Magnetar Financial LLC Makes New Investment in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Magnetar Financial LLC purchased a new stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 247,016 shares of the bank’s stock, valued at approximately $3,256,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Future Financial Wealth Managment LLC bought a new position in Huntington Bancshares in the 1st quarter worth approximately $29,000. YHB Investment Advisors Inc. bought a new position in shares of Huntington Bancshares during the 1st quarter worth about $30,000. Hazlett Burt & Watson Inc. grew its position in Huntington Bancshares by 695.5% during the second quarter. Hazlett Burt & Watson Inc. now owns 2,291 shares of the bank’s stock worth $30,000 after buying an additional 2,003 shares in the last quarter. Register Financial Advisors LLC bought a new stake in shares of Huntington Bancshares in the 1st quarter worth approximately $40,000. Finally, ORG Partners LLC increased its position in shares of Huntington Bancshares by 354.9% during the second quarter. ORG Partners LLC now owns 3,325 shares of the bank’s stock valued at $44,000 after purchasing an additional 2,594 shares during the period. Institutional investors and hedge funds own 80.72% of the company’s stock.

Huntington Bancshares Stock Performance

NASDAQ HBAN opened at $14.60 on Tuesday. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.96. Huntington Bancshares Incorporated has a 1 year low of $9.25 and a 1 year high of $15.24. The firm has a market capitalization of $21.16 billion, a price-to-earnings ratio of 13.15, a P/E/G ratio of 2.90 and a beta of 1.05. The firm’s 50 day simple moving average is $14.38 and its 200 day simple moving average is $13.75.

Huntington Bancshares (NASDAQ:HBAN) last issued its earnings results on Friday, July 19th. The bank reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.02. Huntington Bancshares had a net margin of 14.77% and a return on equity of 11.34%. The firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $1.81 billion. During the same quarter last year, the business posted $0.35 earnings per share. As a group, research analysts expect that Huntington Bancshares Incorporated will post 1.19 earnings per share for the current fiscal year.

Huntington Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th will be paid a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 4.25%. The ex-dividend date is Tuesday, September 17th. Huntington Bancshares’s payout ratio is currently 55.86%.

Analysts Set New Price Targets

HBAN has been the topic of several recent research reports. JPMorgan Chase & Co. decreased their target price on shares of Huntington Bancshares from $17.00 to $16.50 and set an “overweight” rating on the stock in a research report on Thursday, June 27th. Royal Bank of Canada increased their price objective on shares of Huntington Bancshares from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Argus raised their price objective on shares of Huntington Bancshares from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Piper Sandler raised their price objective on Huntington Bancshares from $11.50 to $13.50 and gave the stock an “underweight” rating in a research note on Monday, July 22nd. Finally, Jefferies Financial Group reduced 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 Wednesday, July 3rd. Two analysts have rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Huntington Bancshares has an average rating of “Moderate Buy” and an average price target of $15.59.

Insider Transactions at Huntington Bancshares

In related news, VP Nancy E. Maloney sold 57,537 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $15.15, for a total value of $871,685.55. Following the completion of the sale, the vice president now directly owns 69,595 shares in the company, valued at $1,054,364.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Huntington Bancshares news, VP Nancy E. Maloney sold 57,537 shares of the stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $15.15, for a total transaction of $871,685.55. Following the completion of the sale, the vice president now directly owns 69,595 shares in the company, valued at approximately $1,054,364.25. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Helga Houston sold 11,288 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $15.02, for a total value of $169,545.76. Following the sale, the insider now directly owns 618,832 shares of the company’s stock, valued at approximately $9,294,856.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 116,622 shares of company stock worth $1,762,904. Company insiders own 0.89% of the company’s stock.

Huntington Bancshares 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.