Verition Fund Management LLC Has $42.82 Million Stock Position in Huntington Bancshares Incorporated $HBAN

Key Points

• Verition Fund Management cut its Huntington Bancshares stake by 24% in Q4, but still held 2.47 million shares worth about $42.8 million as of its latest filing.
• An insider also bought shares: Director James D. Rollins III purchased 4,798 shares at $20.30 each, increasing his position by 92% to 10,000 shares.
• Huntington Bancshares recently beat quarterly earnings expectations, reported a 0.62 annualized dividend yield of 3.5%, and has a Moderate Buy analyst consensus with an average price target of $20.10.

Verition Fund Management LLC lowered its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 24.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,467,963 shares of the bank's stock after selling 780,868 shares during the period. Verition Fund Management LLC owned approximately 0.16% of Huntington Bancshares worth $42,819,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of HBAN. Palisade Asset Management LLC bought a new position in Huntington Bancshares in the 3rd quarter valued at about $26,000. South Plains Financial Inc. boosted its position 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 increased its stake in Huntington Bancshares by 374.5% in the third quarter. Accredited Wealth Management LLC now owns 1,675 shares of the bank's stock valued at $29,000 after acquiring an additional 1,322 shares during the last quarter. AlphaCore Capital LLC bought a new position in Huntington Bancshares in the third quarter valued at approximately $33,000. Finally, Quest 10 Wealth Builders Inc. raised its position in Huntington Bancshares by 403.1% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 2,611 shares of the bank's stock valued at $45,000 after purchasing an additional 2,092 shares in the last quarter. Institutional investors and hedge funds own 80.72% of the company's stock.

Insider Buying and Selling

In related news, Director James D. Rollins III bought 4,798 shares of Huntington Bancshares stock in a transaction that occurred on Thursday, June 4th. The shares were acquired at an average cost of $20.30 per share, for a total transaction of $97,399.40. Following the completion of the acquisition, the director directly owned 10,000 shares of the company's stock, valued at approximately $203,000. The trade was a 92.23% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders purchased 33,500 shares of company stock valued at $617,542 in the last quarter. Corporate insiders own 0.67% of the company's stock.

Huntington Bancshares Price Performance

Shares of HBAN opened at $17.52 on Monday. The business has a 50-day simple moving average of $16.29 and a two-hundred day simple moving average of $16.84. Huntington Bancshares Incorporated has a 12-month low of $14.89 and a 12-month high of $19.45. The stock has a market cap of $35.52 billion, a PE ratio of 13.48, a PEG ratio of 0.80 and a beta of 0.94. 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 (NASDAQ:HBAN - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.21. The company had revenue of $2.59 billion for the quarter, compared to analysts' expectations of $2.57 billion. Huntington Bancshares had a return on equity of 11.42% and a net margin of 16.63%.During the same period in the previous year, the business posted $0.34 earnings per share. Analysts anticipate that Huntington Bancshares Incorporated will post 1.61 earnings per share for the current fiscal year.

Huntington Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Wednesday, June 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, June 17th. Huntington Bancshares's payout ratio is currently 47.69%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on HBAN. Wolfe Research reduced their target price on Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating on the stock in a report on Wednesday, April 1st. Jefferies Financial Group upped their price objective on Huntington Bancshares from $19.00 to $20.00 and gave the stock a "buy" rating in a research report on Friday, April 24th. DA Davidson reduced their price objective on Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, March 16th. Wall Street Zen upgraded Huntington Bancshares from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Finally, The Goldman Sachs Group lowered their target price on Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating for the company in a research note on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $20.10.

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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