Huntington Bancshares Incorporated (NASDAQ:HBAN) Stake Cut by Sei Investments Co.
Sei Investments Co. decreased its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN) by 12.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 516,388 shares of the bank’s stock after selling 72,860 shares during the period. Sei Investments Co.’s holdings in Huntington Bancshares were worth $6,982,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in HBAN. BlackRock Inc. raised its position 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 worth $920,719,000 after buying an additional 66,453,890 shares during the last quarter. FMR LLC raised its position 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 worth $1,312,281,000 after buying an additional 17,263,771 shares during the last quarter. Boston Partners raised its position 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 worth $458,191,000 after buying an additional 7,804,639 shares during the last quarter. Vanguard Group Inc. raised its position 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 worth $1,438,506,000 after buying an additional 3,937,628 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in shares of Huntington Bancshares by 69.0% in the first quarter. TIAA CREF Investment Management LLC now owns 9,632,505 shares of the bank’s stock worth $128,979,000 after buying an additional 3,932,611 shares during the last quarter. 74.54% of the stock is currently owned by institutional investors and hedge funds.
Shares of Huntington Bancshares Incorporated (HBAN) opened at 12.96 on Tuesday. The company has a market cap of $14.13 billion, a price-to-earnings ratio of 17.95 and a beta of 1.37. The stock has a 50 day moving average of $13.37 and a 200-day moving average of $13.32. Huntington Bancshares Incorporated has a 12 month low of $9.40 and a 12 month high of $14.74.
Huntington Bancshares (NASDAQ:HBAN) last issued 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. Huntington Bancshares had a return on equity of 11.39% and a net margin of 18.41%. The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same period last year, the business earned $0.19 EPS. On average, analysts forecast that Huntington Bancshares Incorporated will post $0.92 EPS for the current year.
Huntington Bancshares declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $308.00 million in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 2.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The company 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. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend is Friday, September 15th. Huntington Bancshares’s dividend payout ratio is currently 46.38%.
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A number of research analysts have weighed in on HBAN shares. FBR & Co reaffirmed a “mkt perform” rating and issued a $14.00 price target (down previously from $15.00) on shares of Huntington Bancshares in a research note on Thursday, April 20th. Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $14.00 price target (down previously from $14.50) on shares of Huntington Bancshares in a research note on Saturday, April 22nd. BMO Capital Markets reaffirmed a “buy” rating and issued a $16.00 price target on shares of Huntington Bancshares in a research note on Friday, April 28th. Morgan Stanley cut their price target on shares of Huntington Bancshares from $14.00 to $13.75 and set an “equal weight” rating on the stock in a research note on Tuesday, June 6th. Finally, BidaskClub raised shares of Huntington Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $14.96.
In other news, Director Richard W. Neu bought 2,450 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The shares were bought at an average cost of $13.10 per share, for a total transaction of $32,095.00. Following the acquisition, the director now directly owns 184,596 shares in the company, valued at $2,418,207.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Stephen D. Steinour bought 50,000 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The stock was purchased at an average price of $12.40 per share, for a total transaction of $620,000.00. Following the completion of the acquisition, the chief executive officer now owns 3,891,831 shares in the company, valued at $48,258,704.40. The disclosure for this purchase can be found here. 1.30% of the stock is owned by company insiders.
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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