Hudson Bay Capital Management LP Purchases New Position in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Hudson Bay Capital Management LP purchased a new stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 600,085 shares of the bank's stock, valued at approximately $9,763,000.

A number of other institutional investors and hedge funds have also bought and sold shares of HBAN. Charles Schwab Investment Management Inc. increased its stake in shares of Huntington Bancshares by 3.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 64,926,419 shares of the bank's stock valued at $1,056,353,000 after acquiring an additional 2,218,020 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Huntington Bancshares by 4.6% during the fourth quarter. Invesco Ltd. now owns 52,599,986 shares of the bank's stock valued at $855,802,000 after purchasing an additional 2,310,502 shares during the period. FMR LLC grew its stake in shares of Huntington Bancshares by 36.9% in the 4th quarter. FMR LLC now owns 32,479,039 shares of the bank's stock valued at $528,434,000 after buying an additional 8,759,871 shares during the period. Victory Capital Management Inc. raised its stake in Huntington Bancshares by 7.4% during the 4th quarter. Victory Capital Management Inc. now owns 21,825,092 shares of the bank's stock worth $355,094,000 after buying an additional 1,506,606 shares during the period. Finally, Norges Bank bought a new position in Huntington Bancshares in the fourth quarter worth approximately $302,826,000. Institutional investors and hedge funds own 80.72% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Baird R W raised shares of Huntington Bancshares from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. JPMorgan Chase & Co. decreased their target price on shares of Huntington Bancshares from $18.50 to $16.00 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Keefe, Bruyette & Woods dropped their price target on shares of Huntington Bancshares from $18.00 to $17.00 and set a "market perform" rating on the stock in a research report on Monday, April 21st. Piper Sandler decreased their price objective on Huntington Bancshares from $17.50 to $17.00 and set an "underweight" rating for the company in a report on Tuesday, January 21st. Finally, Morgan Stanley dropped their target price on Huntington Bancshares from $22.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. One investment 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. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $17.58.

Insider Buying and Selling

In other news, insider Kendall A. Kowalski sold 3,434 shares of Huntington Bancshares stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $14.50, for a total transaction of $49,793.00. Following the completion of the sale, the insider now directly owns 66,847 shares of the company's stock, valued at approximately $969,281.50. The trade was a 4.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Zachary Jacob Wasserman sold 38,451 shares of the stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $14.38, for a total value of $552,925.38. Following the completion of the transaction, the chief financial officer now directly owns 335,538 shares in the company, valued at approximately $4,825,036.44. This represents a 10.28% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 312,456 shares of company stock worth $4,464,105. Corporate insiders own 0.89% of the company's stock.

Huntington Bancshares Stock Performance

Shares of NASDAQ HBAN traded up $0.01 during midday trading on Thursday, hitting $16.10. The company's stock had a trading volume of 22,728,534 shares, compared to its average volume of 17,696,448. Huntington Bancshares Incorporated has a one year low of $11.92 and a one year high of $18.45. The stock has a fifty day moving average price of $14.39 and a 200 day moving average price of $15.96. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $23.52 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 1.33 and a beta of 0.89.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The bank reported $0.34 EPS for the quarter, beating analysts' consensus estimates of $0.31 by $0.03. The company had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.89 billion. Huntington Bancshares had a net margin of 16.23% and a return on equity of 11.23%. During the same period last year, the business earned $0.27 earnings per share. On average, research analysts forecast that Huntington Bancshares Incorporated will post 1.39 EPS for the current fiscal year.

Huntington Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th will be issued a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, June 17th. This represents a $0.62 annualized dividend and a dividend yield of 3.85%. Huntington Bancshares's payout ratio is currently 47.33%.

Huntington Bancshares declared that its Board of Directors has approved a share repurchase plan on Thursday, April 17th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the bank to purchase up to 5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

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.