Mirae Asset Global Investments Co. Ltd. Increases Stake in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Posted by Defense World Staff on May 25th, 2023

Mirae Asset Global Investments Co. Ltd. grew its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN – Get Rating) by 2.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 221,130 shares of the bank’s stock after buying an additional 5,839 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Huntington Bancshares were worth $3,118,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. First Trust Advisors LP raised its position in shares of Huntington Bancshares by 44.3% during the 4th quarter. First Trust Advisors LP now owns 4,124,078 shares of the bank’s stock worth $58,150,000 after acquiring an additional 1,265,104 shares in the last quarter. Pinion Investment Advisors LLC raised its position in shares of Huntington Bancshares by 24.4% during the 4th quarter. Pinion Investment Advisors LLC now owns 25,559 shares of the bank’s stock worth $360,000 after acquiring an additional 5,016 shares in the last quarter. Oarsman Capital Inc. raised its position in shares of Huntington Bancshares by 1.2% during the 4th quarter. Oarsman Capital Inc. now owns 150,107 shares of the bank’s stock worth $2,117,000 after acquiring an additional 1,786 shares in the last quarter. Valeo Financial Advisors LLC increased its position in Huntington Bancshares by 12.5% during the fourth quarter. Valeo Financial Advisors LLC now owns 71,152 shares of the bank’s stock worth $1,003,000 after buying an additional 7,879 shares during the period. Finally, RENASANT Bank increased its position in Huntington Bancshares by 8.2% during the fourth quarter. RENASANT Bank now owns 19,764 shares of the bank’s stock worth $279,000 after buying an additional 1,497 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Huntington Bancshares Stock Down 1.6 %

Huntington Bancshares stock opened at $10.36 on Thursday. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.86 and a quick ratio of 0.86. Huntington Bancshares Incorporated has a 1-year low of $9.13 and a 1-year high of $15.74. The company has a market cap of $14.96 billion, a PE ratio of 6.68, a price-to-earnings-growth ratio of 5.57 and a beta of 1.06. The stock’s 50 day moving average price is $10.73 and its 200 day moving average price is $13.28.

Huntington Bancshares (NASDAQ:HBAN – Get Rating) last posted its quarterly earnings results on Thursday, April 20th. The bank reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Huntington Bancshares had a return on equity of 15.33% and a net margin of 27.06%. The firm had revenue of $2.54 billion for the quarter, compared to the consensus estimate of $1.90 billion. During the same period in the previous year, the business earned $0.32 earnings per share. On average, sell-side analysts predict that Huntington Bancshares Incorporated will post 1.44 EPS for the current fiscal year.

Huntington Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Monday, June 19th will be given a dividend of $0.155 per share. The ex-dividend date is Thursday, June 15th. This represents a $0.62 dividend on an annualized basis and a yield of 5.98%. Huntington Bancshares’s payout ratio is 40.00%.

Insiders Place Their Bets

In other Huntington Bancshares news, CFO Zachary Jacob Wasserman sold 98,608 shares of the business’s stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $10.25, for a total transaction of $1,010,732.00. Following the sale, the chief financial officer now directly owns 188,767 shares in the company, valued at $1,934,861.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Kenneth J. Phelan acquired 20,000 shares of Huntington Bancshares stock in a transaction dated Wednesday, April 26th. The shares were acquired at an average cost of $10.80 per share, for a total transaction of $216,000.00. Following the completion of the transaction, the director now directly owns 89,285 shares of the company’s stock, valued at $964,278. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Zachary Jacob Wasserman sold 98,608 shares of the company’s stock in a transaction on Wednesday, May 3rd. The shares were sold at an average price of $10.25, for a total value of $1,010,732.00. Following the completion of the sale, the chief financial officer now owns 188,767 shares in the company, valued at $1,934,861.75. The disclosure for this sale can be found here. 0.89% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have commented on the company. Raymond James cut their price target on Huntington Bancshares from $18.00 to $15.00 and set a “strong-buy” rating on the stock in a research report on Thursday, April 6th. Keefe, Bruyette & Woods raised Huntington Bancshares from an “underperform” rating to a “market perform” rating and cut their price target for the stock from $13.50 to $13.00 in a research report on Wednesday, April 5th. Royal Bank of Canada cut their price target on Huntington Bancshares from $16.00 to $15.00 and set an “outperform” rating on the stock in a research report on Friday, April 21st. StockNews.com assumed coverage on Huntington Bancshares in a research report on Thursday, May 18th. They set a “sell” rating on the stock. Finally, The Goldman Sachs Group cut their price target on Huntington Bancshares from $16.50 to $13.00 and set a “buy” rating on the stock in a research report on Thursday, March 30th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $13.83.

Huntington Bancshares Profile

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Huntington Bancshares, Inc operates as a bank holding company. It 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, other financial products and services.