Huntington National Bank Has $170.42 Million Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Huntington National Bank lifted its holdings in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 6.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 297,700 shares of the social networking company's stock after acquiring an additional 17,965 shares during the quarter. Meta Platforms comprises approximately 1.2% of Huntington National Bank's holdings, making the stock its 18th biggest holding. Huntington National Bank's holdings in Meta Platforms were worth $170,415,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Delos Wealth Advisors LLC increased its stake in Meta Platforms by 527.3% during the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company's stock worth $34,000 after buying an additional 58 shares during the period. POM Investment Strategies LLC acquired a new stake in Meta Platforms during the 2nd quarter valued at approximately $38,000. Ruedi Wealth Management Inc. increased its holdings in Meta Platforms by 122.2% during the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company's stock worth $40,000 after purchasing an additional 44 shares during the last quarter. Halpern Financial Inc. acquired a new position in shares of Meta Platforms in the 3rd quarter valued at approximately $46,000. Finally, J.Safra Asset Management Corp purchased a new position in shares of Meta Platforms during the 1st quarter valued at approximately $47,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

META has been the topic of several research analyst reports. JPMorgan Chase & Co. increased their price target on shares of Meta Platforms from $640.00 to $660.00 and gave the stock an "overweight" rating in a research report on Thursday, October 31st. Citigroup upped their price target on shares of Meta Platforms from $645.00 to $705.00 and gave the stock a "buy" rating in a research report on Thursday, October 31st. Monness Crespi & Hardt increased their price objective on Meta Platforms from $620.00 to $660.00 and gave the stock a "buy" rating in a report on Thursday, October 31st. Stifel Nicolaus raised their target price on shares of Meta Platforms from $590.00 to $663.00 and gave the company a "buy" rating in a research note on Monday, October 14th. Finally, Hsbc Global Res upgraded Meta Platforms to a "hold" rating in a research report on Thursday, October 24th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Meta Platforms has an average rating of "Moderate Buy" and a consensus target price of $634.10.

Meta Platforms Trading Down 4.0 %

Shares of Meta Platforms stock traded down $23.08 on Friday, hitting $554.08. 17,712,864 shares of the company's stock traded hands, compared to its average volume of 13,132,762. Meta Platforms, Inc. has a one year low of $313.66 and a one year high of $602.95. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.73 and a quick ratio of 2.73. The stock has a market capitalization of $1.40 trillion, a PE ratio of 26.10, a price-to-earnings-growth ratio of 1.23 and a beta of 1.22. The firm's 50-day moving average price is $568.11 and its two-hundred day moving average price is $520.60.

Meta Platforms (NASDAQ:META - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, beating analysts' consensus estimates of $5.19 by $0.84. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. The company had revenue of $40.59 billion during the quarter, compared to analysts' expectations of $40.21 billion. On average, research analysts expect that Meta Platforms, Inc. will post 22.53 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.36%. The ex-dividend date was Monday, September 16th. Meta Platforms's dividend payout ratio is 9.42%.

Insider Buying and Selling

In related news, insider Jennifer Newstead sold 901 shares of Meta Platforms stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $567.70, for a total value of $511,497.70. Following the sale, the insider now owns 30,581 shares of the company's stock, valued at approximately $17,360,833.70. The trade was a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark Zuckerberg sold 84 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $600.00, for a total value of $50,400.00. Following the transaction, the chief executive officer now directly owns 518,424 shares of the company's stock, valued at $311,054,400. This trade represents a 0.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 158,200 shares of company stock worth $84,533,106 over the last ninety days. Company insiders own 13.71% of the company's stock.

Meta Platforms Company Profile

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.