CoreCap Advisors LLC Increases Stock Position in Huntington Bancshares Incorporated (NASDAQ:HBAN)

CoreCap Advisors LLC grew its stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) by 18.0% in the 4th quarter, Holdings Channel reports. The institutional investor owned 6,608 shares of the bank’s stock after buying an additional 1,007 shares during the quarter. CoreCap Advisors LLC’s holdings in Huntington Bancshares were worth $108,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Carlson Capital Management grew its stake in shares of Huntington Bancshares by 0.4% during the 4th quarter. Carlson Capital Management now owns 163,575 shares of the bank’s stock valued at $2,661,000 after buying an additional 692 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Huntington Bancshares by 6.0% during the 4th quarter. Farther Finance Advisors LLC now owns 12,317 shares of the bank’s stock valued at $200,000 after buying an additional 699 shares during the period. Venturi Wealth Management LLC grew its stake in shares of Huntington Bancshares by 27.2% during the 4th quarter. Venturi Wealth Management LLC now owns 3,279 shares of the bank’s stock valued at $53,000 after buying an additional 702 shares during the period. CreativeOne Wealth LLC boosted its position in Huntington Bancshares by 4.0% during the 4th quarter. CreativeOne Wealth LLC now owns 20,019 shares of the bank’s stock worth $326,000 after purchasing an additional 762 shares during the period. Finally, Lantz Financial LLC boosted its position in Huntington Bancshares by 6.1% during the 4th quarter. Lantz Financial LLC now owns 13,766 shares of the bank’s stock worth $224,000 after purchasing an additional 790 shares during the period. 80.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on HBAN. Truist Financial decreased their price target on shares of Huntington Bancshares from $21.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. 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 research report on Monday, March 24th. Piper Sandler decreased their price target on shares of Huntington Bancshares from $17.50 to $17.00 and set an “underweight” rating for the company in a research report on Tuesday, January 21st. Robert W. Baird raised shares of Huntington Bancshares from a “neutral” rating to an “outperform” rating and set a $18.00 price target for the company in a research report on Friday, March 7th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Huntington Bancshares from $18.50 to $16.00 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Huntington Bancshares currently has an average rating of “Moderate Buy” and an average price target of $17.45.

Insider Activity

In other news, VP Scott D. Kleinman sold 69,088 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $14.67, for a total value 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 $6,647,402.43. This trade represents a 13.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Brantley J. Standridge sold 70,417 shares of the stock in a transaction that occurred on 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 transaction, the vice president now owns 326,456 shares of the company’s stock, valued at $4,469,182.64. This trade represents a 17.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 312,456 shares of company stock worth $4,464,105 over the last three months. Corporate insiders own 0.89% of the company’s stock.

Huntington Bancshares Price Performance

Shares of NASDAQ:HBAN opened at $16.09 on Wednesday. The firm’s 50 day moving average is $14.38 and its two-hundred day moving average is $15.96. Huntington Bancshares Incorporated has a 52 week low of $11.92 and a 52 week high of $18.45. The firm has a market capitalization of $23.50 billion, a P/E ratio of 13.08, a PEG 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.

Huntington Bancshares (NASDAQ:HBAN) last announced its quarterly earnings results on Thursday, April 17th. The bank reported $0.34 EPS for the quarter, beating the consensus estimate of $0.31 by $0.03. Huntington Bancshares had a net margin of 16.23% and a return on equity of 11.23%. The company had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the business earned $0.27 earnings per share. Analysts anticipate that Huntington Bancshares Incorporated will post 1.39 earnings per share for the current year.

Huntington Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th will be issued a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 3.85%. The ex-dividend date is Tuesday, June 17th. Huntington Bancshares’s dividend payout ratio (DPR) is presently 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.

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.