Huntington Bancshares Incorporated (NASDAQ:HBAN) Position Cut by Pitcairn Co.
Pitcairn Co. lowered its position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) by 4.3% during the second quarter, Holdings Channel reports. The fund owned 32,745 shares of the bank’s stock after selling 1,464 shares during the period. Pitcairn Co.’s holdings in Huntington Bancshares were worth $442,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Huntington Bancshares by 3.8% in the first quarter. Vanguard Group Inc. now owns 107,431,420 shares of the bank’s stock valued at $1,438,506,000 after buying an additional 3,937,628 shares in the last quarter. FMR LLC boosted its stake in shares of Huntington Bancshares by 21.4% in the first quarter. FMR LLC now owns 98,004,607 shares of the bank’s stock valued at $1,312,281,000 after buying an additional 17,263,771 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Huntington Bancshares by 2,879.7% in the first quarter. BlackRock Inc. now owns 68,761,543 shares of the bank’s stock valued at $920,719,000 after buying an additional 66,453,890 shares in the last quarter. Boston Partners boosted its stake in shares of Huntington Bancshares by 29.5% in the first quarter. Boston Partners now owns 34,218,873 shares of the bank’s stock valued at $458,191,000 after buying an additional 7,804,639 shares in the last quarter. 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 in the last quarter. Institutional investors own 74.54% of the company’s stock.
Shares of 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. The company’s 50 day moving average price is $13.37 and its 200-day moving average price is $13.32. Huntington Bancshares Incorporated has a 52 week low of $9.40 and a 52 week high of $14.74.
Huntington Bancshares (NASDAQ:HBAN) last released its earnings results on Friday, July 21st. The bank reported $0.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.03. The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates 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 last year, the business posted $0.19 earnings per share. Equities research analysts predict that Huntington Bancshares Incorporated will post $0.92 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Monday, September 18th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, September 15th. This represents a $0.32 dividend on an annualized basis and a yield of 2.47%. Huntington Bancshares’s dividend payout ratio (DPR) is presently 46.38%.
Huntington Bancshares announced that its Board of Directors 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 purchase up to 2.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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HBAN has been the subject of several research reports. 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. Deutsche Bank AG reiterated a “buy” rating on shares of Huntington Bancshares in a report on Monday, July 3rd. BidaskClub cut Huntington Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Instinet reiterated a “buy” rating and issued a $16.00 target price (up from $15.00) on shares of Huntington Bancshares in a report on Wednesday, July 12th. Finally, Piper Jaffray Companies reiterated a “neutral” rating and issued a $14.00 target price (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 given a buy rating to the stock. Huntington Bancshares has an average rating of “Buy” and an average price target of $14.96.
In other Huntington Bancshares news, CEO Stephen D. Steinour purchased 50,000 shares of the firm’s stock in a transaction on Thursday, May 18th. The stock was bought 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard W. Neu purchased 2,450 shares of the firm’s stock in a transaction on 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 acquisition, 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. Company 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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