Investors Buy Huntington Bancshares Inc. (HBAN) on Weakness
Investors bought shares of Huntington Bancshares Inc. (NASDAQ:HBAN) on weakness during trading hours on Monday. $22.76 million flowed into the stock on the tick-up and $8.21 million flowed out of the stock on the tick-down, for a money net flow of $14.55 million into the stock. Of all companies tracked, Huntington Bancshares had the 27th highest net in-flow for the day. Huntington Bancshares traded down ($0.01) for the day and closed at $9.72
HBAN has been the subject of a number of analyst reports. Robert W. Baird lowered shares of Huntington Bancshares from an “outperform” rating to a “neutral” rating and set a $12.00 price objective for the company. in a report on Thursday, May 26th. Deutsche Bank AG reissued a “hold” rating on shares of Huntington Bancshares in a report on Thursday, June 2nd. Vetr raised shares of Huntington Bancshares from a “buy” rating to a “strong-buy” rating and set a $11.62 price objective for the company in a report on Wednesday, June 8th. JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $10.50 target price on shares of Huntington Bancshares in a research note on Thursday, June 9th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $11.00 target price on shares of Huntington Bancshares in a research note on Wednesday, July 6th. Fifteen analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $11.08.
The stock has a 50-day moving average price of $9.69 and a 200 day moving average price of $9.66. The firm has a market cap of $7.77 billion, a price-to-earnings ratio of 12.46 and a beta of 1.07.
Huntington Bancshares (NASDAQ:HBAN) last issued its earnings results on Thursday, July 21st. The company reported $0.19 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.02. Huntington Bancshares had a return on equity of 11.07% and a net margin of 20.85%. During the same period in the previous year, the firm posted $0.23 EPS. Equities research analysts predict that Huntington Bancshares Inc. will post $0.82 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Monday, September 19th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date is Thursday, September 15th. Huntington Bancshares’s payout ratio is currently 35.90%.
In other news, EVP Nicholas G. Stanutz sold 35,350 shares of the business’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $9.64, for a total transaction of $340,774.00. Following the completion of the sale, the executive vice president now owns 434,650 shares in the company, valued at approximately $4,190,026. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David S. Anderson sold 9,006 shares of the business’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $9.82, for a total value of $88,438.92. Following the sale, the executive vice president now owns 110,233 shares of the company’s stock, valued at approximately $1,082,488.06. The disclosure for this sale can be found here. Insiders own 1.65% of the company’s stock.
Several hedge funds have recently modified their holdings of HBAN. Geode Capital Management LLC boosted its position in Huntington Bancshares by 3.6% in the first quarter. Geode Capital Management LLC now owns 6,895,402 shares of the company’s stock worth $65,655,000 after buying an additional 239,414 shares in the last quarter. Wesbanco Bank Inc. boosted its position in Huntington Bancshares by 2.9% in the second quarter. Wesbanco Bank Inc. now owns 130,685 shares of the company’s stock worth $1,168,000 after buying an additional 3,637 shares in the last quarter. Renaissance Technologies LLC boosted its position in Huntington Bancshares by 3,035.4% in the first quarter. Renaissance Technologies LLC now owns 3,658,085 shares of the company’s stock worth $34,898,000 after buying an additional 3,541,414 shares in the last quarter. Nuveen Asset Management LLC boosted its position in Huntington Bancshares by 1,688.7% in the first quarter. Nuveen Asset Management LLC now owns 1,819,386 shares of the company’s stock worth $17,357,000 after buying an additional 1,717,669 shares in the last quarter. Finally, First Republic Investment Management Inc. bought a new position in Huntington Bancshares during the first quarter worth $281,000. Institutional investors and hedge funds own 75.73% of the company’s stock.
About Huntington Bancshares
Huntington Bancshares Incorporated is a diversified regional bank holding company. Through its subsidiaries, including its bank subsidiary, The Huntington National Bank (the Bank), the Company is engaged in providing commercial, small business, consumer banking services, mortgage banking services, automobile financing, equipment leasing, investment management, trust services, brokerage services, customized insurance programs, and other financial products and services.
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