State of Tennessee Department of Treasury Has $8.68 Million Stock Holdings in Huntington Bancshares Incorporated (NASDAQ:HBAN)

State of Tennessee Department of Treasury lowered its stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) by 4.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 533,286 shares of the bank’s stock after selling 23,773 shares during the period. State of Tennessee Department of Treasury’s holdings in Huntington Bancshares were worth $8,677,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of HBAN. Creative Capital Management Investments LLC boosted its position in Huntington Bancshares by 17,533.3% during the fourth quarter. Creative Capital Management Investments LLC now owns 1,587 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,578 shares during the last quarter. Y.D. More Investments Ltd lifted its holdings in shares of Huntington Bancshares by 126.8% during the 4th quarter. Y.D. More Investments Ltd now owns 1,830 shares of the bank’s stock valued at $30,000 after buying an additional 1,023 shares during the last quarter. Midwest Capital Advisors LLC bought a new stake in shares of Huntington Bancshares in the 4th quarter valued at approximately $37,000. Transce3nd LLC bought a new stake in shares of Huntington Bancshares in the 4th quarter valued at approximately $48,000. Finally, Asset Dedication LLC increased its holdings in Huntington Bancshares by 70.0% in the fourth quarter. Asset Dedication LLC now owns 3,061 shares of the bank’s stock worth $50,000 after buying an additional 1,260 shares during the last quarter. 80.72% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Scott D. Kleinman sold 69,088 shares of the firm’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 sale, the vice president now owns 453,129 shares of the company’s stock, valued at approximately $6,647,402.43. This trade represents a 13.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Zachary Jacob Wasserman sold 38,451 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $14.38, for a total value of $552,925.38. Following the completion of the transaction, the chief financial officer now directly owns 335,538 shares in the company, valued at $4,825,036.44. The trade was a 10.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 207,617 shares of company stock worth $2,942,892 over the last three months. 0.89% of the stock is currently owned by corporate insiders.

Huntington Bancshares Trading Up 1.7 %

Shares of HBAN stock opened at $14.17 on Thursday. The firm has a fifty day moving average of $14.70 and a 200-day moving average of $15.99. The stock has a market cap of $20.70 billion, a price-to-earnings ratio of 11.52, a P/E/G ratio of 1.33 and a beta of 0.89. Huntington Bancshares Incorporated has a 52-week low of $11.92 and a 52-week high of $18.45. 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 (NASDAQ:HBAN) last announced its quarterly earnings results on Thursday, April 17th. The bank reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. Huntington Bancshares had a net margin of 16.23% and a return on equity of 11.23%. The firm had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter last year, the company earned $0.27 earnings per share. On average, equities research analysts forecast that Huntington Bancshares Incorporated will post 1.39 earnings per share for the current fiscal year.

Huntington Bancshares declared that its Board of Directors has initiated a stock buyback program on Thursday, April 17th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Huntington Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th will be given a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 4.38%. The ex-dividend date is Tuesday, June 17th. Huntington Bancshares’s dividend payout ratio (DPR) is 47.33%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on HBAN. Truist Financial cut their target price on Huntington Bancshares from $21.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday. Stephens reissued an “equal weight” rating and issued a $16.50 price objective on shares of Huntington Bancshares in a research note on Monday. Barclays upped their target price on Huntington Bancshares from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Morgan Stanley lowered their price target on Huntington Bancshares from $22.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Baird R W raised shares of Huntington Bancshares from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.39.

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.