Cigna Investments Inc. New Has $570,000 Stake in Huntington Bancshares Incorporated (NASDAQ:HBAN)
Cigna Investments Inc. New reduced its position in Huntington Bancshares Incorporated (NASDAQ:HBAN) by 6.9% during the second quarter, Holdings Channel reports. The firm owned 41,877 shares of the bank’s stock after selling 3,118 shares during the period. Cigna Investments Inc. New’s holdings in Huntington Bancshares were worth $570,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in HBAN. Advisor Partners LLC boosted its stake in shares of Huntington Bancshares by 6.8% in the second quarter. Advisor Partners LLC now owns 17,626 shares of the bank’s stock worth $238,000 after buying an additional 1,127 shares during the period. Endurance Wealth Management Inc. boosted its stake in shares of Huntington Bancshares by 1.3% in the second quarter. Endurance Wealth Management Inc. now owns 843,379 shares of the bank’s stock worth $11,402,000 after buying an additional 11,000 shares during the period. Chicago Partners Investment Group LLC purchased a new stake in shares of Huntington Bancshares during the second quarter worth about $134,000. Retirement Systems of Alabama boosted its stake in shares of Huntington Bancshares by 0.4% in the second quarter. Retirement Systems of Alabama now owns 527,093 shares of the bank’s stock worth $7,126,000 after buying an additional 2,196 shares during the period. Finally, IFP Advisors Inc boosted its stake in shares of Huntington Bancshares by 29.5% in the second quarter. IFP Advisors Inc now owns 80,631 shares of the bank’s stock worth $1,090,000 after buying an additional 18,384 shares during the period. 74.54% of the stock is owned by hedge funds and other institutional investors.
Huntington Bancshares Incorporated (HBAN) opened at 12.96 on Tuesday. The stock has a market capitalization of $14.13 billion, a PE ratio of 17.95 and a beta of 1.37. Huntington Bancshares Incorporated has a 52 week low of $9.40 and a 52 week high of $14.74. The firm has a 50 day moving average of $13.37 and a 200-day moving average of $13.32.
Huntington Bancshares (NASDAQ:HBAN) last posted its quarterly earnings data on Friday, July 21st. The bank reported $0.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.03. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.07 billion. Huntington Bancshares had a net margin of 18.41% and a return on equity of 11.39%. During the same period in the prior year, the business posted $0.19 earnings per share. On average, equities analysts predict that Huntington Bancshares Incorporated will post $0.92 EPS for the current year.
Huntington Bancshares announced that its board has initiated a share buyback program on Wednesday, June 28th that allows the company to buyback $308.00 million in shares. This buyback authorization allows the bank to reacquire up to 2.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Monday, September 18th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date is Friday, September 15th. Huntington Bancshares’s dividend payout ratio is presently 46.38%.
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A number of analysts have recently issued reports on the stock. Keefe, Bruyette & Woods set a $14.00 price objective on shares of Huntington Bancshares and gave the stock a “hold” rating in a research note on Friday. Piper Jaffray Companies raised shares of Huntington Bancshares from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $14.00 to $15.00 in a research note on Friday. BidaskClub cut shares of Huntington Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Royal Bank Of Canada reissued a “buy” rating and issued a $16.00 price objective on shares of Huntington Bancshares in a research note on Thursday, July 27th. Finally, Hilliard Lyons raised shares of Huntington Bancshares from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $14.00 to $15.00 in a research note on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the stock. Huntington Bancshares currently has an average rating of “Buy” and a consensus target price of $14.96.
In other Huntington Bancshares news, Director Richard W. Neu bought 2,450 shares of the company’s stock in a transaction dated Friday, July 28th. The stock was acquired at an average price of $13.10 per share, with a total value of $32,095.00. Following the completion of the acquisition, the director now directly owns 184,596 shares of the company’s stock, valued at $2,418,207.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Stephen D. Steinour bought 50,000 shares of the company’s stock in a transaction dated Thursday, May 18th. The shares were acquired at an average cost of $12.40 per share, with a total value of $620,000.00. Following the acquisition, the chief executive officer now directly owns 3,891,831 shares of the company’s stock, valued at $48,258,704.40. The disclosure for this purchase can be found here. Corporate insiders own 1.30% of the company’s stock.
About Huntington Bancshares
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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