State of Michigan Retirement System boosted its position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN – Free Report) by 26.8% during the 1st quarter, HoldingsChannel reports. The firm owned 560,950 shares of the bank’s stock after buying an additional 118,700 shares during the quarter. State of Michigan Retirement System’s holdings in Huntington Bancshares were worth $8,779,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the company. Empowered Funds LLC boosted its position in shares of Huntington Bancshares by 5.0% in the first quarter. Empowered Funds LLC now owns 28,888 shares of the bank’s stock worth $434,000 after buying an additional 1,366 shares during the period. Woodline Partners LP raised its position in Huntington Bancshares by 40.8% during the first quarter. Woodline Partners LP now owns 122,821 shares of the bank’s stock valued at $1,844,000 after buying an additional 35,574 shares during the period. Brown Advisory Inc. raised its position in Huntington Bancshares by 8.3% during the second quarter. Brown Advisory Inc. now owns 39,490 shares of the bank’s stock valued at $662,000 after buying an additional 3,023 shares during the period. Daiwa Securities Group Inc. lifted its stake in Huntington Bancshares by 6.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 219,185 shares of the bank’s stock worth $3,674,000 after acquiring an additional 12,865 shares in the last quarter. Finally, Sei Investments Co. lifted its stake in Huntington Bancshares by 6.2% in the 2nd quarter. Sei Investments Co. now owns 707,605 shares of the bank’s stock worth $11,859,000 after acquiring an additional 41,156 shares in the last quarter. 80.72% of the stock is owned by institutional investors and hedge funds.
Huntington Bancshares Stock Up 1.5%
HBAN opened at $18.12 on Thursday. Huntington Bancshares Incorporated has a fifty-two week low of $14.89 and a fifty-two week high of $19.45. The business has a 50-day moving average of $16.81 and a 200-day moving average of $16.91. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.92. The company has a market capitalization of $36.73 billion, a PE ratio of 13.94, a price-to-earnings-growth ratio of 0.80 and a beta of 0.93.
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 dividend of $0.155 per share. 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 is 47.69%.
Analyst Upgrades and Downgrades
HBAN has been the topic of several research analyst reports. Jefferies Financial Group cut Huntington Bancshares from a “buy” rating to a “hold” rating and lowered their target price for the company from $21.00 to $19.00 in a research note on Monday, July 6th. Wall Street Zen upgraded shares of Huntington Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. JPMorgan Chase & Co. boosted their price objective on shares of Huntington Bancshares from $18.50 to $19.50 and gave the company an “overweight” rating in a research report on Monday, July 6th. Stephens started coverage on shares of Huntington Bancshares in a research note on Monday, June 15th. They issued an “equal weight” rating and a $19.00 price objective on the stock. Finally, Royal Bank Of Canada increased their target price on shares of Huntington Bancshares from $20.00 to $21.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.25.
View Our Latest Research Report on HBAN
Insider Buying and Selling at Huntington Bancshares
In related news, EVP Marcy C. Hingst sold 10,568 shares of the company’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $18.00, for a total value of $190,224.00. Following the completion of the sale, the executive vice president directly owned 267,859 shares in the company, valued at approximately $4,821,462. This represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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 stock in a transaction on Friday, June 12th. The stock was sold at an average price of $17.35, for a total transaction of $3,878,106.70. Following the transaction, the director directly owned 612,155 shares in the company, valued at $10,620,889.25. The trade was a 26.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have bought 33,500 shares of company stock worth $617,542. 0.67% of the stock is currently owned by company 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.
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