Prosperity Consulting Group LLC Purchases New Position in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Prosperity Consulting Group LLC purchased a new stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,193 shares of the bank’s stock, valued at approximately $153,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Smallwood Wealth Investment Management LLC bought a new position in Huntington Bancshares during the first quarter valued at approximately $29,000. LFA Lugano Financial Advisors SA bought a new stake in shares of Huntington Bancshares in the 1st quarter valued at approximately $31,000. Golden State Wealth Management LLC lifted its stake in shares of Huntington Bancshares by 516.3% in the 1st 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 during the last quarter. Wayfinding Financial LLC bought a new stake in shares of Huntington Bancshares in the 1st quarter valued at approximately $39,000. Finally, TruNorth Capital Management LLC bought a new stake in shares of Huntington Bancshares in the 1st quarter valued at approximately $40,000. 80.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on HBAN. Wall Street Zen lowered Huntington Bancshares from a “hold” rating to a “sell” rating in a research note on Sunday, July 13th. TD Cowen assumed coverage on Huntington Bancshares in a report on Thursday, May 15th. They set a “buy” rating and a $20.00 price objective on the stock. Cowen assumed coverage on Huntington Bancshares in a report on Wednesday, May 14th. They set a “buy” rating on the stock. DA Davidson raised their price objective on Huntington Bancshares from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, July 21st. Finally, Wolfe Research upgraded Huntington Bancshares from a “peer perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a report on Thursday, July 3rd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.68.

Huntington Bancshares Stock Down 1.0%

Huntington Bancshares stock opened at $16.58 on Thursday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.89 and a current ratio of 0.89. The business’s 50-day simple moving average is $16.40 and its two-hundred day simple moving average is $15.75. The company has a market cap of $24.22 billion, a PE ratio of 12.28, a PEG ratio of 0.86 and a beta of 0.93. Huntington Bancshares Incorporated has a fifty-two week low of $11.91 and a fifty-two week high of $18.44.

Huntington Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 17th will be issued a $0.155 dividend. The ex-dividend date is Wednesday, September 17th. This represents a $0.62 annualized dividend and a dividend yield of 3.74%. Huntington Bancshares’s dividend payout ratio (DPR) is presently 45.93%.

Huntington Bancshares declared that its Board of Directors has initiated a stock buyback plan on Thursday, April 17th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the bank to buy up to 5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, EVP Marcy C. Hingst sold 13,700 shares of the business’s stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $15.79, for a total value of $216,323.00. Following the completion of the transaction, the executive vice president owned 337,879 shares of the company’s stock, valued at $5,335,109.41. The trade was a 3.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.89% of the stock is currently owned by company insiders.

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.