Huntington Bancshares Incorporated (HBAN) Stake Decreased by Royal Bank of Canada
Royal Bank of Canada cut its stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) by 21.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,420,135 shares of the bank’s stock after selling 379,317 shares during the quarter. Royal Bank of Canada owned about 0.13% of Huntington Bancshares worth $19,198,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of HBAN. UBS Asset Management Americas Inc. grew its stake in shares of Huntington Bancshares by 12.4% during the 1st quarter. UBS Asset Management Americas Inc. now owns 2,752,379 shares of the bank’s stock worth $36,854,000 after purchasing an additional 303,683 shares during the period. Teachers Advisors LLC grew its stake in shares of Huntington Bancshares by 37.1% during the 1st quarter. Teachers Advisors LLC now owns 5,580,551 shares of the bank’s stock worth $74,724,000 after purchasing an additional 1,511,023 shares during the period. Hartland & Co. LLC acquired a new position in shares of Huntington Bancshares during the 1st quarter worth $141,000. Rothschild Asset Management Inc. grew its stake in shares of Huntington Bancshares by 9.2% during the 1st quarter. Rothschild Asset Management Inc. now owns 6,339,396 shares of the bank’s stock worth $84,885,000 after purchasing an additional 534,180 shares during the period. Finally, Ngam Advisors L.P. grew its stake in shares of Huntington Bancshares by 101.6% during the 1st quarter. Ngam Advisors L.P. now owns 398,578 shares of the bank’s stock worth $5,337,000 after purchasing an additional 200,865 shares during the period. 74.17% of the stock is currently owned by institutional investors and hedge funds.
Shares of Huntington Bancshares Incorporated (HBAN) opened at 13.85 on Thursday. The firm has a market capitalization of $15.10 billion, a PE ratio of 19.18 and a beta of 1.38. Huntington Bancshares Incorporated has a 1-year low of $9.57 and a 1-year high of $14.74. The firm’s 50 day moving average is $13.16 and its 200 day moving average is $13.10.
Huntington Bancshares (NASDAQ:HBAN) last issued its quarterly earnings results on Friday, July 21st. The bank reported $0.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.03. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.07 billion. Huntington Bancshares had a return on equity of 11.39% and a net margin of 18.41%. During the same quarter last year, the business posted $0.19 EPS. Analysts anticipate that Huntington Bancshares Incorporated will post $0.92 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Monday, September 18th were paid a $0.08 dividend. The ex-dividend date was Friday, September 15th. This represents a $0.32 dividend on an annualized basis and a yield of 2.31%. Huntington Bancshares’s dividend payout ratio is currently 46.38%.
Huntington Bancshares declared that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $308.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 2.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
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A number of equities analysts have recently weighed in on HBAN shares. Hilliard Lyons raised shares of Huntington Bancshares from a “neutral” rating to a “buy” rating and upped their price target for the stock from $14.00 to $15.00 in a research note on Monday, July 24th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $16.00 price target on shares of Huntington Bancshares in a research note on Thursday, July 27th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Huntington Bancshares in a research note on Monday, July 3rd. Instinet reaffirmed a “buy” rating and set a $16.00 price target (up from $15.00) on shares of Huntington Bancshares in a research note on Wednesday, July 12th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $14.25 price target (up from $13.75) on shares of Huntington Bancshares in a research note on Friday, July 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the stock. Huntington Bancshares currently has a consensus rating of “Buy” and a consensus target price of $15.01.
In related news, Director Richard W. Neu purchased 2,450 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The shares were purchased at an average price of $13.10 per share, with a total value of $32,095.00. Following the purchase, the director now owns 184,596 shares of the company’s stock, valued at approximately $2,418,207.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nicholas G. Stanutz sold 16,000 shares of Huntington Bancshares stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $12.71, for a total value of $203,360.00. Following the completion of the transaction, the executive vice president now directly owns 447,722 shares in the company, valued at approximately $5,690,546.62. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
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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