Huntington Bancshares (NASDAQ:HBAN) Reaches New 52-Week Low - Here's What Happened

Huntington Bancshares Incorporated (NASDAQ:HBAN - Get Free Report)'s stock price reached a new 52-week low on Wednesday . The company traded as low as $14.19 and last traded at $14.53, with a volume of 18415759 shares traded. The stock had previously closed at $14.64.

Analysts Set New Price Targets

A number of brokerages recently commented on HBAN. Deutsche Bank Aktiengesellschaft upgraded shares of Huntington Bancshares from a "hold" rating to a "buy" rating and set a $17.50 target price on the stock in a research report on Thursday, April 24th. Baird R W upgraded shares of Huntington Bancshares from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Barclays boosted their price target on Huntington Bancshares from $17.00 to $19.00 and gave the company an "equal weight" rating in a report on Monday, January 6th. Stephens reiterated an "equal weight" rating and issued a $16.50 price objective on shares of Huntington Bancshares in a research report on Monday, April 21st. Finally, Keefe, Bruyette & Woods reduced their target price on Huntington Bancshares from $18.00 to $17.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. One analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Huntington Bancshares currently has a consensus rating of "Moderate Buy" and an average price target of $17.45.

Huntington Bancshares Price Performance

The stock has a market capitalization of $21.94 billion, a P/E ratio of 12.21, a price-to-earnings-growth ratio of 1.33 and a beta of 0.89. The business's 50 day moving average price is $14.45 and its 200 day moving average price is $15.97. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.89 and a quick ratio of 0.88.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The bank reported $0.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.31 by $0.03. The firm had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.89 billion. Huntington Bancshares had a net margin of 16.23% and a return on equity of 11.23%. During the same quarter in the previous year, the firm posted $0.27 EPS. Sell-side analysts forecast that Huntington Bancshares Incorporated will post 1.39 EPS for the current year.

Huntington Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, June 17th. This represents a $0.62 dividend on an annualized basis and a yield of 4.13%. Huntington Bancshares's dividend payout ratio is presently 47.33%.

Huntington Bancshares declared that its Board of Directors has authorized a share buyback program on Thursday, April 17th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the bank to buy up to 5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In other news, VP Brantley J. Standridge sold 70,417 shares of the business's stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $13.69, for a total transaction of $964,008.73. Following the transaction, the vice president now owns 326,456 shares of the company's stock, valued at approximately $4,469,182.64. The trade was a 17.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Kendall A. Kowalski sold 25,419 shares of the company's stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $13.68, for a total transaction of $347,731.92. Following the transaction, the insider now owns 70,281 shares in the company, valued at $961,444.08. The trade was a 26.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 312,456 shares of company stock worth $4,464,105 in the last 90 days. 0.89% of the stock is currently owned by corporate insiders.

Institutional Trading of Huntington Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in the company. Creative Capital Management Investments LLC lifted its stake in shares of Huntington Bancshares by 17,533.3% during the 4th quarter. Creative Capital Management Investments LLC now owns 1,587 shares of the bank's stock worth $26,000 after purchasing an additional 1,578 shares during the last quarter. Smallwood Wealth Investment Management LLC purchased a new position in shares of Huntington Bancshares in the 1st quarter worth approximately $29,000. Y.D. More Investments Ltd raised its stake in shares of Huntington Bancshares by 126.8% during the 4th quarter. Y.D. More Investments Ltd now owns 1,830 shares of the bank's stock worth $30,000 after acquiring an additional 1,023 shares in the last quarter. LFA Lugano Financial Advisors SA bought a new position in shares of Huntington Bancshares during the 1st quarter worth approximately $31,000. Finally, Golden State Wealth Management LLC boosted its stake in Huntington Bancshares by 516.3% in the first quarter. Golden State Wealth Management LLC now owns 2,231 shares of the bank's stock valued at $33,000 after acquiring an additional 1,869 shares in the last quarter. 80.72% of the stock is currently owned by institutional investors.

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.