Arizona State Retirement System Increases Stake in Huntington Bancshares Incorporated (HBAN)
Arizona State Retirement System boosted its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN) by 0.3% during the second quarter, Holdings Channel reports. The firm owned 269,566 shares of the bank’s stock after buying an additional 700 shares during the period. Arizona State Retirement System’s holdings in Huntington Bancshares were worth $3,645,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of HBAN. Mn Services Vermogensbeheer B.V. raised its stake in Huntington Bancshares by 4.8% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 28,930 shares of the bank’s stock valued at $362,000 after buying an additional 1,317 shares during the period. Nationwide Fund Advisors raised its stake in Huntington Bancshares by 2.5% in the first quarter. Nationwide Fund Advisors now owns 305,476 shares of the bank’s stock valued at $4,090,000 after buying an additional 7,523 shares during the period. James Investment Research Inc. raised its stake in Huntington Bancshares by 32.2% in the first quarter. James Investment Research Inc. now owns 24,647 shares of the bank’s stock valued at $330,000 after buying an additional 6,000 shares during the period. Nippon Life Insurance Co. raised its stake in Huntington Bancshares by 28.6% in the first quarter. Nippon Life Insurance Co. now owns 90,014 shares of the bank’s stock valued at $1,205,000 after buying an additional 20,015 shares during the period. Finally, State of Alaska Department of Revenue purchased a new stake in Huntington Bancshares during the first quarter valued at approximately $1,081,000. Institutional investors own 74.54% of the company’s stock.
Huntington Bancshares Incorporated (NASDAQ:HBAN) opened at 13.00 on Wednesday. The stock has a market capitalization of $14.17 billion, a price-to-earnings ratio of 18.01 and a beta of 1.37. Huntington Bancshares Incorporated has a 12 month low of $9.40 and a 12 month high of $14.74. The company has a 50-day moving average price of $13.37 and a 200 day moving average price of $13.31.
Huntington Bancshares (NASDAQ:HBAN) last released its earnings results on Friday, July 21st. The bank reported $0.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.03. The firm had revenue of $1.07 billion during the quarter, compared to analysts’ expectations 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 previous year, the company earned $0.19 EPS. Equities analysts predict that Huntington Bancshares Incorporated will post $0.92 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Monday, September 18th will be paid a $0.08 dividend. The ex-dividend date is Friday, September 15th. This represents a $0.32 annualized dividend and a yield of 2.46%. Huntington Bancshares’s payout ratio is currently 46.38%.
Huntington Bancshares announced that its board has approved a stock buyback program on Wednesday, June 28th that permits the company to repurchase $308.00 million in shares. This repurchase authorization permits the bank to repurchase up to 2.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
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Several equities research analysts have commented on the company. BidaskClub upgraded Huntington Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. Deutsche Bank AG reiterated a “buy” rating on shares of Huntington Bancshares in a research note on Monday, July 3rd. Instinet reiterated a “buy” rating and set a $16.00 price objective (up from $15.00) on shares of Huntington Bancshares in a research note on Wednesday, July 12th. Morgan Stanley reiterated an “equal weight” rating and set a $14.25 price objective (up from $13.75) on shares of Huntington Bancshares in a research note on Friday, July 7th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $16.00 price objective on shares of Huntington Bancshares in a research note on Thursday, July 27th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $14.96.
In other news, Director Richard W. Neu bought 2,450 shares of the stock in a transaction on Friday, July 28th. The stock was purchased at an average cost of $13.10 per share, with a total value of $32,095.00. Following the purchase, the director now owns 184,596 shares of the company’s stock, valued at $2,418,207.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Stephen D. Steinour bought 50,000 shares of the stock in a transaction on Thursday, May 18th. The stock was purchased at an average cost of $12.40 per share, with a total value of $620,000.00. Following the completion of the purchase, the chief executive officer now directly owns 3,891,831 shares in the company, valued at approximately $48,258,704.40. The disclosure for this purchase can be found here. 1.30% of the stock is currently owned by insiders.
About Huntington Bancshares
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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