Wedge Capital Management L L P NC Has $1.08 Million Stake in Huntington Bancshares Incorporated (HBAN)
Wedge Capital Management L L P NC increased its position in Huntington Bancshares Incorporated (NASDAQ:HBAN) by 8.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 80,024 shares of the bank’s stock after buying an additional 6,407 shares during the period. Wedge Capital Management L L P NC’s holdings in Huntington Bancshares were worth $1,082,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the company. City Holding Co. increased its stake 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 worth $108,000 after buying an additional 1,200 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its stake in shares of Huntington Bancshares by 371.0% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 9,548 shares of the bank’s stock worth $128,000 after buying an additional 7,521 shares in the last quarter. Moody Lynn & Lieberson LLC bought a new stake in shares of Huntington Bancshares during the first quarter worth about $134,000. Chicago Partners Investment Group LLC bought a new stake in shares of Huntington Bancshares during the second quarter worth about $134,000. Finally, YG Partners LLC bought a new stake in shares of Huntington Bancshares during the first quarter worth about $2,039,000. Institutional investors own 74.54% of the company’s stock.
Huntington Bancshares Incorporated (NASDAQ HBAN) opened at 12.64 on Friday. Huntington Bancshares Incorporated has a 52 week low of $9.40 and a 52 week high of $14.74. The stock’s 50 day moving average price is $13.36 and its 200 day moving average price is $13.30. The stock has a market cap of $13.78 billion, a price-to-earnings ratio of 17.51 and a beta of 1.37.
Huntington Bancshares (NASDAQ:HBAN) last posted its earnings results on Friday, July 21st. The bank reported $0.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.03. Huntington Bancshares had a return on equity of 11.39% and a net margin of 18.41%. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the prior year, the company earned $0.19 EPS. On average, analysts forecast that Huntington Bancshares Incorporated will post $0.92 earnings per share for the current year.
Huntington Bancshares declared that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to buyback $308.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 2.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Monday, September 18th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 2.53%. The ex-dividend date is Friday, September 15th. Huntington Bancshares’s payout ratio is 46.38%.
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Several analysts have recently weighed in on HBAN shares. Keefe, Bruyette & Woods set a $14.00 target price on Huntington Bancshares and gave the stock a “hold” rating in a research report on Friday, August 11th. Piper Jaffray Companies upgraded Huntington Bancshares from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $14.00 to $15.00 in a research report on Friday, August 11th. BidaskClub downgraded Huntington Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. BMO Capital Markets reiterated a “buy” rating and set a $16.00 target price on shares of Huntington Bancshares in a research report on Friday, June 9th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $16.00 target price on shares of Huntington Bancshares in a research report on Thursday, July 27th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the stock. Huntington Bancshares currently 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 firm’s stock in a transaction that occurred on Friday, July 28th. The shares were purchased at an average price of $13.10 per share, with a total value of $32,095.00. Following the purchase, the director now owns 184,596 shares in the company, valued at $2,418,207.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is currently owned by corporate 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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