Wolverine Asset Management LLC Has $534,000 Position in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Key Points

• Wolverine Asset Management LLC reduced its stake in Huntington Bancshares by 30.6%, owning 35,598 shares valued at $534,000 at the end of the first quarter.
• Huntington Bancshares announced a $1 billion stock repurchase program, indicating the board's belief that the stock may be undervalued.
• The company declared a quarterly dividend of $0.155 per share, translating to a 3.9% yield, with the payout to be made on October 1st.

Wolverine Asset Management LLC cut its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 30.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,598 shares of the bank's stock after selling 15,710 shares during the period. Wolverine Asset Management LLC's holdings in Huntington Bancshares were worth $534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Huntington Bancshares in the 1st quarter valued at $29,000. LFA Lugano Financial Advisors SA acquired a new position in Huntington Bancshares in the 1st quarter valued at about $31,000. Golden State Wealth Management LLC increased its stake in Huntington Bancshares by 516.3% during the first quarter. Golden State Wealth Management LLC now owns 2,231 shares of the bank's stock worth $33,000 after purchasing an additional 1,869 shares during the period. Wayfinding Financial LLC acquired a new stake in shares of Huntington Bancshares during the first quarter worth about $39,000. Finally, TruNorth Capital Management LLC purchased a new position in shares of Huntington Bancshares in the first quarter valued at approximately $40,000. Institutional investors and hedge funds own 80.72% of the company's stock.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on HBAN shares. Truist Financial increased their target price on shares of Huntington Bancshares from $18.00 to $19.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Wolfe Research upgraded Huntington Bancshares from a "peer perform" rating to an "outperform" rating and set a $21.00 price objective on the stock in a research note on Thursday, July 3rd. Deutsche Bank Aktiengesellschaft raised Huntington Bancshares from a "hold" rating to a "buy" rating and set a $17.50 target price for the company in a research note on Thursday, April 24th. Jefferies Financial Group assumed coverage on Huntington Bancshares in a research report on Wednesday, May 21st. They issued a "buy" rating and a $20.00 price target on the stock. Finally, Royal Bank Of Canada lowered their price objective on Huntington Bancshares from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Two analysts have rated the stock with a sell rating, three have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Huntington Bancshares presently has an average rating of "Moderate Buy" and an average price target of $18.68.

Huntington Bancshares Price Performance

Shares of HBAN traded up $0.09 during trading hours on Thursday, reaching $16.81. 21,390,160 shares of the company traded hands, compared to its average volume of 25,696,436. The stock has a fifty day simple moving average of $16.52 and a 200 day simple moving average of $15.70. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $24.52 billion, a PE ratio of 12.45, a price-to-earnings-growth ratio of 0.84 and a beta of 0.93. Huntington Bancshares Incorporated has a fifty-two week low of $11.91 and a fifty-two week high of $18.44.

Huntington Bancshares declared that its Board of Directors has initiated a stock buyback program on Thursday, April 17th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the bank to repurchase up to 5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.

Huntington Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 17th will be given a $0.155 dividend. The ex-dividend date of this dividend is Wednesday, September 17th. This represents a $0.62 annualized dividend and a yield of 3.7%. Huntington Bancshares's dividend payout ratio (DPR) is 45.93%.

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.