State of Tennessee Department of Treasury Lowers Stake in Huntington Bancshares Incorporated (NASDAQ:HBAN)

State of Tennessee Department of Treasury cut its position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 4.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 533,286 shares of the bank's stock after selling 23,773 shares during the quarter. State of Tennessee Department of Treasury's holdings in Huntington Bancshares were worth $8,677,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Huntington Bancshares during the fourth quarter valued at approximately $302,826,000. Raymond James Financial Inc. purchased a new position in shares of Huntington Bancshares in the 4th quarter valued at $150,444,000. FMR LLC lifted its holdings in shares of Huntington Bancshares by 36.9% during the 4th quarter. FMR LLC now owns 32,479,039 shares of the bank's stock valued at $528,434,000 after acquiring an additional 8,759,871 shares in the last quarter. Amundi boosted its position in Huntington Bancshares by 26.7% during the 4th quarter. Amundi now owns 17,435,207 shares of the bank's stock worth $286,460,000 after purchasing an additional 3,671,235 shares during the period. Finally, Van Lanschot Kempen Investment Management N.V. increased its holdings in Huntington Bancshares by 356.1% in the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 4,432,186 shares of the bank's stock valued at $72,112,000 after purchasing an additional 3,460,328 shares in the last quarter. 80.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Robert W. Baird raised shares of Huntington Bancshares from a "neutral" rating to an "outperform" rating and set a $18.00 target price on the stock in a research report on Friday, March 7th. Truist Financial decreased their price objective on shares of Huntington Bancshares from $21.00 to $17.00 and set a "buy" rating for the company in a research report on Tuesday. Baird R W raised Huntington Bancshares from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Stephens reissued an "equal weight" rating and issued a $16.50 price target on shares of Huntington Bancshares in a report on Monday. Finally, Royal Bank of Canada dropped their price objective on Huntington Bancshares from $20.00 to $18.00 and set an "outperform" rating on the stock in a report on Monday. One analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Huntington Bancshares currently has an average rating of "Moderate Buy" and a consensus price target of $17.39.

Insiders Place Their Bets

In other Huntington Bancshares news, VP Scott D. Kleinman sold 69,088 shares of the company's stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $14.67, for a total value of $1,013,520.96. Following the transaction, the vice president now owns 453,129 shares of the company's stock, valued at approximately $6,647,402.43. This represents a 13.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kendall A. Kowalski sold 25,419 shares of the firm's stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $13.68, for a total value of $347,731.92. Following the sale, the insider now directly owns 70,281 shares of the company's stock, valued at approximately $961,444.08. This represents a 26.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 207,617 shares of company stock worth $2,942,892 over the last ninety days. Company insiders own 0.89% of the company's stock.

Huntington Bancshares Price Performance

Shares of HBAN opened at $14.17 on Thursday. Huntington Bancshares Incorporated has a one year low of $11.92 and a one year high of $18.45. The stock's fifty day moving average is $14.70 and its 200-day moving average is $15.99. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.88 and a current ratio of 0.89. The firm has a market capitalization of $20.70 billion, a price-to-earnings ratio of 11.52, a price-to-earnings-growth ratio of 1.33 and a beta of 0.89.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last released its earnings results on Thursday, April 17th. The bank reported $0.34 EPS for the quarter, beating the consensus estimate of $0.31 by $0.03. Huntington Bancshares had a net margin of 16.23% and a return on equity of 11.23%. The firm had revenue of $1.94 billion for the quarter, compared to analysts' expectations of $1.89 billion. During the same quarter last year, the company earned $0.27 EPS. Equities analysts anticipate that Huntington Bancshares Incorporated will post 1.39 EPS for the current year.

Huntington Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, June 17th. This represents a $0.62 annualized dividend and a yield of 4.38%. Huntington Bancshares's payout ratio is 47.33%.

Huntington Bancshares declared that its board has authorized a share buyback plan on Thursday, April 17th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the bank to buy up to 5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Huntington Bancshares Profile

Huntington Bancshares Incorporated operates as the bank holding company for The Huntington National Bank that provides commercial, consumer, and mortgage banking services in the United States. The company offers financial products and services to consumer and business customers, including deposits, lending, payments, mortgage banking, dealer financing, investment management, trust, brokerage, insurance, and other financial products and services.

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