Huntington Bancshares Sees Unusually Large Options Volume (HBAN)
Huntington Bancshares Incorporated (NASDAQ:HBAN) was the target of unusually large options trading on Friday. Stock investors acquired 8,371 call options on the company. This is an increase of approximately 1,153% compared to the average daily volume of 668 call options.
Huntington Bancshares (NASDAQ HBAN) opened at 13.71 on Wednesday. Huntington Bancshares has a 52 week low of $9.10 and a 52 week high of $14.74. The company’s 50 day moving average price is $12.90 and its 200-day moving average price is $13.29. The company has a market capitalization of $14.90 billion, a P/E ratio of 20.34 and a beta of 1.37.
Huntington Bancshares (NASDAQ:HBAN) last announced its quarterly earnings results on Wednesday, April 19th. The bank reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.22 by $0.01. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Huntington Bancshares had a net margin of 17.54% and a return on equity of 11.07%. The firm’s revenue was up 39.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.20 earnings per share. Equities research analysts expect that Huntington Bancshares will post $0.92 earnings per share 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 shares. This buyback authorization authorizes the bank to purchase up to 2.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.
In other Huntington Bancshares news, CEO Stephen D. Steinour bought 50,000 shares of the firm’s stock in a transaction on Thursday, May 18th. The stock was acquired at an average price of $12.40 per share, with a total value of $620,000.00. Following the transaction, the chief executive officer now owns 3,891,831 shares in the company, valued at $48,258,704.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Andrew J. Harmening bought 15,490 shares of the firm’s stock in a transaction on Monday, May 15th. The stock was acquired at an average cost of $12.92 per share, with a total value of $200,130.80. Following the transaction, the executive vice president now owns 35,543 shares in the company, valued at approximately $459,215.56. The disclosure for this purchase can be found here. 1.30% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Federated Investors Inc. PA boosted its position in shares of Huntington Bancshares by 6.9% in the fourth quarter. Federated Investors Inc. PA now owns 81,540 shares of the bank’s stock valued at $1,079,000 after buying an additional 5,288 shares in the last quarter. Elkhorn Investments LLC bought a new position in shares of Huntington Bancshares during the fourth quarter valued at $753,000. Quadrature Capital Ltd bought a new position in shares of Huntington Bancshares during the fourth quarter valued at $3,787,000. Wealthfront Inc. boosted its position in shares of Huntington Bancshares by 23.5% in the fourth quarter. Wealthfront Inc. now owns 18,945 shares of the bank’s stock valued at $250,000 after buying an additional 3,609 shares in the last quarter. Finally, Jackson Grant Investment Advisers Inc. bought a new position in shares of Huntington Bancshares during the fourth quarter valued at $182,000. Institutional investors own 75.30% of the company’s stock.
A number of equities analysts have weighed in on HBAN shares. DA Davidson started coverage on Huntington Bancshares in a research report on Thursday, March 23rd. They issued a “buy” rating and a $16.50 target price for the company. Jefferies Group LLC raised Huntington Bancshares from a “hold” rating to a “buy” rating and boosted their target price for the stock from $14.00 to $16.00 in a research report on Monday, April 3rd. Keefe, Bruyette & Woods set a $14.00 target price on Huntington Bancshares and gave the stock a “hold” rating in a research report on Monday, April 3rd. Zacks Investment Research raised Huntington Bancshares from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research report on Tuesday, April 11th. Finally, FBR & Co reissued a “mkt perform” rating and issued a $14.00 target price (down previously from $15.00) on shares of Huntington Bancshares in a research report on Thursday, April 20th. Eleven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Huntington Bancshares currently has an average rating of “Hold” and an average price target of $14.23.
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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