Huntington Bancshares (NASDAQ:HBAN) Given New $17.00 Price Target at Truist Financial

Huntington Bancshares (NASDAQ:HBAN) had its target price trimmed by Truist Financial from $21.00 to $17.00 in a report published on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

Other equities analysts have also recently issued reports about the company. Barclays raised their price objective on Huntington Bancshares from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Citigroup decreased their price target on shares of Huntington Bancshares from $20.00 to $18.00 and set a “buy” rating for the company in a report on Monday, March 24th. Stephens reiterated an “equal weight” rating and set a $16.50 price objective on shares of Huntington Bancshares in a research note on Monday. Royal Bank of Canada lowered their target price on Huntington Bancshares from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Monday. Finally, Baird R W upgraded Huntington Bancshares from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $17.39.

Huntington Bancshares Price Performance

HBAN opened at $14.55 on Tuesday. 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 has a 1-year low of $11.92 and a 1-year high of $18.45. The company has a 50-day moving average of $14.65 and a 200-day moving average of $15.99. The company has a market capitalization of $21.25 billion, a P/E ratio of 11.83, a PEG ratio of 1.33 and a beta of 0.89.

Huntington Bancshares (NASDAQ:HBAN) last announced its quarterly earnings data on Thursday, April 17th. The bank reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.03. The firm had revenue of $1.94 billion for the quarter, compared to analysts’ expectations 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 prior year, the firm posted $0.27 earnings per share. Equities analysts expect that Huntington Bancshares will post 1.39 EPS for the current fiscal year.

Huntington Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th will be paid a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, June 17th. This represents a $0.62 annualized dividend and a dividend yield of 4.26%. Huntington Bancshares’s dividend payout ratio is currently 47.33%.

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

Insiders Place Their Bets

In other Huntington Bancshares news, VP Brantley J. Standridge sold 70,417 shares of the company’s stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $13.69, for a total transaction of $964,008.73. Following the completion of the sale, the vice president now directly owns 326,456 shares of the company’s stock, valued at approximately $4,469,182.64. This represents a 17.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Scott D. Kleinman sold 69,088 shares of Huntington Bancshares stock in a transaction that occurred on Thursday, March 13th. The stock was 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 directly owns 453,129 shares in the company, valued at approximately $6,647,402.43. This trade represents a 13.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 207,617 shares of company stock worth $2,942,892. 0.89% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Creative Capital Management Investments LLC grew its stake in Huntington Bancshares by 17,533.3% during the 4th quarter. Creative Capital Management Investments LLC now owns 1,587 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,578 shares in the last quarter. Y.D. More Investments Ltd boosted its holdings in shares of Huntington Bancshares by 126.8% during the fourth quarter. Y.D. More Investments Ltd now owns 1,830 shares of the bank’s stock worth $30,000 after purchasing an additional 1,023 shares during the period. Golden State Wealth Management LLC grew its position in Huntington Bancshares by 516.3% during the first quarter. Golden State Wealth Management LLC now owns 2,231 shares of the bank’s stock valued at $33,000 after purchasing an additional 1,869 shares in the last quarter. Midwest Capital Advisors LLC acquired a new position in Huntington Bancshares in the 4th quarter valued at approximately $37,000. Finally, Transce3nd LLC purchased a new stake in Huntington Bancshares in the 4th quarter worth approximately $48,000. 80.72% of the stock is owned by institutional investors and hedge funds.

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.