Huntington National Bank cut its stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) by 1.2% during the second quarter, according to its most recent filing with the SEC. The fund owned 3,512,130 shares of the bank’s stock after selling 43,536 shares during the period. Huntington Bancshares makes up about 0.8% of Huntington National Bank’s investment portfolio, making the stock its 25th largest position. Huntington National Bank owned about 0.32% of Huntington Bancshares worth $47,483,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in the stock. National Pension Service bought a new stake in shares of Huntington Bancshares during the first quarter valued at approximately $13,279,000. Suntrust Banks Inc. boosted its stake in shares of Huntington Bancshares by 101.8% in the first quarter. Suntrust Banks Inc. now owns 84,466 shares of the bank’s stock valued at $1,130,000 after buying an additional 42,612 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Huntington Bancshares by 33.7% in the first quarter. Canada Pension Plan Investment Board now owns 2,182,634 shares of the bank’s stock valued at $29,225,000 after buying an additional 549,800 shares during the last quarter. AT Bancorp bought a new stake in shares of Huntington Bancshares during the first quarter valued at approximately $1,243,000. Finally, Wellington Management Group LLP boosted its stake in shares of Huntington Bancshares by 6.5% in the first quarter. Wellington Management Group LLP now owns 18,405,607 shares of the bank’s stock valued at $246,451,000 after buying an additional 1,121,927 shares during the last quarter. Institutional investors and hedge funds own 74.54% of the company’s stock.
Shares of Huntington Bancshares Incorporated (HBAN) traded up 0.16% during trading on Friday, hitting $12.66. The company had a trading volume of 7,073,309 shares. Huntington Bancshares Incorporated has a 1-year low of $9.46 and a 1-year high of $14.74. The firm has a market capitalization of $13.80 billion, a P/E ratio of 17.53 and a beta of 1.37. The company’s 50 day moving average is $13.34 and its 200 day moving average is $13.30.
Huntington Bancshares (NASDAQ:HBAN) last released its quarterly earnings results on Friday, July 21st. The bank reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.03. Huntington Bancshares had a return on equity of 11.39% and a net margin of 18.41%. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same period in the previous year, the company posted $0.19 earnings per share. Analysts anticipate that Huntington Bancshares Incorporated will post $0.92 earnings per share for the current fiscal year.
Huntington Bancshares announced that its board has approved a stock buyback program on Wednesday, June 28th that authorizes the company to repurchase $308.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 2.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Monday, September 18th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, September 15th. This represents a $0.32 annualized dividend and a dividend yield of 2.53%. Huntington Bancshares’s dividend payout ratio is presently 46.38%.
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HBAN has been the topic of several analyst reports. Royal Bank Of Canada reiterated a “buy” rating and issued a $16.00 target price on shares of Huntington Bancshares in a report on Thursday, July 27th. BMO Capital Markets reiterated an “outperform” rating and issued a $15.00 target price (down from $16.00) on shares of Huntington Bancshares in a report on Friday, July 21st. FBR & Co restated a “mkt perform” rating and set a $14.00 price target (down from $15.00) on shares of Huntington Bancshares in a report on Thursday, April 20th. Hilliard Lyons upgraded Huntington Bancshares from a “neutral” rating to a “buy” rating and increased their price target for the stock from $14.00 to $15.00 in a report on Monday, July 24th. Finally, Piper Jaffray Companies restated a “neutral” rating and set a $14.00 price target (down from $14.50) on shares of Huntington Bancshares in a report on Saturday, April 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $14.96.
In other news, Director Richard W. Neu purchased 2,450 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The shares were bought at an average cost of $13.10 per share, for a total transaction of $32,095.00. Following the completion of the transaction, the director now directly owns 184,596 shares of the company’s stock, valued at approximately $2,418,207.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.30% of the company’s stock.
Huntington Bancshares Company Profile
Huntington Bancshares Incorporated (Huntington) is a bank holding company. Through its subsidiaries, including its bank subsidiary, The Huntington National Bank (the Bank), the Company provides commercial and consumer banking services, mortgage banking services, automobile financing, recreational vehicle and marine financing, equipment leasing, investment management, trust services, brokerage services, insurance programs, and other financial products and services.
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