Chesley Taft & Associates LLC Invests $730,000 in Huntington Bancshares Incorporated (HBAN)
Chesley Taft & Associates LLC purchased a new position in Huntington Bancshares Incorporated (NASDAQ:HBAN) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 48,925 shares of the bank’s stock, valued at approximately $730,000.
Several other hedge funds have also recently added to or reduced their stakes in the company. BB&T Securities LLC lifted its position in Huntington Bancshares by 17.1% during the second quarter. BB&T Securities LLC now owns 503,620 shares of the bank’s stock valued at $7,432,000 after purchasing an additional 73,711 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in Huntington Bancshares by 1.5% during the second quarter. PNC Financial Services Group Inc. now owns 3,328,824 shares of the bank’s stock valued at $49,134,000 after purchasing an additional 50,318 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Huntington Bancshares by 3.0% during the second quarter. Dimensional Fund Advisors LP now owns 12,392,637 shares of the bank’s stock valued at $182,931,000 after purchasing an additional 363,049 shares in the last quarter. Cadence Capital Management LLC lifted its position in Huntington Bancshares by 27.7% during the second quarter. Cadence Capital Management LLC now owns 161,551 shares of the bank’s stock valued at $2,384,000 after purchasing an additional 35,045 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in Huntington Bancshares by 5.3% during the second quarter. Victory Capital Management Inc. now owns 463,579 shares of the bank’s stock valued at $6,842,000 after purchasing an additional 23,220 shares in the last quarter. Hedge funds and other institutional investors own 73.79% of the company’s stock.
In other Huntington Bancshares news, EVP Richard Remiker sold 5,254 shares of the firm’s stock in a transaction dated Monday, July 30th. The stock was sold at an average price of $15.55, for a total transaction of $81,699.70. Following the sale, the executive vice president now directly owns 321,462 shares of the company’s stock, valued at $4,998,734.10. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Howell D. Mccullough III sold 68,777 shares of Huntington Bancshares stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $16.17, for a total value of $1,112,124.09. Following the completion of the sale, the chief financial officer now directly owns 720,413 shares in the company, valued at $11,649,078.21. The disclosure for this sale can be found here. 1.05% of the stock is owned by company insiders.
Huntington Bancshares (NASDAQ:HBAN) last posted its quarterly earnings results on Wednesday, July 25th. The bank reported $0.30 EPS for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.01. The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Huntington Bancshares had a return on equity of 12.93% and a net margin of 27.90%. During the same period last year, the firm earned $0.26 earnings per share. As a group, analysts predict that Huntington Bancshares Incorporated will post 1.24 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Monday, September 17th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, September 14th. This is a boost from Huntington Bancshares’s previous quarterly dividend of $0.11. This represents a $0.56 dividend on an annualized basis and a yield of 3.90%. Huntington Bancshares’s dividend payout ratio (DPR) is currently 57.14%.
Several equities analysts recently weighed in on the company. BidaskClub downgraded Huntington Bancshares from a “buy” rating to a “hold” rating in a research report on Thursday, September 13th. Jefferies Financial Group lifted their target price on Huntington Bancshares from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Wednesday, August 8th. Zacks Investment Research downgraded Huntington Bancshares from a “buy” rating to a “hold” rating in a research report on Friday, August 3rd. Morgan Stanley reiterated a “hold” rating and set a $17.50 target price (down from $17.75) on shares of Huntington Bancshares in a research report on Tuesday, September 18th. Finally, Vining Sparks reiterated a “buy” rating and set a $19.00 target price on shares of Huntington Bancshares in a research report on Tuesday. Twelve investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $17.25.
About Huntington Bancshares
Huntington Bancshares Incorporated operates as a holding company for The Huntington National Bank that provides commercial, small business, consumer, and mortgage banking services. The company's Consumer and Business Banking segment offers financial products and services, such as checking accounts, savings accounts, money market accounts, certificates of deposit, consumer loans, and small business loans; and investments, mortgages, insurance, interest rate risk protection, and foreign exchange and treasury management services.
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