3.32 Billion Stake in Huntington Bancshares Incorporated $HBAN

Key Points

• Vanguard Group increased its stake in Huntington Bancshares by 8.1% to 191,319,041 shares — about 12.15% of the company, valued at roughly $3.32 billion, while institutional investors own 80.72% of the stock.
• Huntington beat quarterly expectations, reporting $0.37 EPS vs. $0.16 consensus and $2.59B in revenue versus $2.57B, and analysts show a consensus rating of "Moderate Buy" with an average target price of $20.08.
• The bank declared a quarterly dividend of $0.155 (annualized $0.62), representing a 3.7% yield, payable July 1 with record/ex-dividend date on June 17.

Vanguard Group Inc. grew its position in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 8.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 191,319,041 shares of the bank's stock after purchasing an additional 14,338,222 shares during the period. Vanguard Group Inc. owned approximately 12.15% of Huntington Bancshares worth $3,319,385,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of HBAN. Palisade Asset Management LLC bought a new stake in Huntington Bancshares in the 3rd quarter valued at approximately $26,000. South Plains Financial Inc. grew its stake in shares of Huntington Bancshares by 116.3% during the 3rd quarter. South Plains Financial Inc. now owns 1,536 shares of the bank's stock worth $27,000 after acquiring an additional 826 shares in the last quarter. Accredited Wealth Management LLC grew its stake in shares of Huntington Bancshares by 374.5% during the 3rd quarter. Accredited Wealth Management LLC now owns 1,675 shares of the bank's stock worth $29,000 after acquiring an additional 1,322 shares in the last quarter. Grey Fox Wealth Advisors LLC acquired a new stake in shares of Huntington Bancshares in the third quarter valued at approximately $31,000. Finally, AlphaCore Capital LLC acquired a new stake in shares of Huntington Bancshares in the third quarter valued at approximately $33,000. 80.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on HBAN shares. Evercore reduced their target price on shares of Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating for the company in a report on Monday, April 6th. DA Davidson lowered their price target on shares of Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, March 16th. Keefe, Bruyette & Woods cut their price target on shares of Huntington Bancshares from $20.00 to $19.50 and set a "market perform" rating on the stock in a research report on Friday, January 23rd. Piper Sandler upgraded shares of Huntington Bancshares from a "strong sell" rating to a "hold" rating and set a $18.00 price objective for the company in a research note on Thursday, April 23rd. Finally, Jefferies Financial Group raised their price objective on Huntington Bancshares from $19.00 to $20.00 and gave the company a "buy" rating in a report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $20.08.

Huntington Bancshares Stock Performance

HBAN opened at $16.55 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. Huntington Bancshares Incorporated has a 12-month low of $14.19 and a 12-month high of $19.45. The business has a 50 day moving average of $16.28 and a 200-day moving average of $16.73. The stock has a market cap of $33.71 billion, a price-to-earnings ratio of 12.73, a PEG ratio of 0.72 and a beta of 0.95.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last posted its earnings results on Thursday, April 23rd. The bank reported $0.37 earnings per share for the quarter, topping analysts' consensus estimates of $0.16 by $0.21. Huntington Bancshares had a return on equity of 11.42% and a net margin of 16.63%.The business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.57 billion. During the same period in the previous year, the firm earned $0.34 EPS. On average, equities research analysts expect that Huntington Bancshares Incorporated will post 1.61 earnings per share for the current year.

Huntington Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Wednesday, June 17th will be issued a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Wednesday, June 17th. Huntington Bancshares's payout ratio is currently 47.69%.

Insider Buying and Selling

In related news, VP Scott D. Kleinman sold 65,530 shares of the company's stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $15.28, for a total value of $1,001,298.40. Following the transaction, the vice president owned 481,676 shares in the company, valued at approximately $7,360,009.28. This represents a 11.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gary Torgow purchased 14,200 shares of the stock in a transaction on Thursday, February 19th. The stock was bought at an average cost of $17.81 per share, for a total transaction of $252,902.00. Following the completion of the acquisition, the director owned 943,341 shares in the company, valued at approximately $16,800,903.21. This trade represents a 1.53% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders purchased 27,700 shares of company stock valued at $540,401 and sold 98,986 shares valued at $1,600,958. Company insiders own 0.67% of the company's stock.

Huntington Bancshares Profile

Huntington Bancshares Incorporated NASDAQ: HBAN is a bank holding company headquartered in Columbus, Ohio, that provides a broad range of banking and financial services through its principal subsidiary, Huntington National Bank. The company's operations are centered on retail and commercial banking, and it serves individual consumers, small and middle-market businesses, and institutional customers.

Huntington's product offerings include traditional deposit and lending products, consumer and commercial loans, mortgage origination and servicing, auto financing, and business banking solutions.

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