First Manhattan Co. Has $135,000 Stake in Huntington Bancshares Incorporated (HBAN)
First Manhattan Co. boosted its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN) by 0.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,000 shares of the bank’s stock after buying an additional 1 shares during the period. First Manhattan Co.’s holdings in Huntington Bancshares were worth $135,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in HBAN. Formidable Asset Management LLC increased its position in Huntington Bancshares by 0.6% in the first quarter. Formidable Asset Management LLC now owns 16,520 shares of the bank’s stock valued at $216,000 after buying an additional 100 shares during the period. Cleararc Capital Inc. increased its position in Huntington Bancshares by 0.7% in the first quarter. Cleararc Capital Inc. now owns 26,527 shares of the bank’s stock valued at $355,000 after buying an additional 176 shares during the period. Janney Capital Management LLC increased its position in Huntington Bancshares by 0.6% in the second quarter. Janney Capital Management LLC now owns 29,185 shares of the bank’s stock valued at $394,000 after buying an additional 179 shares during the period. North Star Asset Management Inc. increased its position in Huntington Bancshares by 1.6% in the first quarter. North Star Asset Management Inc. now owns 12,656 shares of the bank’s stock valued at $169,000 after buying an additional 200 shares during the period. Finally, OLD National Bancorp IN increased its position in Huntington Bancshares by 1.2% in the second quarter. OLD National Bancorp IN now owns 19,152 shares of the bank’s stock valued at $259,000 after buying an additional 220 shares during the period. 74.75% of the stock is currently owned by institutional investors and hedge funds.
Shares of Huntington Bancshares Incorporated (NASDAQ HBAN) opened at 12.72 on Friday. Huntington Bancshares Incorporated has a 1-year low of $9.43 and a 1-year high of $14.74. The firm has a 50-day moving average of $13.36 and a 200-day moving average of $13.33. The firm has a market capitalization of $13.87 billion, a PE ratio of 17.62 and a beta of 1.37.
Huntington Bancshares (NASDAQ:HBAN) last posted its earnings results on Friday, July 21st. The bank reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.07 billion. Huntington Bancshares had a return on equity of 11.39% and a net margin of 18.41%. During the same period in the prior year, the business earned $0.19 EPS. On average, equities research analysts anticipate that Huntington Bancshares Incorporated will post $0.91 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 18th will be paid a dividend of $0.08 per share. The ex-dividend date is Friday, September 15th. This represents a $0.32 annualized dividend and a dividend yield of 2.52%. Huntington Bancshares’s dividend payout ratio is currently 46.38%.
Huntington Bancshares declared that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to buyback $308.00 million in shares. This buyback authorization allows the bank to purchase up to 2.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.
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Several research firms have recently weighed in on HBAN. Keefe, Bruyette & Woods set a $14.00 target price on shares of Huntington Bancshares and gave the stock a “hold” rating in a research report on Saturday, June 24th. BidaskClub downgraded shares of Huntington Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Piper Jaffray Companies raised shares of Huntington Bancshares from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $14.00 to $15.00 in a research report on Friday. Deutsche Bank AG reissued a “buy” rating on shares of Huntington Bancshares in a research report on Monday, July 3rd. Finally, BMO Capital Markets reissued a “buy” rating and issued a $16.00 target price on shares of Huntington Bancshares in a research report on Friday, June 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company. Huntington Bancshares currently has a consensus rating of “Buy” and an average price target of $14.96.
In other Huntington Bancshares news, EVP Andrew J. Harmening purchased 15,490 shares of the firm’s stock in a transaction dated Monday, May 15th. The stock was bought at an average cost of $12.92 per share, with a total value of $200,130.80. Following the purchase, the executive vice president now directly owns 35,543 shares of the company’s stock, valued at $459,215.56. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Richard W. Neu purchased 2,450 shares of the firm’s stock in a transaction dated Friday, July 28th. The shares were acquired at an average cost of $13.10 per share, with a total value of $32,095.00. Following the completion of the purchase, the director now directly owns 184,596 shares in the company, valued at $2,418,207.60. The disclosure for this purchase can be found here. Insiders have bought a total of 67,940 shares of company stock valued at $852,226 over the last ninety days. Company 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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