Financial Advisory Corp Takes Position in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Financial Advisory Corp acquired a new stake in Huntington Bancshares Incorporated (NASDAQ:HBAN) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,451 shares of the bank’s stock, valued at approximately $365,000.

Several other institutional investors and hedge funds have also made changes to their positions in HBAN. Charles Schwab Investment Management Inc. increased its stake in Huntington Bancshares by 3.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 64,926,419 shares of the bank’s stock valued at $1,056,353,000 after purchasing an additional 2,218,020 shares during the last quarter. Invesco Ltd. increased its stake in Huntington Bancshares by 4.6% in the fourth quarter. Invesco Ltd. now owns 52,599,986 shares of the bank’s stock valued at $855,802,000 after purchasing an additional 2,310,502 shares during the last quarter. FMR LLC increased its stake in Huntington Bancshares by 36.9% in the fourth quarter. FMR LLC now owns 32,479,039 shares of the bank’s stock valued at $528,434,000 after purchasing an additional 8,759,871 shares during the last quarter. Victory Capital Management Inc. increased its stake in Huntington Bancshares by 7.4% in the fourth quarter. Victory Capital Management Inc. now owns 21,825,092 shares of the bank’s stock valued at $355,094,000 after purchasing an additional 1,506,606 shares during the last quarter. Finally, Norges Bank acquired a new position in Huntington Bancshares in the fourth quarter valued at $302,826,000. 80.72% of the stock is currently owned by hedge funds and other institutional investors.

Huntington Bancshares Price Performance

HBAN stock opened at $15.32 on Monday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.88 and a current ratio of 0.89. Huntington Bancshares Incorporated has a 1 year low of $11.92 and a 1 year high of $18.45. The firm has a market cap of $22.38 billion, a P/E ratio of 12.46, a price-to-earnings-growth ratio of 1.33 and a beta of 0.89. The stock has a 50-day simple moving average of $14.56 and a 200-day simple moving average of $15.95.

Huntington Bancshares (NASDAQ:HBAN) last posted its earnings results on Thursday, April 17th. The bank reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. The business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.89 billion. Huntington Bancshares had a return on equity of 11.23% and a net margin of 16.23%. During the same quarter last year, the firm earned $0.27 earnings per share. On average, equities analysts predict that Huntington Bancshares Incorporated will post 1.39 earnings per share for the current fiscal year.

Huntington Bancshares declared that its board has approved a share repurchase program on Thursday, April 17th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the bank to buy up to 5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Huntington Bancshares Announces Dividend

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

Insider Activity at Huntington Bancshares

In related news, VP Scott D. Kleinman sold 69,088 shares of the stock in a transaction dated 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 completion of 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 document filed with the SEC, which is accessible through this link. Also, VP Brendan A. Lawlor sold 3,521 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $15.25, for a total value of $53,695.25. Following the completion of the transaction, the vice president now directly owns 47,950 shares of the company’s stock, valued at $731,237.50. This represents a 6.84% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 312,456 shares of company stock valued at $4,464,105. Insiders own 0.89% of the company’s stock.

Analyst Upgrades and Downgrades

HBAN has been the subject of several analyst reports. Argus set a $17.00 target price on Huntington Bancshares in a research note on Friday, April 25th. Jefferies Financial Group initiated coverage on Huntington Bancshares in a research note on Wednesday, May 21st. They issued a “buy” rating and a $20.00 target price for the company. Cowen started coverage on Huntington Bancshares in a research note on Wednesday, May 14th. They issued a “buy” rating for the company. Truist Financial dropped their price target on Huntington Bancshares from $21.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Finally, Raymond James restated a “strong-buy” rating and set a $18.00 price target (down from $20.00) on shares of Huntington Bancshares in a research note on Monday, April 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Huntington Bancshares currently has an average rating of “Moderate Buy” and an average price target of $17.83.

Huntington Bancshares Company 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.