SummerHaven Investment Management LLC Purchases New Stake in Huntington Bancshares Incorporated $HBAN

SummerHaven Investment Management LLC purchased a new stake in Huntington Bancshares Incorporated (NASDAQ:HBAN) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 58,559 shares of the bank’s stock, valued at approximately $1,016,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Sequoia Financial Advisors LLC increased its holdings in shares of Huntington Bancshares by 15.6% in the fourth quarter. Sequoia Financial Advisors LLC now owns 691,202 shares of the bank’s stock valued at $11,992,000 after purchasing an additional 93,369 shares during the last quarter. Gateway Investment Advisers LLC acquired a new stake in shares of Huntington Bancshares in the fourth quarter valued at approximately $289,000. LaFleur & Godfrey LLC increased its holdings in shares of Huntington Bancshares by 9.8% in the fourth quarter. LaFleur & Godfrey LLC now owns 13,902 shares of the bank’s stock valued at $241,000 after purchasing an additional 1,242 shares during the last quarter. Swedbank AB increased its holdings in shares of Huntington Bancshares by 0.8% in the fourth quarter. Swedbank AB now owns 415,578 shares of the bank’s stock valued at $7,210,000 after purchasing an additional 3,308 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Huntington Bancshares by 10.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,266,059 shares of the bank’s stock valued at $57,091,000 after purchasing an additional 299,049 shares during the last quarter. Institutional investors and hedge funds own 80.72% of the company’s stock.

Insider Activity at Huntington Bancshares

In other news, VP Brendan A. Lawlor sold 17,455 shares of the company’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $18.93, for a total transaction of $330,423.15. Following the sale, the vice president owned 42,398 shares of the company’s stock, valued at approximately $802,594.14. This represents a 29.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gary Torgow acquired 14,200 shares of the business’s stock in a transaction dated Thursday, February 19th. The shares were bought at an average cost of $17.81 per share, for a total transaction of $252,902.00. Following the transaction, the director directly owned 943,341 shares of the company’s stock, valued at approximately $16,800,903.21. This trade represents a 1.53% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders acquired 39,200 shares of company stock valued at $756,724 and sold 93,156 shares valued at $1,489,372. 0.67% of the stock is currently owned by company insiders.

Huntington Bancshares Stock Down 2.7%

NASDAQ:HBAN opened at $16.19 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. The stock’s fifty day moving average is $16.17 and its two-hundred day moving average is $16.75. Huntington Bancshares Incorporated has a 52 week low of $14.89 and a 52 week high of $19.45. The stock has a market capitalization of $32.82 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 0.77 and a beta of 0.96.

Huntington Bancshares (NASDAQ:HBAN) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.21. Huntington Bancshares had a return on equity of 11.42% and a net margin of 16.63%.The company had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.57 billion. During the same period in the prior year, the firm earned $0.34 earnings per share. Research analysts anticipate that Huntington Bancshares Incorporated will post 1.61 EPS for the current year.

Huntington Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Wednesday, June 17th will be paid a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Wednesday, June 17th. Huntington Bancshares’s dividend payout ratio is 47.69%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on HBAN shares. The Goldman Sachs Group cut their price target on Huntington Bancshares from $21.00 to $20.00 and set a “buy” rating for the company in a report on Monday, April 6th. Raymond James Financial increased their price objective on Huntington Bancshares from $20.00 to $21.00 and gave the stock a “strong-buy” rating in a research report on Friday, January 23rd. Wall Street Zen upgraded Huntington Bancshares from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 25th. Keefe, Bruyette & Woods lowered their price objective on Huntington Bancshares from $20.00 to $19.50 and set a “market perform” rating for the company in a research report on Friday, January 23rd. Finally, UBS Group set a $21.00 price objective on Huntington Bancshares in a research report on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Huntington Bancshares currently has a consensus rating of “Moderate Buy” and an average target price of $20.05.

About Huntington Bancshares

Huntington Bancshares Incorporated (NASDAQ: HBAN) is a bank holding company headquartered in Columbus, Ohio, that provides a broad range of banking and financial services through its principal subsidiary, Huntington National Bank. The company’s operations are centered on retail and commercial banking, and it serves individual consumers, small and middle-market businesses, and institutional customers.

Huntington’s product offerings include traditional deposit and lending products, consumer and commercial loans, mortgage origination and servicing, auto financing, and business banking solutions.