Prana Capital Management LP Sells 1,211,198 Shares of Huntington Bancshares Incorporated (NASDAQ:HBAN)

Prana Capital Management LP lessened its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN) by 43.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,599,518 shares of the bank’s stock after selling 1,211,198 shares during the quarter. Huntington Bancshares makes up approximately 1.2% of Prana Capital Management LP’s portfolio, making the stock its 22nd biggest holding. Prana Capital Management LP owned 0.11% of Huntington Bancshares worth $26,024,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. National Bank of Canada FI grew its position in shares of Huntington Bancshares by 220.9% in the fourth quarter. National Bank of Canada FI now owns 3,666,949 shares of the bank’s stock valued at $59,661,000 after purchasing an additional 2,524,077 shares in the last quarter. Pictet Asset Management Holding SA grew its position in shares of Huntington Bancshares by 17.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 850,139 shares of the bank’s stock valued at $13,832,000 after purchasing an additional 129,106 shares in the last quarter. Mediolanum International Funds Ltd purchased a new position in shares of Huntington Bancshares in the fourth quarter valued at $422,000. Donoghue Forlines LLC purchased a new position in shares of Huntington Bancshares in the fourth quarter valued at $1,460,000. Finally, Czech National Bank grew its position in shares of Huntington Bancshares by 6.5% in the fourth quarter. Czech National Bank now owns 314,999 shares of the bank’s stock valued at $5,125,000 after purchasing an additional 19,123 shares in the last quarter. Institutional investors own 80.72% of the company’s stock.

Huntington Bancshares Price Performance

Shares of Huntington Bancshares stock opened at $16.09 on Thursday. Huntington Bancshares Incorporated has a one year low of $11.92 and a one year high of $18.45. The stock’s fifty day moving average is $14.39 and its 200 day moving average is $15.96. The stock has a market cap of $23.50 billion, a P/E ratio of 13.08, a P/E/G ratio of 1.33 and a beta of 0.89. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.88 and a current ratio of 0.89.

Huntington Bancshares (NASDAQ:HBAN) last announced its earnings results on Thursday, April 17th. The bank reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. The company had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.89 billion. Huntington Bancshares had a return on equity of 11.23% and a net margin of 16.23%. During the same period last year, the firm earned $0.27 EPS. Sell-side analysts anticipate that Huntington Bancshares Incorporated will post 1.39 earnings per share for the current year.

Huntington Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, June 17th. This represents a $0.62 dividend on an annualized basis and a yield of 3.85%. Huntington Bancshares’s dividend payout ratio is presently 47.33%.

Huntington Bancshares announced that its Board of Directors has initiated a stock buyback program on Thursday, April 17th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the bank to reacquire up to 5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on HBAN. Piper Sandler reduced their price target on Huntington Bancshares from $17.50 to $17.00 and set an “underweight” rating for the company in a research report on Tuesday, January 21st. Baird R W upgraded Huntington Bancshares from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Stephens restated an “equal weight” rating and set a $16.50 target price on shares of Huntington Bancshares in a research report on Monday, April 21st. Citigroup reduced their target price on Huntington Bancshares from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Finally, Raymond James reiterated a “strong-buy” rating and issued a $18.00 price objective (down from $20.00) on shares of Huntington Bancshares in a report on Monday, April 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $17.45.

Insider Buying and Selling at Huntington Bancshares

In related news, VP Brendan A. Lawlor sold 3,521 shares of Huntington Bancshares stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $15.25, for a total value of $53,695.25. Following the completion of the transaction, the vice president now owns 47,950 shares in the company, valued at approximately $731,237.50. This trade represents a 6.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Zachary Jacob Wasserman sold 38,451 shares of Huntington Bancshares stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $14.38, for a total value of $552,925.38. Following the completion of the transaction, the chief financial officer now owns 335,538 shares of the company’s stock, valued at approximately $4,825,036.44. This represents a 10.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 312,456 shares of company stock valued at $4,464,105 over the last ninety days. 0.89% of the stock is currently owned by company insiders.

Huntington Bancshares Company Profile

Huntington Bancshares Incorporated operates as the bank holding company for The Huntington National Bank that provides commercial, consumer, and mortgage banking services in the United States. The company offers financial products and services to consumer and business customers, including deposits, lending, payments, mortgage banking, dealer financing, investment management, trust, brokerage, insurance, and other financial products and services.