Huntington Bancshares (NASDAQ:HBAN) Price Target Raised to $19.00 at Truist Financial

Huntington Bancshares (NASDAQ:HBAN) had its target price upped by Truist Financial from $18.00 to $19.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the bank’s stock.

A number of other research firms have also issued reports on HBAN. Keefe, Bruyette & Woods dropped their target price on Huntington Bancshares from $18.00 to $17.00 and set a “market perform” rating on the stock in a report on Monday, April 21st. Citigroup dropped their target price on Huntington Bancshares from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Monday, March 24th. JPMorgan Chase & Co. dropped their target price on Huntington Bancshares from $18.50 to $16.00 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Robert W. Baird raised Huntington Bancshares from a “neutral” rating to an “outperform” rating and set a $18.00 target price on the stock in a report on Friday, March 7th. Finally, Royal Bank of Canada dropped their target price on Huntington Bancshares from $20.00 to $18.00 and set an “outperform” rating on the stock in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Huntington Bancshares has an average rating of “Moderate Buy” and an average target price of $18.08.

Huntington Bancshares Trading Down 2.8%

HBAN opened at $15.51 on Friday. The firm has a market cap of $22.66 billion, a price-to-earnings ratio of 12.61, a price-to-earnings-growth ratio of 1.33 and a beta of 0.92. Huntington Bancshares has a 52 week low of $11.92 and a 52 week high of $18.45. The business’s 50 day moving average is $14.96 and its two-hundred day moving average is $15.78. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.92.

Huntington Bancshares (NASDAQ:HBAN) last released its quarterly earnings results on Thursday, April 17th. The bank reported $0.34 EPS for the quarter, topping the consensus estimate of $0.31 by $0.03. The company had revenue of $1.94 billion for 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 in the previous year, the company posted $0.27 earnings per share. On average, research analysts predict that Huntington Bancshares will post 1.39 EPS for the current year.

Huntington Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th will be issued a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend is Tuesday, June 17th. Huntington Bancshares’s dividend payout ratio (DPR) is 47.33%.

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

Insider Buying and Selling at Huntington Bancshares

In other news, CFO Zachary Jacob Wasserman sold 59,060 shares of the company’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $14.36, for a total value of $848,101.60. Following the sale, the chief financial officer now directly owns 277,348 shares in the company, valued at $3,982,717.28. This represents a 17.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Helga Houston sold 42,345 shares of the company’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $14.72, for a total value of $623,318.40. Following the completion of the sale, the insider now owns 592,119 shares in the company, valued at $8,715,991.68. This represents a 6.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 204,917 shares of company stock valued at $2,897,659. Insiders own 0.89% of the company’s stock.

Institutional Trading of Huntington Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the stock. National Bank of Canada FI lifted its position in shares of Huntington Bancshares by 220.9% in the fourth quarter. National Bank of Canada FI now owns 3,666,949 shares of the bank’s stock valued at $59,661,000 after acquiring an additional 2,524,077 shares in the last quarter. Pictet Asset Management Holding SA lifted its position in Huntington Bancshares by 17.9% during the fourth quarter. Pictet Asset Management Holding SA now owns 850,139 shares of the bank’s stock worth $13,832,000 after buying an additional 129,106 shares during the period. Fisher Asset Management LLC purchased a new position in Huntington Bancshares during the fourth quarter worth about $189,000. IFP Advisors Inc lifted its position in Huntington Bancshares by 120.6% during the fourth quarter. IFP Advisors Inc now owns 4,503 shares of the bank’s stock worth $73,000 after buying an additional 2,462 shares during the period. Finally, Global Retirement Partners LLC lifted its position in Huntington Bancshares by 14.6% during the fourth quarter. Global Retirement Partners LLC now owns 11,069 shares of the bank’s stock worth $180,000 after buying an additional 1,407 shares during the period. 80.72% of the stock is currently owned by hedge funds and other institutional investors.

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.