Park Place Capital Corp Lowers Holdings in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Park Place Capital Corp trimmed its position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) by 6.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,265 shares of the bank’s stock after selling 1,415 shares during the period. Park Place Capital Corp’s holdings in Huntington Bancshares were worth $319,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of HBAN. Norges Bank purchased a new stake in Huntington Bancshares during the 4th quarter valued at $302,826,000. Raymond James Financial Inc. purchased a new stake in Huntington Bancshares during the 4th quarter valued at $150,444,000. FMR LLC raised its holdings in 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 buying an additional 8,759,871 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in Huntington Bancshares by 126.6% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 7,048,773 shares of the bank’s stock valued at $114,684,000 after buying an additional 3,938,769 shares during the period. Finally, Amundi raised its holdings in Huntington Bancshares by 26.7% during the 4th quarter. Amundi now owns 17,435,207 shares of the bank’s stock valued at $286,460,000 after buying an additional 3,671,235 shares during the period. 80.72% of the stock is owned by hedge funds and other institutional investors.

Huntington Bancshares Price Performance

Shares of HBAN stock opened at $16.60 on Friday. Huntington Bancshares Incorporated has a 1-year low of $11.92 and a 1-year high of $18.45. The stock’s 50-day moving average is $15.51 and its 200 day moving average is $15.67. The company has a market cap of $24.25 billion, a P/E ratio of 12.67, a PEG ratio of 1.27 and a beta of 0.92. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.90 and a quick ratio of 0.89.

Huntington Bancshares (NASDAQ:HBAN) last issued its quarterly earnings data on Thursday, April 17th. The bank reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. Huntington Bancshares had a return on equity of 11.44% and a net margin of 16.94%. The company had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter last year, the company earned $0.27 earnings per share. Research analysts predict that Huntington Bancshares Incorporated will post 1.39 earnings per share for the current fiscal year.

Huntington Bancshares announced that its board has approved a share repurchase plan on Thursday, April 17th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the bank to purchase up to 5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Huntington Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th will be given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date is Tuesday, June 17th. Huntington Bancshares’s payout ratio is currently 47.33%.

Insider Activity at Huntington Bancshares

In other Huntington Bancshares news, VP Brantley J. Standridge sold 70,417 shares of the stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $13.69, for a total value of $964,008.73. Following the completion of the sale, the vice president now directly owns 326,456 shares in the company, valued at approximately $4,469,182.64. This trade represents a 17.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kendall A. Kowalski sold 3,434 shares of the stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $14.50, for a total value of $49,793.00. Following the completion of the sale, the insider now owns 66,847 shares of the company’s stock, valued at approximately $969,281.50. This trade represents a 4.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 214,375 shares of company stock valued at $3,049,277 over the last quarter. 0.89% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Argus set a $17.00 price target on Huntington Bancshares in a report on Friday, April 25th. Jefferies Financial Group started coverage on Huntington Bancshares in a research report on Wednesday, May 21st. They issued a “buy” rating and a $20.00 price objective on the stock. Robert W. Baird raised Huntington Bancshares from a “neutral” rating to an “outperform” rating and set a $18.00 price objective on the stock in a research report on Friday, March 7th. Morgan Stanley cut their price objective on Huntington Bancshares from $22.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $16.50 price objective on shares of Huntington Bancshares in a research report on Monday, April 21st. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.08.

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.