CANADA LIFE ASSURANCE Co Boosts Stake in Huntington Bancshares Incorporated (NASDAQ:HBAN)

CANADA LIFE ASSURANCE Co raised its position in Huntington Bancshares Incorporated (NASDAQ:HBAN) by 11.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,424,624 shares of the bank’s stock after purchasing an additional 149,586 shares during the quarter. CANADA LIFE ASSURANCE Co’s holdings in Huntington Bancshares were worth $23,180,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in HBAN. Creative Capital Management Investments LLC grew its stake in shares of 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 buying an additional 1,578 shares in the last quarter. Y.D. More Investments Ltd grew its position in Huntington Bancshares by 126.8% in the 4th 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 in the last quarter. Midwest Capital Advisors LLC purchased a new stake in Huntington Bancshares during the fourth quarter worth about $37,000. Asset Dedication LLC increased its stake in Huntington Bancshares by 70.0% during the fourth quarter. Asset Dedication LLC now owns 3,061 shares of the bank’s stock worth $50,000 after purchasing an additional 1,260 shares during the period. Finally, Venturi Wealth Management LLC lifted its position in shares of Huntington Bancshares by 27.2% during the fourth quarter. Venturi Wealth Management LLC now owns 3,279 shares of the bank’s stock worth $53,000 after purchasing an additional 702 shares in the last quarter. 80.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

HBAN has been the subject of a number of research reports. Piper Sandler dropped their price objective on shares of Huntington Bancshares from $17.50 to $17.00 and set an “underweight” rating for the company in a report on Tuesday, January 21st. Baird R W raised Huntington Bancshares from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Morgan Stanley decreased their target price on Huntington Bancshares from $22.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. cut their price target on Huntington Bancshares from $18.50 to $16.00 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Finally, Citigroup decreased their price objective on Huntington Bancshares from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, March 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.94.

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 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 hyperlink. Also, VP Brendan A. Lawlor sold 3,521 shares of Huntington Bancshares stock in a transaction on Monday, March 24th. The shares were sold at an average price of $15.25, for a total transaction of $53,695.25. Following the completion of the transaction, the vice president now owns 47,950 shares in the company, valued at approximately $731,237.50. This trade represents a 6.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,781 shares of company stock valued at $1,631,151 in the last 90 days. 0.89% of the stock is currently owned by insiders.

Huntington Bancshares Trading Up 3.0 %

Huntington Bancshares stock opened at $13.66 on Friday. The stock has a market cap of $19.96 billion, a PE ratio of 11.11, a P/E/G ratio of 1.33 and a beta of 0.89. 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 stock has a 50-day moving average price of $14.86 and a 200 day moving average price of $16.01. Huntington Bancshares Incorporated has a 52 week low of $11.92 and a 52 week high of $18.45.

Huntington Bancshares (NASDAQ:HBAN) last issued its quarterly earnings results on Thursday, April 17th. The bank reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.03. Huntington Bancshares had a return on equity of 11.23% and a net margin of 16.23%. The company had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the previous year, the firm posted $0.27 EPS. Equities research analysts predict that Huntington Bancshares Incorporated will post 1.39 earnings per share for the current fiscal year.

Huntington Bancshares Announces Dividend

The firm also recently declared 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 4.54%. Huntington Bancshares’s dividend payout ratio (DPR) is 47.33%.

Huntington Bancshares announced that its Board of Directors has initiated a share buyback program on Thursday, April 17th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the bank to buy up to 5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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.