Hudson Bay Capital Management LP Invests $9.76 Million in Huntington Bancshares Incorporated (NASDAQ:HBAN)

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

A number of other institutional investors have also added to or reduced their stakes in HBAN. Gotham Asset Management LLC increased its position in shares of Huntington Bancshares by 28.9% during the fourth quarter. Gotham Asset Management LLC now owns 22,263 shares of the bank's stock valued at $362,000 after acquiring an additional 4,997 shares during the last quarter. Graham Capital Management L.P. boosted its holdings in shares of Huntington Bancshares by 2,174.6% in the fourth quarter. Graham Capital Management L.P. now owns 323,669 shares of the bank's stock worth $5,266,000 after acquiring an additional 309,439 shares during the period. Graver Capital Management LLC purchased a new stake in shares of Huntington Bancshares in the fourth quarter worth $285,000. Focus Partners Wealth raised its position in shares of Huntington Bancshares by 4.5% in the fourth quarter. Focus Partners Wealth now owns 139,207 shares of the bank's stock worth $2,265,000 after buying an additional 5,956 shares in the last quarter. Finally, First Manhattan CO. LLC. lifted its stake in Huntington Bancshares by 7.2% during the fourth quarter. First Manhattan CO. LLC. now owns 77,359 shares of the bank's stock worth $1,271,000 after purchasing an additional 5,214 shares during the last quarter. 80.72% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Brantley J. Standridge sold 70,417 shares of the firm's stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $13.69, for a total transaction of $964,008.73. Following the completion of the transaction, the vice president now 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kendall A. Kowalski sold 25,419 shares of Huntington Bancshares stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $13.68, for a total transaction of $347,731.92. Following the completion of the transaction, the insider now directly owns 70,281 shares of the company's stock, valued at $961,444.08. The trade was a 26.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 312,456 shares of company stock valued at $4,464,105 over the last 90 days. Insiders own 0.89% of the company's stock.

Huntington Bancshares Stock Performance

Shares of NASDAQ:HBAN traded up $0.08 on Friday, hitting $16.18. 15,202,319 shares of the company were exchanged, compared to its average volume of 17,771,652. Huntington Bancshares Incorporated has a 1-year low of $11.92 and a 1-year high of $18.45. The stock's 50 day moving average price is $14.46 and its 200 day moving average price is $15.97. 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 $23.63 billion, a P/E ratio of 13.15, a price-to-earnings-growth ratio of 1.33 and a beta of 0.89.

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 16.23% and a return on equity of 11.23%. 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. Sell-side analysts predict that Huntington Bancshares Incorporated will post 1.39 EPS for the current year.

Huntington Bancshares declared that its board has authorized a share repurchase plan on Thursday, April 17th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the bank to buy up to 5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Huntington Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th will be issued a dividend of $0.155 per share. The ex-dividend date is Tuesday, June 17th. This represents a $0.62 annualized dividend and a dividend yield of 3.83%. Huntington Bancshares's dividend payout ratio (DPR) is presently 47.33%.

Wall Street Analysts Forecast Growth

HBAN has been the topic of several analyst reports. Truist Financial decreased their price objective on Huntington Bancshares from $21.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. JPMorgan Chase & Co. cut their price objective on Huntington Bancshares from $18.50 to $16.00 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Citigroup lowered their price objective on Huntington Bancshares from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. 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 research note on Thursday, April 24th. Finally, TD Cowen started coverage on shares of Huntington Bancshares in a research note on Thursday. They set a "buy" rating and a $20.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Huntington Bancshares has an average rating of "Moderate Buy" and a consensus price target of $17.58.

Huntington Bancshares Company 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.