Endurance Wealth Management Inc. Increases Stake in Huntington Bancshares Incorporated (NASDAQ:HBAN)
Endurance Wealth Management Inc. raised its position in Huntington Bancshares Incorporated (NASDAQ:HBAN) by 1.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 843,379 shares of the bank’s stock after buying an additional 11,000 shares during the period. Huntington Bancshares accounts for 1.9% of Endurance Wealth Management Inc.’s holdings, making the stock its 14th largest position. Endurance Wealth Management Inc. owned 0.08% of Huntington Bancshares worth $11,402,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in HBAN. Vanguard Group Inc. raised its position in Huntington Bancshares by 3.8% in the first quarter. Vanguard Group Inc. now owns 107,431,420 shares of the bank’s stock worth $1,438,506,000 after buying an additional 3,937,628 shares during the period. FMR LLC raised its stake in Huntington Bancshares by 21.4% in the first quarter. FMR LLC now owns 98,004,607 shares of the bank’s stock valued at $1,312,281,000 after buying an additional 17,263,771 shares during the last quarter. BlackRock Inc. raised its stake in Huntington Bancshares by 2,879.7% in the first quarter. BlackRock Inc. now owns 68,761,543 shares of the bank’s stock valued at $920,719,000 after buying an additional 66,453,890 shares during the last quarter. Boston Partners raised its stake in Huntington Bancshares by 29.5% in the first quarter. Boston Partners now owns 34,218,873 shares of the bank’s stock valued at $458,191,000 after buying an additional 7,804,639 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in Huntington Bancshares by 6.5% in the first quarter. Wellington Management Group LLP now owns 18,405,607 shares of the bank’s stock valued at $246,451,000 after buying an additional 1,121,927 shares during the last quarter. 74.75% of the stock is currently owned by institutional investors and hedge funds.
Huntington Bancshares Incorporated (HBAN) opened at 13.30 on Monday. The stock has a market cap of $14.50 billion, a P/E ratio of 18.42 and a beta of 1.37. Huntington Bancshares Incorporated has a 52 week low of $9.38 and a 52 week high of $14.74. The company’s 50 day moving average is $13.38 and its 200 day moving average is $13.33.
Huntington Bancshares (NASDAQ:HBAN) last released its earnings results on Friday, July 21st. The bank reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.03. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.07 billion. Huntington Bancshares had a net margin of 18.41% and a return on equity of 11.39%. During the same period last year, the firm posted $0.19 earnings per share. Equities analysts predict that Huntington Bancshares Incorporated will post $0.91 earnings per share for the current year.
Huntington Bancshares declared that its Board of Directors has approved a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $308.00 million in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 2.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 18th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Friday, September 15th. Huntington Bancshares’s dividend payout ratio (DPR) is currently 46.38%.
HBAN has been the subject of several research reports. Zacks Investment Research upgraded shares of Huntington Bancshares from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Tuesday, April 11th. FBR & Co restated a “mkt perform” rating and issued a $14.00 price target (down previously from $15.00) on shares of Huntington Bancshares in a research note on Thursday, April 20th. Piper Jaffray Companies reiterated a “neutral” rating and set a $14.00 target price (down previously from $14.50) on shares of Huntington Bancshares in a research note on Saturday, April 22nd. BMO Capital Markets reiterated a “buy” rating and set a $16.00 target price on shares of Huntington Bancshares in a research note on Friday, April 28th. Finally, Morgan Stanley lowered their target price on shares of Huntington Bancshares from $14.00 to $13.75 and set an “equal weight” rating for the company in a research note on Tuesday, June 6th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $14.90.
In related news, Director Richard W. Neu acquired 2,450 shares of the stock in a transaction that occurred on Friday, July 28th. The shares were purchased at an average cost of $13.10 per share, with a total value of $32,095.00. Following the completion of the transaction, the director now owns 184,596 shares of the company’s stock, valued at approximately $2,418,207.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Andrew J. Harmening acquired 15,490 shares of the stock in a transaction that occurred on Monday, May 15th. The shares were bought at an average cost of $12.92 per share, for a total transaction of $200,130.80. Following the completion of the transaction, the executive vice president now directly owns 35,543 shares of the company’s stock, valued at approximately $459,215.56. The disclosure for this purchase can be found here. Over the last three months, insiders bought 67,940 shares of company stock worth $852,226. 1.30% of the stock is currently owned by insiders.
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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