Pinebridge Investments L.P. Reduces Holdings in Huntington Bancshares Incorporated (HBAN)
Pinebridge Investments L.P. reduced its position in Huntington Bancshares Incorporated (NASDAQ:HBAN) by 1.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,335,340 shares of the bank’s stock after selling 18,062 shares during the period. Pinebridge Investments L.P. owned about 0.12% of Huntington Bancshares worth $18,054,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of HBAN. Bronfman E.L. Rothschild L.P. increased its position in Huntington Bancshares by 371.0% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 9,548 shares of the bank’s stock worth $128,000 after purchasing an additional 7,521 shares during the last quarter. Chicago Partners Investment Group LLC acquired a new position in Huntington Bancshares in the 2nd quarter worth about $134,000. Hartland & Co. LLC acquired a new position in Huntington Bancshares in the 1st quarter worth about $141,000. Foster & Motley Inc. increased its position in Huntington Bancshares by 2.2% in the 2nd quarter. Foster & Motley Inc. now owns 10,504 shares of the bank’s stock worth $142,000 after purchasing an additional 224 shares during the last quarter. Finally, Eqis Capital Management Inc. acquired a new position in Huntington Bancshares in the 2nd quarter worth about $146,000. 74.14% of the stock is currently owned by institutional investors.
HBAN has been the topic of several research reports. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $16.00 target price on shares of Huntington Bancshares in a research report on Thursday, July 27th. BMO Capital Markets reiterated an “outperform” rating and set a $15.00 price target (down previously from $16.00) on shares of Huntington Bancshares in a research note on Friday, July 21st. Hilliard Lyons upgraded 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. Sanford C. Bernstein upgraded Huntington Bancshares from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $15.00 to $17.00 in a research note on Thursday, September 14th. Finally, JMP Securities started coverage on Huntington Bancshares in a research note on Thursday, August 31st. They set an “outperform” rating and a $15.00 price target for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $15.01.
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Shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) traded up 1.184% during mid-day trading on Tuesday, reaching $13.245. The company had a trading volume of 3,374,452 shares. The company has a market capitalization of $14.44 billion, a price-to-earnings ratio of 18.345 and a beta of 1.37. The firm’s 50-day moving average is $12.83 and its 200 day moving average is $13.11. Huntington Bancshares Incorporated has a 12 month low of $9.52 and a 12 month high of $14.74.
Huntington Bancshares (NASDAQ:HBAN) last announced its quarterly earnings results on Friday, July 21st. The bank reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate 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 earnings per share. On average, equities research analysts predict that Huntington Bancshares Incorporated will post $0.92 earnings per share for the current year.
Huntington Bancshares announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that permits the company to buyback $308.00 million in shares. This buyback authorization permits the bank to buy up to 2.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership 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. This represents a $0.32 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Friday, September 15th. Huntington Bancshares’s dividend payout ratio (DPR) is presently 46.38%.
In other news, Director Richard W. Neu acquired 2,450 shares of Huntington Bancshares stock in a transaction dated Friday, July 28th. The stock was bought at an average price of $13.10 per share, for a total transaction of $32,095.00. Following the completion of the acquisition, the director now directly owns 184,596 shares in the company, valued at approximately $2,418,207.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nicholas G. Stanutz sold 16,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $12.71, for a total value of $203,360.00. Following the sale, the executive vice president now owns 447,722 shares of the company’s stock, valued at approximately $5,690,546.62. The disclosure for this sale can be found here. 1.30% of the stock is 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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