SouthState Bank Corp Has $2.06 Million Position in Huntington Bancshares Incorporated $HBAN

SouthState Bank Corp boosted its holdings in Huntington Bancshares Incorporated (NASDAQ:HBAN) by 19,902.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 131,819 shares of the bank’s stock after acquiring an additional 131,160 shares during the period. SouthState Bank Corp’s holdings in Huntington Bancshares were worth $2,063,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Sigma Planning Corp boosted its position in Huntington Bancshares by 330.8% during the first quarter. Sigma Planning Corp now owns 73,653 shares of the bank’s stock worth $1,161,000 after purchasing an additional 56,556 shares during the period. Checchi Capital Advisers LLC raised its position in shares of Huntington Bancshares by 17.3% in the first quarter. Checchi Capital Advisers LLC now owns 24,396 shares of the bank’s stock valued at $382,000 after purchasing an additional 3,591 shares during the period. Maryland State Retirement & Pension System raised its position in shares of Huntington Bancshares by 25.8% in the first quarter. Maryland State Retirement & Pension System now owns 100,669 shares of the bank’s stock valued at $1,575,000 after purchasing an additional 20,621 shares during the period. Hartford Funds Management Co LLC acquired a new stake in shares of Huntington Bancshares during the 1st quarter worth about $509,000. Finally, ABC Arbitrage SA acquired a new stake in shares of Huntington Bancshares during the 1st quarter worth about $1,017,000. Institutional investors and hedge funds own 80.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on HBAN shares. Barclays lowered shares of Huntington Bancshares from a “hold” rating to a “strong sell” rating in a research note on Monday, April 20th. Evercore restated an “outperform” rating and set a $21.00 price objective on shares of Huntington Bancshares in a research report on Monday, July 6th. Wolfe Research decreased their target price on Huntington Bancshares from $21.00 to $19.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 1st. JPMorgan Chase & Co. upped their target price on Huntington Bancshares from $18.50 to $19.50 and gave the company an “overweight” rating in a research report on Monday, July 6th. Finally, Piper Sandler upgraded Huntington Bancshares from a “strong sell” rating to a “hold” rating and set a $18.00 target price on the stock in a research note on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Huntington Bancshares currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.25.

Huntington Bancshares Stock Performance

NASDAQ HBAN opened at $18.12 on Thursday. The firm’s 50 day simple moving average is $16.81 and its 200 day simple moving average is $16.91. The firm has a market capitalization of $36.73 billion, a price-to-earnings ratio of 13.94, a P/E/G ratio of 0.80 and a beta of 0.93. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.73. Huntington Bancshares Incorporated has a 1 year low of $14.89 and a 1 year high of $19.45.

Huntington Bancshares (NASDAQ:HBAN) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $0.37 EPS for the quarter, beating the consensus estimate of $0.16 by $0.21. Huntington Bancshares had a net margin of 16.63% and a return on equity of 11.42%. The business had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.57 billion. During the same period in the previous year, the business earned $0.34 earnings per share. As a group, research analysts expect that Huntington Bancshares Incorporated will post 1.62 earnings per share for the current fiscal year.

Huntington Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th were paid a $0.155 dividend. The ex-dividend date was Wednesday, June 17th. This represents a $0.62 annualized dividend and a dividend yield of 3.4%. Huntington Bancshares’s dividend payout ratio (DPR) is presently 47.69%.

Insiders Place Their Bets

In related news, EVP Marcy C. Hingst sold 10,568 shares of the company’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $18.00, for a total transaction of $190,224.00. Following the completion of the sale, the executive vice president directly owned 267,859 shares in the company, valued at $4,821,462. This represents a 3.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Rollins III sold 223,522 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $17.35, for a total value of $3,878,106.70. Following the completion of the sale, the director directly owned 612,155 shares in the company, valued at $10,620,889.25. This trade represents a 26.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have bought a total of 33,500 shares of company stock valued at $617,542 in the last three months. 0.67% of the stock is owned by insiders.

About Huntington Bancshares

Huntington Bancshares Incorporated (NASDAQ: HBAN) is a bank holding company headquartered in Columbus, Ohio, that provides a broad range of banking and financial services through its principal subsidiary, Huntington National Bank. The company’s operations are centered on retail and commercial banking, and it serves individual consumers, small and middle-market businesses, and institutional customers.

Huntington’s product offerings include traditional deposit and lending products, consumer and commercial loans, mortgage origination and servicing, auto financing, and business banking solutions.