ABC Arbitrage SA Invests $1.02 Million in Huntington Bancshares Incorporated $HBAN

ABC Arbitrage SA purchased a new position in Huntington Bancshares Incorporated (NASDAQ:HBAN) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 64,975 shares of the bank’s stock, valued at approximately $1,017,000.

Several other hedge funds have also recently made changes to their positions in the company. MV Capital Management Inc. bought a new stake in shares of Huntington Bancshares in the fourth quarter valued at approximately $25,000. Palisade Asset Management LLC purchased a new stake in Huntington Bancshares during the 3rd quarter worth about $26,000. Centennial Bank AR purchased a new position in Huntington Bancshares during the 4th quarter valued at about $28,000. DV Equities LLC bought a new position in shares of Huntington Bancshares in the fourth quarter valued at approximately $38,000. Finally, Quest 10 Wealth Builders Inc. grew its stake in Huntington Bancshares by 403.1% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 2,611 shares of the bank’s stock valued at $45,000 after acquiring an additional 2,092 shares in the last quarter. 80.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on HBAN. Wolfe Research lowered their price objective on Huntington Bancshares from $21.00 to $19.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 1st. Royal Bank Of Canada lifted their price objective on Huntington Bancshares from $20.00 to $21.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Piper Sandler upgraded Huntington Bancshares from a “strong sell” rating to a “hold” rating and set a $18.00 target price for the company in a report on Thursday, April 23rd. DA Davidson dropped their price objective on Huntington Bancshares from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, March 16th. Finally, Morgan Stanley lifted their target price on shares of Huntington Bancshares from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.25.

Insider Buying and Selling

In other news, EVP Marcy C. Hingst sold 10,568 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $18.00, for a total value of $190,224.00. Following the transaction, the executive vice president owned 267,859 shares in the company, valued at approximately $4,821,462. This represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Rollins III sold 223,522 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $17.35, for a total value of $3,878,106.70. Following the completion of the transaction, the director directly owned 612,155 shares in the company, valued at $10,620,889.25. This trade represents a 26.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have acquired 33,500 shares of company stock valued at $617,542 in the last ninety days. Insiders own 0.67% of the company’s stock.

Huntington Bancshares Price Performance

HBAN stock opened at $17.93 on Tuesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.92. Huntington Bancshares Incorporated has a 1 year low of $14.89 and a 1 year high of $19.45. The firm has a 50-day moving average of $16.75 and a 200 day moving average of $16.90. The company has a market cap of $36.35 billion, a P/E ratio of 13.79, a PEG ratio of 0.81 and a beta of 0.93.

Huntington Bancshares (NASDAQ:HBAN) last released its earnings results on Thursday, April 23rd. The bank reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.21. The firm had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.57 billion. Huntington Bancshares had a net margin of 16.63% and a return on equity of 11.42%. During the same period in the prior year, the firm earned $0.34 EPS. On average, sell-side analysts forecast that Huntington Bancshares Incorporated will post 1.62 EPS for the current year.

Huntington Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Wednesday, June 17th were paid a dividend of $0.155 per share. The ex-dividend date of this dividend was Wednesday, June 17th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.5%. Huntington Bancshares’s dividend payout ratio (DPR) is currently 47.69%.

Huntington Bancshares Profile

Huntington Bancshares Incorporated (NASDAQ: HBAN) is a bank holding company headquartered in Columbus, Ohio, that provides a broad range of banking and financial services through its principal subsidiary, Huntington National Bank. The company’s operations are centered on retail and commercial banking, and it serves individual consumers, small and middle-market businesses, and institutional customers.

Huntington’s product offerings include traditional deposit and lending products, consumer and commercial loans, mortgage origination and servicing, auto financing, and business banking solutions.