Zions Bancorporation National Association UT Makes New Investment in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Key Points

• Zions Bancorporation has invested approximately $6.21 million in Huntington Bancshares by purchasing 413,792 shares in the first quarter.
• Analyst reports show a mixture of ratings for Huntington Bancshares, with a consensus rating of "Moderate Buy" and an average price target of $18.68.
• Huntington Bancshares recently declared a quarterly dividend of $0.155 per share, representing an annualized yield of 3.9%.

Zions Bancorporation National Association UT bought a new stake in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 413,792 shares of the bank's stock, valued at approximately $6,211,000.

Several other large investors have also recently bought and sold shares of the business. Foundations Investment Advisors LLC boosted its stake in shares of Huntington Bancshares by 2.4% during the first quarter. Foundations Investment Advisors LLC now owns 29,023 shares of the bank's stock worth $436,000 after buying an additional 691 shares during the period. Winch Advisory Services LLC grew its stake in shares of Huntington Bancshares by 18.3% during the 1st quarter. Winch Advisory Services LLC now owns 4,579 shares of the bank's stock valued at $69,000 after buying an additional 709 shares during the period. CreativeOne Wealth LLC grew its stake in shares of Huntington Bancshares by 4.0% during the 4th quarter. CreativeOne Wealth LLC now owns 20,019 shares of the bank's stock valued at $326,000 after buying an additional 762 shares during the period. First Horizon Advisors Inc. grew its stake in shares of Huntington Bancshares by 5.5% during the 1st quarter. First Horizon Advisors Inc. now owns 16,073 shares of the bank's stock valued at $241,000 after buying an additional 844 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in shares of Huntington Bancshares by 4.0% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 21,835 shares of the bank's stock valued at $328,000 after buying an additional 847 shares during the period. Hedge funds and other institutional investors own 80.72% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on HBAN. Royal Bank Of Canada lowered their price objective on shares of Huntington Bancshares from $20.00 to $18.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Citigroup boosted their price objective on shares of Huntington Bancshares from $19.00 to $20.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Jefferies Financial Group assumed coverage on shares of Huntington Bancshares in a report on Wednesday, May 21st. They set a "buy" rating and a $20.00 target price on the stock. Raymond James Financial restated a "strong-buy" rating and set a $21.00 target price (up previously from $18.00) on shares of Huntington Bancshares in a report on Tuesday, July 8th. Finally, Argus set a $17.00 target price on shares of Huntington Bancshares in a report on Friday, April 25th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $18.68.

Huntington Bancshares Stock Up 1.4%

HBAN stock traded up $0.22 during trading on Friday, reaching $16.09. The stock had a trading volume of 18,516,165 shares, compared to its average volume of 40,641,256. Huntington Bancshares Incorporated has a 1-year low of $11.91 and a 1-year high of $18.44. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.92. The company has a market capitalization of $23.47 billion, a P/E ratio of 11.92, a PEG ratio of 0.82 and a beta of 0.93. The firm has a fifty day moving average price of $16.48 and a 200 day moving average price of $15.71.

Huntington Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 17th will be paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Wednesday, September 17th. Huntington Bancshares's dividend payout ratio is 45.93%.

Huntington Bancshares announced that its Board of Directors has initiated a share repurchase plan on Thursday, April 17th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Insider Activity

In other news, EVP Marcy C. Hingst sold 13,700 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $15.79, for a total value of $216,323.00. Following the sale, the executive vice president owned 337,879 shares in the company, valued at approximately $5,335,109.41. This represents a 3.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.89% of the company's stock.

About Huntington Bancshares

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.