Huntington Bancshares Incorporated (NASDAQ:HBAN) was the target of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 24,048,549 shares, a decline of 13.5% from the August 15th total of 27,793,670 shares. Based on an average daily trading volume, of 7,820,261 shares, the short-interest ratio is presently 3.1 days. Approximately 2.2% of the company’s stock are short sold.
In related news, CFO Howell D. Mccullough III sold 68,777 shares of Huntington Bancshares stock in a transaction on Friday, August 24th. The shares were sold at an average price of $16.17, for a total value of $1,112,124.09. Following the completion of the sale, the chief financial officer now owns 720,413 shares in the company, valued at $11,649,078.21. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Richard Remiker sold 5,254 shares of Huntington Bancshares stock in a transaction on Monday, July 30th. The stock was sold at an average price of $15.55, for a total transaction of $81,699.70. Following the completion of the sale, the executive vice president now owns 321,462 shares of the company’s stock, valued at approximately $4,998,734.10. The disclosure for this sale can be found here. 1.05% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Comerica Bank lifted its holdings in Huntington Bancshares by 1.2% in the second quarter. Comerica Bank now owns 273,908 shares of the bank’s stock worth $4,086,000 after purchasing an additional 3,336 shares during the period. Ladenburg Thalmann Financial Services Inc. lifted its holdings in Huntington Bancshares by 3.1% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 110,880 shares of the bank’s stock worth $1,672,000 after purchasing an additional 3,351 shares during the period. Foster & Motley Inc. lifted its holdings in Huntington Bancshares by 21.8% in the second quarter. Foster & Motley Inc. now owns 18,757 shares of the bank’s stock worth $277,000 after purchasing an additional 3,359 shares during the period. Nomura Asset Management Co. Ltd. lifted its holdings in Huntington Bancshares by 2.0% in the second quarter. Nomura Asset Management Co. Ltd. now owns 168,502 shares of the bank’s stock worth $2,487,000 after purchasing an additional 3,371 shares during the period. Finally, CIBC World Markets Inc. lifted its holdings in Huntington Bancshares by 5.0% in the second quarter. CIBC World Markets Inc. now owns 74,787 shares of the bank’s stock worth $1,104,000 after purchasing an additional 3,567 shares during the period. 73.79% of the stock is owned by institutional investors.
HBAN has been the subject of several recent research reports. Zacks Investment Research upgraded shares of Huntington Bancshares from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a research note on Tuesday, September 25th. Jefferies Financial Group boosted their target price on shares of Huntington Bancshares from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, August 8th. Morgan Stanley reiterated a “hold” rating and set a $17.50 target price (down previously from $17.75) on shares of Huntington Bancshares in a research note on Tuesday, September 18th. BidaskClub lowered shares of Huntington Bancshares from a “buy” rating to a “hold” rating in a research note on Thursday, September 13th. Finally, Vining Sparks reiterated a “buy” rating and set a $19.00 target price on shares of Huntington Bancshares in a research note on Tuesday. Twelve analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Huntington Bancshares currently has an average rating of “Hold” and an average price target of $17.25.
Shares of HBAN traded down $0.12 during midday trading on Tuesday, hitting $15.44. 9,983,400 shares of the stock traded hands, compared to its average volume of 9,482,229. Huntington Bancshares has a 1-year low of $13.04 and a 1-year high of $16.60. The company has a market cap of $16.48 billion, a price-to-earnings ratio of 15.74, a price-to-earnings-growth ratio of 0.82 and a beta of 1.35. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.90 and a current ratio of 0.90.
Huntington Bancshares (NASDAQ:HBAN) last announced its quarterly earnings results on Wednesday, July 25th. The bank reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.01. Huntington Bancshares had a net margin of 27.90% and a return on equity of 12.93%. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the previous year, the company posted $0.26 earnings per share. Analysts predict that Huntington Bancshares will post 1.24 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Monday, September 17th were issued a dividend of $0.14 per share. This is an increase from Huntington Bancshares’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend was Friday, September 14th. This represents a $0.56 annualized dividend and a dividend yield of 3.63%. Huntington Bancshares’s payout ratio is 57.14%.
Huntington Bancshares Company Profile
Huntington Bancshares Incorporated operates as a holding company for The Huntington National Bank that provides commercial, small business, consumer, and mortgage banking services. The company's Consumer and Business Banking segment offers financial products and services, such as checking accounts, savings accounts, money market accounts, certificates of deposit, consumer loans, and small business loans; and investments, mortgages, insurance, interest rate risk protection, and foreign exchange and treasury management services.
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