Palouse Capital Management Inc. Lowers Stock Position in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Palouse Capital Management Inc. cut its stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) by 2.8% in the second quarter, Holdings Channel.com reports. The fund owned 281,054 shares of the bank’s stock after selling 8,124 shares during the period. Huntington Bancshares makes up approximately 2.5% of Palouse Capital Management Inc.’s investment portfolio, making the stock its 12th biggest position. Palouse Capital Management Inc.’s holdings in Huntington Bancshares were worth $3,704,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in HBAN. Hsbc Holdings PLC boosted its holdings in Huntington Bancshares by 9.5% during the 2nd quarter. Hsbc Holdings PLC now owns 6,519,505 shares of the bank’s stock valued at $85,940,000 after acquiring an additional 566,015 shares during the period. Elo Mutual Pension Insurance Co purchased a new position in shares of Huntington Bancshares in the second quarter valued at approximately $1,640,000. Blair William & Co. IL grew its holdings in shares of Huntington Bancshares by 399.5% in the second quarter. Blair William & Co. IL now owns 586,897 shares of the bank’s stock valued at $7,735,000 after purchasing an additional 469,398 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in Huntington Bancshares by 10.2% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 111,025 shares of the bank’s stock worth $1,449,000 after buying an additional 10,283 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. lifted its holdings in Huntington Bancshares by 28.8% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 135,125 shares of the bank’s stock worth $1,781,000 after buying an additional 30,225 shares in the last quarter. 80.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on HBAN. Piper Sandler boosted their price target on shares of Huntington Bancshares from $11.50 to $13.50 and gave the stock an “underweight” rating in a research note on Monday, July 22nd. Morgan Stanley upped their price target on Huntington Bancshares from $16.00 to $18.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. UBS Group lowered their price objective on Huntington Bancshares from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, June 13th. Keefe, Bruyette & Woods reduced their target price on shares of Huntington Bancshares from $15.00 to $14.50 and set a “market perform” rating on the stock in a report on Tuesday, July 9th. Finally, Citigroup lifted their price target on shares of Huntington Bancshares from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.59.

Insider Activity at Huntington Bancshares

In other Huntington Bancshares news, CFO Zachary Jacob Wasserman sold 33,000 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $15.13, for a total transaction of $499,290.00. Following the transaction, the chief financial officer now directly owns 265,809 shares of the company’s stock, valued at approximately $4,021,690.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Kendall A. Kowalski sold 5,747 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $14.98, for a total transaction of $86,090.06. Following the completion of the sale, the insider now owns 65,899 shares in the company, valued at $987,167.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Zachary Jacob Wasserman sold 33,000 shares of Huntington Bancshares stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $15.13, for a total transaction of $499,290.00. Following the completion of the transaction, the chief financial officer now owns 265,809 shares in the company, valued at $4,021,690.17. The disclosure for this sale can be found here. Insiders sold a total of 116,622 shares of company stock worth $1,762,904 in the last 90 days. 0.89% of the stock is owned by insiders.

Huntington Bancshares Price Performance

Shares of HBAN opened at $14.56 on Thursday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.89 and a quick ratio of 0.88. Huntington Bancshares Incorporated has a 1-year low of $9.25 and a 1-year high of $15.24. The stock has a market cap of $21.10 billion, a PE ratio of 13.12, a price-to-earnings-growth ratio of 2.90 and a beta of 1.05. The firm has a fifty day moving average price of $14.28 and a 200 day moving average price of $13.71.

Huntington Bancshares (NASDAQ:HBAN) last posted its earnings results on Friday, July 19th. The bank reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.02. Huntington Bancshares had a return on equity of 11.34% and a net margin of 14.77%. The business had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $1.81 billion. During the same period in the previous year, the business earned $0.35 EPS. As a group, sell-side analysts anticipate that Huntington Bancshares Incorporated will post 1.19 EPS for the current year.

Huntington Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th will be issued a $0.155 dividend. The ex-dividend date is Tuesday, September 17th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 4.26%. Huntington Bancshares’s payout ratio is 55.86%.

Huntington Bancshares Company Profile

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.