Huntington Bancshares Incorporated (NASDAQ:HBAN) Short Interest Update
Huntington Bancshares Incorporated (NASDAQ:HBAN) saw a significant growth in short interest in the month of July. As of July 31st, there was short interest totalling 18,665,279 shares, a growth of 21.4% from the July 14th total of 15,374,401 shares. Based on an average daily trading volume, of 11,032,821 shares, the days-to-cover ratio is currently 1.7 days. Currently, 1.7% of the company’s shares are short sold.
Shares of Huntington Bancshares (NASDAQ:HBAN) opened at 12.81 on Friday. The stock has a market capitalization of $13.96 billion, a PE ratio of 17.74 and a beta of 1.37. The firm’s 50-day moving average is $13.37 and its 200-day moving average is $13.33. Huntington Bancshares has a one year low of $9.40 and a one year high of $14.74.
Huntington Bancshares (NASDAQ:HBAN) last released its earnings results on Friday, July 21st. The bank reported $0.26 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 18.41% and a return on equity of 11.39%. During the same period last year, the business earned $0.19 EPS. On average, analysts expect that Huntington Bancshares will post $0.91 earnings per share for the current fiscal year.
Huntington Bancshares announced that its Board of Directors has approved a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $308.00 million in shares. This buyback authorization allows the bank to purchase up to 2.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Monday, September 18th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date of this dividend is Friday, September 15th. Huntington Bancshares’s dividend payout ratio (DPR) is presently 46.38%.
Several equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods set a $14.00 price target on shares of Huntington Bancshares and gave the company a “hold” rating in a research report on Saturday, June 24th. BidaskClub lowered shares of Huntington Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Deutsche Bank AG reissued a “buy” rating on shares of Huntington Bancshares in a research note on Monday, July 3rd. BMO Capital Markets reissued a “buy” rating and set a $16.00 price objective on shares of Huntington Bancshares in a research note on Friday, June 9th. Finally, Instinet reissued a “buy” rating and set a $16.00 price objective (up previously from $15.00) on shares of Huntington Bancshares in a research note on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $14.90.
In related news, Director Richard W. Neu purchased 2,450 shares of Huntington Bancshares stock in a transaction that occurred on Friday, July 28th. The shares were bought at an average price of $13.10 per share, for a total transaction of $32,095.00. Following the completion of the transaction, the director now directly owns 184,596 shares of the company’s stock, valued at $2,418,207.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Andrew J. Harmening purchased 15,490 shares of Huntington Bancshares stock in a transaction that occurred on Monday, May 15th. The shares were bought at an average price of $12.92 per share, for a total transaction of $200,130.80. Following the transaction, the executive vice president now directly owns 35,543 shares of the company’s stock, valued at $459,215.56. The disclosure for this purchase can be found here. Insiders have purchased 67,940 shares of company stock worth $852,226 in the last quarter. 1.30% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in HBAN. Nationwide Fund Advisors boosted its stake in shares of Huntington Bancshares by 430.6% in the second quarter. Nationwide Fund Advisors now owns 1,620,866 shares of the bank’s stock valued at $21,914,000 after buying an additional 1,315,390 shares during the last quarter. Norinchukin Bank The boosted its stake in shares of Huntington Bancshares by 12.5% in the second quarter. Norinchukin Bank The now owns 42,931 shares of the bank’s stock valued at $580,000 after buying an additional 4,767 shares during the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of Huntington Bancshares by 2.9% in the second quarter. TIAA CREF Investment Management LLC now owns 9,911,920 shares of the bank’s stock valued at $134,009,000 after buying an additional 279,415 shares during the last quarter. Teachers Advisors LLC boosted its stake in shares of Huntington Bancshares by 6.7% in the second quarter. Teachers Advisors LLC now owns 5,953,834 shares of the bank’s stock valued at $80,496,000 after buying an additional 373,283 shares during the last quarter. Finally, Raymond James Trust N.A. boosted its stake in shares of Huntington Bancshares by 1.3% in the second quarter. Raymond James Trust N.A. now owns 22,377 shares of the bank’s stock valued at $303,000 after buying an additional 289 shares during the last quarter. Institutional investors and hedge funds own 74.75% of the company’s stock.
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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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