Formidable Asset Management LLC maintained its stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,520 shares of the bank’s stock at the close of the 2nd quarter. Formidable Asset Management LLC’s holdings in Huntington Bancshares were worth $223,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Huntington Bancshares by 3.8% in the 1st quarter. Vanguard Group Inc. now owns 107,431,420 shares of the bank’s stock worth $1,438,506,000 after acquiring an additional 3,937,628 shares in the last quarter. FMR LLC increased its holdings in Huntington Bancshares by 21.4% in the 1st quarter. FMR LLC now owns 98,004,607 shares of the bank’s stock worth $1,312,281,000 after acquiring an additional 17,263,771 shares in the last quarter. BlackRock Inc. increased its holdings in Huntington Bancshares by 2,879.7% in the 1st quarter. BlackRock Inc. now owns 68,761,543 shares of the bank’s stock worth $920,719,000 after acquiring an additional 66,453,890 shares in the last quarter. Wellington Management Group LLP increased its holdings in Huntington Bancshares by 6.5% in the 1st quarter. Wellington Management Group LLP now owns 18,405,607 shares of the bank’s stock worth $246,451,000 after acquiring an additional 1,121,927 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Huntington Bancshares by 8.6% in the 1st quarter. Geode Capital Management LLC now owns 11,751,388 shares of the bank’s stock worth $157,150,000 after acquiring an additional 928,231 shares in the last quarter. 74.16% of the stock is owned by institutional investors.
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Several equities research analysts recently commented on the stock. Sanford C. Bernstein raised shares of Huntington Bancshares from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $15.00 to $17.00 in a report on Thursday. Royal Bank Of Canada reissued a “buy” rating and issued a $16.00 price target on shares of Huntington Bancshares in a report on Friday, September 8th. JMP Securities assumed coverage on shares of Huntington Bancshares in a report on Thursday, August 31st. They issued an “outperform” rating and a $15.00 price target for the company. Keefe, Bruyette & Woods set a $14.00 price target on shares of Huntington Bancshares and gave the stock a “hold” rating in a report on Friday, August 11th. Finally, Piper Jaffray Companies raised shares of Huntington Bancshares from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $14.00 to $15.00 in a report on Friday, August 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $15.01.
In other news, 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 transaction, the executive vice president now directly owns 447,722 shares of the company’s stock, valued at approximately $5,690,546.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard W. Neu acquired 2,450 shares of Huntington Bancshares stock in a transaction dated Friday, July 28th. The stock was purchased at an average cost of $13.10 per share, for a total transaction of $32,095.00. Following the completion of the purchase, the director now directly owns 184,596 shares in the company, valued at $2,418,207.60. The disclosure for this purchase can be found here. 1.30% of the stock is owned by insiders.
Huntington Bancshares Incorporated (HBAN) traded up 0.31% on Friday, reaching $12.76. 16,063,966 shares of the company’s stock were exchanged. Huntington Bancshares Incorporated has a 1-year low of $9.52 and a 1-year high of $14.74. The company has a market capitalization of $13.91 billion, a PE ratio of 17.67 and a beta of 1.37. The company has a 50 day moving average price of $12.83 and a 200-day moving average price of $13.13.
Huntington Bancshares (NASDAQ:HBAN) last posted its quarterly earnings results on Friday, July 21st. The bank reported $0.26 EPS for the quarter, beating the 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 return on equity of 11.39% and a net margin of 18.41%. During the same quarter in the previous year, the business earned $0.19 EPS. On average, equities research analysts anticipate that Huntington Bancshares Incorporated will post $0.92 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Monday, September 18th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend is Friday, September 15th. Huntington Bancshares’s dividend payout ratio (DPR) is 46.38%.
Huntington Bancshares declared that its board has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to repurchase $308.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 2.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
Huntington Bancshares Company Profile
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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