National Planning Corp Raises Stake in Huntington Bancshares Incorporated (HBAN)
National Planning Corp raised its position in Huntington Bancshares Incorporated (NASDAQ:HBAN) by 22.3% during the second quarter, Holdings Channel reports. The fund owned 21,304 shares of the bank’s stock after buying an additional 3,891 shares during the period. National Planning Corp’s holdings in Huntington Bancshares were worth $293,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. National Pension Service acquired a new stake in shares of Huntington Bancshares during the first quarter worth $13,279,000. Suntrust Banks Inc. increased its stake in shares of Huntington Bancshares by 101.8% in the first quarter. Suntrust Banks Inc. now owns 84,466 shares of the bank’s stock valued at $1,130,000 after buying an additional 42,612 shares during the period. Canada Pension Plan Investment Board increased its stake in shares of Huntington Bancshares by 33.7% in the first quarter. Canada Pension Plan Investment Board now owns 2,182,634 shares of the bank’s stock valued at $29,225,000 after buying an additional 549,800 shares during the period. AT Bancorp purchased a new stake in shares of Huntington Bancshares during the first quarter valued at approximately $1,243,000. Finally, Wellington Management Group LLP increased 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 during the period. Hedge funds and other institutional investors own 74.54% of the company’s stock.
Shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) opened at 12.96 on Tuesday. 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. The stock has a market cap of $14.13 billion, a P/E ratio of 17.95 and a beta of 1.37.
Huntington Bancshares (NASDAQ:HBAN) last released its quarterly earnings results on Friday, July 21st. The bank reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ 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 quarter in the prior year, the company earned $0.19 earnings per share. On average, equities analysts expect that Huntington Bancshares Incorporated will post $0.92 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 18th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.47%. The ex-dividend date is Friday, September 15th. Huntington Bancshares’s dividend payout ratio (DPR) is presently 46.38%.
Huntington Bancshares announced that its Board of Directors has approved a share buyback program on Wednesday, June 28th that allows the company to repurchase $308.00 million in outstanding shares. This repurchase authorization allows the bank to reacquire up to 2.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
Several equities research analysts recently commented on HBAN shares. BMO Capital Markets restated an “outperform” rating and issued a $15.00 price target (down previously from $16.00) on shares of Huntington Bancshares in a research report on Friday, July 21st. Deutsche Bank AG restated a “buy” rating on shares of Huntington Bancshares in a research report on Monday, July 3rd. BidaskClub downgraded shares of Huntington Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Instinet restated a “buy” rating and issued a $16.00 price target (up previously from $15.00) on shares of Huntington Bancshares in a research report on Wednesday, July 12th. Finally, Piper Jaffray Companies restated a “neutral” rating and issued a $14.00 price target (down previously from $14.50) on shares of Huntington Bancshares in a research report on Saturday, April 22nd. One 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 an average rating of “Buy” and a consensus price target of $14.96.
In other Huntington Bancshares news, Director Richard W. Neu acquired 2,450 shares of the business’s stock in a transaction dated Friday, July 28th. The shares were acquired at an average price of $13.10 per share, with a total value of $32,095.00. Following the completion of the transaction, the director now directly owns 184,596 shares in the company, valued at approximately $2,418,207.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Stephen D. Steinour acquired 50,000 shares of the business’s stock in a transaction dated Thursday, May 18th. The stock was acquired at an average cost of $12.40 per share, for a total transaction of $620,000.00. Following the transaction, the chief executive officer now 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. 1.30% of the stock is owned by corporate insiders.
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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