New Mexico Educational Retirement Board Sells 9,000 Shares of Huntington Bancshares Incorporated (HBAN)
New Mexico Educational Retirement Board cut its position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) by 8.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 101,076 shares of the bank’s stock after selling 9,000 shares during the period. New Mexico Educational Retirement Board’s holdings in Huntington Bancshares were worth $1,339,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake 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 last quarter. 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 worth $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 worth $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 worth $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 worth $246,451,000 after buying an additional 1,121,927 shares during the last quarter. Institutional investors own 74.75% of the company’s stock.
Shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) opened at 12.72 on Friday. The stock has a market capitalization of $13.87 billion, a price-to-earnings ratio of 17.62 and a beta of 1.37. Huntington Bancshares Incorporated has a one year low of $9.43 and a one year high of $14.74. The company’s 50 day moving average price is $13.36 and its 200 day moving average price is $13.33.
Huntington Bancshares (NASDAQ:HBAN) last issued its quarterly earnings results on Friday, July 21st. The bank reported $0.26 EPS for the quarter, topping the consensus estimate of $0.23 by $0.03. Huntington Bancshares had a net margin of 18.41% and a return on equity of 11.39%. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same period in the previous year, the firm posted $0.19 EPS. On average, analysts expect that Huntington Bancshares Incorporated 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 program on Wednesday, June 28th that allows the company to buyback $308.00 million in outstanding shares. This buyback authorization allows the bank to repurchase up to 2.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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 given a dividend of $0.08 per share. The ex-dividend date is Friday, September 15th. This represents a $0.32 annualized dividend and a yield of 2.52%. Huntington Bancshares’s dividend payout ratio (DPR) is presently 46.38%.
A number of analysts have recently issued reports on HBAN shares. BidaskClub upgraded Huntington Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. BMO Capital Markets restated a “buy” rating and issued a $16.00 target price on shares of Huntington Bancshares in a report on Friday, June 9th. Instinet restated a “buy” rating and issued a $16.00 target price (up previously from $15.00) on shares of Huntington Bancshares in a report on Wednesday, July 12th. Morgan Stanley reduced their target price on Huntington Bancshares from $14.00 to $13.75 and set an “equal weight” rating for the company in a report on Tuesday, June 6th. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $16.00 target price on shares of Huntington Bancshares in a report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $14.96.
In other Huntington Bancshares news, EVP Andrew J. Harmening purchased 15,490 shares of the business’s stock in a transaction on Monday, May 15th. The shares were purchased at an average cost of $12.92 per share, with a total value of $200,130.80. Following the transaction, the executive vice president now directly owns 35,543 shares of the company’s stock, valued at approximately $459,215.56. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Stephen D. Steinour purchased 50,000 shares of the business’s stock in a transaction on Thursday, May 18th. The shares were acquired at an average cost of $12.40 per share, for a total transaction of $620,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,891,831 shares in the company, valued at $48,258,704.40. The disclosure for this purchase can be found here. Insiders have acquired a total of 67,940 shares of company stock worth $852,226 over the last three months. 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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