Wealth Enhancement Advisory Services LLC cut its holdings in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 14.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 321,485 shares of the bank's stock after selling 55,248 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Huntington Bancshares were worth $4,826,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in HBAN. Salem Investment Counselors Inc. increased its holdings in shares of Huntington Bancshares by 192.2% during the first quarter. Salem Investment Counselors Inc. now owns 29,933 shares of the bank's stock worth $454,000 after buying an additional 19,690 shares in the last quarter. NorthCrest Asset Manangement LLC lifted its position in Huntington Bancshares by 54.2% in the 1st quarter. NorthCrest Asset Manangement LLC now owns 18,523 shares of the bank's stock valued at $278,000 after acquiring an additional 6,510 shares in the last quarter. Greenwood Capital Associates LLC boosted its holdings in Huntington Bancshares by 0.7% during the 1st quarter. Greenwood Capital Associates LLC now owns 373,168 shares of the bank's stock worth $5,601,000 after acquiring an additional 2,544 shares during the last quarter. Fifth Third Bancorp grew its stake in Huntington Bancshares by 41.1% in the 1st quarter. Fifth Third Bancorp now owns 125,450 shares of the bank's stock valued at $1,883,000 after purchasing an additional 36,546 shares during the period. Finally, Arvest Investments Inc. lifted its position in shares of Huntington Bancshares by 13.3% during the 1st quarter. Arvest Investments Inc. now owns 140,406 shares of the bank's stock valued at $2,107,000 after buying an additional 16,465 shares during the last quarter. 80.72% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In related news, VP Brantley J. Standridge sold 70,417 shares of the firm's stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $13.69, for a total transaction of $964,008.73. Following the sale, the vice president now directly owns 326,456 shares of the company's stock, valued at $4,469,182.64. This trade represents a 17.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Zachary Jacob Wasserman sold 59,060 shares of the business's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $14.36, for a total value of $848,101.60. Following the completion of the transaction, the chief financial officer now directly owns 277,348 shares of the company's stock, valued at $3,982,717.28. The trade was a 17.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 214,375 shares of company stock valued at $3,049,277. Company insiders own 0.89% of the company's stock.
Wall Street Analysts Forecast Growth
Several research firms recently commented on HBAN. Jefferies Financial Group assumed coverage on Huntington Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $20.00 target price for the company. Deutsche Bank Aktiengesellschaft upgraded shares of Huntington Bancshares from a "hold" rating to a "buy" rating and set a $17.50 target price for the company in a report on Thursday, April 24th. Truist Financial lifted their price objective on Huntington Bancshares from $18.00 to $19.00 and gave the company a "buy" rating in a research report on Friday, June 13th. JPMorgan Chase & Co. lowered their target price on shares of Huntington Bancshares from $18.50 to $16.00 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Finally, Citigroup cut their price objective on shares of Huntington Bancshares from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $18.08.
Read Our Latest Stock Report on Huntington Bancshares
Huntington Bancshares Stock Performance
HBAN stock traded up $0.36 during trading on Thursday, reaching $16.64. The company had a trading volume of 32,814,554 shares, compared to its average volume of 18,704,604. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.89 and a current ratio of 0.90. Huntington Bancshares Incorporated has a twelve month low of $11.92 and a twelve month high of $18.45. The company has a market cap of $24.31 billion, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 1.24 and a beta of 0.92. The firm has a 50-day simple moving average of $15.39 and a 200-day simple moving average of $15.67.
Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The bank reported $0.34 EPS for the quarter, topping the consensus estimate of $0.31 by $0.03. Huntington Bancshares had a net margin of 16.94% and a return on equity of 11.44%. The business had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the previous year, the firm posted $0.27 earnings per share. As a group, sell-side analysts expect that Huntington Bancshares Incorporated will post 1.39 earnings per share for the current year.
Huntington Bancshares declared that its board has initiated a stock repurchase plan on Thursday, April 17th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the bank to repurchase up to 5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.
Huntington Bancshares Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th will be paid a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, June 17th. This represents a $0.62 annualized dividend and a yield of 3.73%. Huntington Bancshares's payout ratio is presently 47.33%.
About Huntington Bancshares
(
Free Report)
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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