Palladium Partners LLC Has $297,000 Stake in Huntington Bancshares Incorporated (NASDAQ:HBAN)
Palladium Partners LLC maintained its position in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) during the second quarter, Holdings Channel reports. The fund owned 21,955 shares of the bank’s stock at the end of the second quarter. Palladium Partners LLC’s holdings in Huntington Bancshares were worth $297,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. State of Alaska Department of Revenue purchased a new position in shares of Huntington Bancshares during the first quarter valued at approximately $1,081,000. City Holding Co. increased its position in shares of Huntington Bancshares by 17.5% in the first quarter. City Holding Co. now owns 8,057 shares of the bank’s stock valued at $108,000 after buying an additional 1,200 shares during the period. DnB Asset Management AS increased its position in shares of Huntington Bancshares by 25.1% in the first quarter. DnB Asset Management AS now owns 91,330 shares of the bank’s stock valued at $1,223,000 after buying an additional 18,300 shares during the period. Gateway Investment Advisers LLC increased its position in shares of Huntington Bancshares by 39.5% in the first quarter. Gateway Investment Advisers LLC now owns 1,618,984 shares of the bank’s stock valued at $21,678,000 after buying an additional 458,317 shares during the period. Finally, Affinity Wealth Management purchased a new position in shares of Huntington Bancshares during the first quarter valued at approximately $141,000. Hedge funds and other institutional investors own 74.75% of the company’s stock.
Shares of Huntington Bancshares Incorporated (NASDAQ HBAN) opened at 13.28 on Tuesday. The stock’s 50 day moving average is $13.38 and its 200 day moving average is $13.33. Huntington Bancshares Incorporated has a 12 month low of $9.38 and a 12 month high of $14.74. The firm has a market capitalization of $14.48 billion, a price-to-earnings ratio of 18.39 and a beta of 1.37.
Huntington Bancshares (NASDAQ:HBAN) last issued its quarterly earnings data on Friday, July 21st. The bank reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.03. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. Huntington Bancshares had a net margin of 18.41% and a return on equity of 11.39%. During the same period in the prior year, the firm earned $0.19 earnings per share. Equities research analysts forecast that Huntington Bancshares Incorporated will post $0.91 earnings per share for the current fiscal year.
Huntington Bancshares declared that its board has approved a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $308.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 18th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Friday, September 15th. Huntington Bancshares’s payout ratio is presently 46.38%.
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Several research analysts recently commented on the stock. BidaskClub upgraded shares of Huntington Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Deutsche Bank AG reiterated a “buy” rating on shares of Huntington Bancshares in a report on Monday, July 3rd. Instinet reiterated a “buy” rating and issued a $16.00 target price (up previously from $15.00) on shares of Huntington Bancshares in a report on Wednesday, July 12th. Morgan Stanley reiterated an “equal weight” rating and issued a $14.25 target price (up previously from $13.75) on shares of Huntington Bancshares in a report on Friday, July 7th. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $16.00 target price on shares of Huntington Bancshares in a report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $14.90.
In related news, Director Richard W. Neu acquired 2,450 shares of the company’s stock in a transaction dated Friday, July 28th. The shares were bought at an average cost of $13.10 per share, with a total value of $32,095.00. Following the completion of the transaction, the director now directly owns 184,596 shares of the company’s stock, valued at $2,418,207.60. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Stephen D. Steinour purchased 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The stock was acquired at an average price of $12.40 per share, for a total transaction of $620,000.00. Following the completion of the purchase, the chief executive officer now directly owns 3,891,831 shares of the company’s stock, valued at approximately $48,258,704.40. The disclosure for this purchase can be found here. Insiders bought 67,940 shares of company stock worth $852,226 over the last three months. Insiders own 1.30% of the company’s stock.
Huntington Bancshares Company Profile
Huntington Bancshares Incorporated (Huntington) is a bank holding company. Through its subsidiaries, including its bank subsidiary, The Huntington National Bank (the Bank), the Company provides commercial and consumer banking services, mortgage banking services, automobile financing, recreational vehicle and marine financing, equipment leasing, investment management, trust services, brokerage services, insurance programs, and other financial products and services.
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