Snowden Capital Advisors LLC Trims Stock Position in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Snowden Capital Advisors LLC cut its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN) by 18.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,858 shares of the bank’s stock after selling 5,795 shares during the period. Snowden Capital Advisors LLC’s holdings in Huntington Bancshares were worth $425,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Creative Capital Management Investments LLC lifted its position in Huntington Bancshares by 17,533.3% in the fourth quarter. Creative Capital Management Investments LLC now owns 1,587 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,578 shares during the last quarter. Y.D. More Investments Ltd lifted its position in Huntington Bancshares by 126.8% in the fourth quarter. Y.D. More Investments Ltd now owns 1,830 shares of the bank’s stock valued at $30,000 after acquiring an additional 1,023 shares during the last quarter. Midwest Capital Advisors LLC purchased a new stake in Huntington Bancshares in the fourth quarter valued at $37,000. Transce3nd LLC purchased a new stake in Huntington Bancshares in the fourth quarter valued at $48,000. Finally, Asset Dedication LLC lifted its position in Huntington Bancshares by 70.0% in the fourth quarter. Asset Dedication LLC now owns 3,061 shares of the bank’s stock valued at $50,000 after acquiring an additional 1,260 shares during the last quarter. 80.72% of the stock is owned by hedge funds and other institutional investors.

Huntington Bancshares Trading Down 3.9%

Shares of HBAN opened at $15.32 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.92. The firm’s 50-day moving average is $14.54 and its two-hundred day moving average is $15.97. Huntington Bancshares Incorporated has a twelve month low of $11.92 and a twelve month high of $18.45. The firm has a market capitalization of $22.38 billion, a P/E ratio of 12.46, a PEG ratio of 1.33 and a beta of 0.89.

Huntington Bancshares (NASDAQ:HBAN) last released its quarterly 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. The business had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.89 billion. Huntington Bancshares had a net margin of 16.23% and a return on equity of 11.23%. During the same period in the prior year, the business earned $0.27 earnings per share. On average, research analysts predict that Huntington Bancshares Incorporated will post 1.39 earnings per share for the current fiscal year.

Huntington Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th will be given a $0.155 dividend. The ex-dividend date is Tuesday, June 17th. This represents a $0.62 annualized dividend and a dividend yield of 4.05%. Huntington Bancshares’s dividend payout ratio is presently 47.33%.

Huntington Bancshares declared that its Board of Directors has initiated a stock repurchase plan on Thursday, April 17th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the bank to reacquire up to 5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Morgan Stanley reduced their target price on shares of Huntington Bancshares from $22.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Raymond James reaffirmed a “strong-buy” rating and issued a $18.00 target price (down from $20.00) on shares of Huntington Bancshares in a report on Monday, April 21st. Robert W. Baird raised shares of Huntington Bancshares from a “neutral” rating to an “outperform” rating and set a $18.00 target price for the company in a report on Friday, March 7th. TD Cowen assumed coverage on shares of Huntington Bancshares in a report on Thursday, May 15th. They issued a “buy” rating and a $20.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft raised shares of Huntington Bancshares from a “hold” rating to a “buy” rating and set a $17.50 target price for the company in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.83.

Insider Activity

In related news, VP Scott D. Kleinman sold 69,088 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $14.67, for a total transaction 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Zachary Jacob Wasserman sold 38,451 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $14.38, for a total transaction of $552,925.38. Following the transaction, the chief financial officer now directly owns 335,538 shares in the company, valued at $4,825,036.44. The trade was a 10.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 312,456 shares of company stock worth $4,464,105 over the last ninety days. 0.89% of the stock is currently owned by insiders.

About Huntington Bancshares

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.