Huntington Bancshares (NASDAQ:HBAN) Shares Gap Down Following Analyst Downgrade

Huntington Bancshares Incorporated (NASDAQ:HBANGet Free Report)’s share price gapped down prior to trading on Friday after Piper Sandler lowered their price target on the stock from $12.50 to $12.00. The stock had previously closed at $10.86, but opened at $10.61. Piper Sandler currently has a neutral rating on the stock. Huntington Bancshares shares last traded at $10.66, with a volume of 1,830,817 shares changing hands.

A number of other analysts have also issued reports on the company. Raymond James boosted their price objective on Huntington Bancshares from $14.00 to $15.00 and gave the company a “strong-buy” rating in a research note on Monday, July 24th. Barclays decreased their price objective on Huntington Bancshares from $14.00 to $13.00 in a research note on Tuesday, June 27th. Stephens boosted their price objective on Huntington Bancshares from $12.00 to $13.00 and gave the company an “equal weight” rating in a research note on Monday, July 24th. JPMorgan Chase & Co. upgraded Huntington Bancshares from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $12.00 to $13.00 in a research note on Tuesday, July 25th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $14.00 price objective on shares of Huntington Bancshares in a research note on Monday, July 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Huntington Bancshares presently has an average rating of “Hold” and a consensus target price of $13.13.

View Our Latest Analysis on HBAN

Insider Transactions at Huntington Bancshares

In other Huntington Bancshares news, insider Helga Houston sold 12,280 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $11.97, for a total transaction of $146,991.60. Following the sale, the insider now directly owns 594,564 shares of the company’s stock, valued at $7,116,931.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Helga Houston sold 12,280 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $11.97, for a total value of $146,991.60. Following the completion of the sale, the insider now owns 594,564 shares in the company, valued at $7,116,931.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Paul G. Heller sold 23,817 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $11.89, for a total value of $283,184.13. Following the completion of the sale, the executive vice president now owns 505,910 shares of the company’s stock, valued at approximately $6,015,269.90. The disclosure for this sale can be found here. Insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Huntington Bancshares

A number of large investors have recently made changes to their positions in the business. American Century Companies Inc. increased its position in shares of Huntington Bancshares by 11.8% in the 1st quarter. American Century Companies Inc. now owns 189,174 shares of the bank’s stock valued at $2,765,000 after acquiring an additional 19,959 shares during the period. D.A. Davidson & CO. acquired a new stake in Huntington Bancshares during the 1st quarter worth about $315,000. Healthcare of Ontario Pension Plan Trust Fund grew its position in Huntington Bancshares by 309.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 10,001 shares of the bank’s stock worth $146,000 after purchasing an additional 7,558 shares during the period. Panagora Asset Management Inc. grew its position in Huntington Bancshares by 40.9% during the 1st quarter. Panagora Asset Management Inc. now owns 104,361 shares of the bank’s stock worth $1,526,000 after purchasing an additional 30,296 shares during the period. Finally, Aviva PLC grew its position in Huntington Bancshares by 58.2% during the 1st quarter. Aviva PLC now owns 798,754 shares of the bank’s stock worth $11,678,000 after purchasing an additional 293,944 shares during the period. 78.68% of the stock is owned by institutional investors and hedge funds.

Huntington Bancshares Price Performance

The firm has a 50-day simple moving average of $11.42 and a two-hundred day simple moving average of $11.23. The company has a market capitalization of $15.49 billion, a price-to-earnings ratio of 6.90, a P/E/G ratio of 5.91 and a beta of 1.08. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.90.

Huntington Bancshares (NASDAQ:HBANGet Free Report) last posted its earnings results on Friday, July 21st. The bank reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. Huntington Bancshares had a net margin of 24.74% and a return on equity of 15.20%. The business had revenue of $2.72 billion for the quarter, compared to analyst estimates of $1.84 billion. During the same period in the prior year, the company posted $0.36 EPS. As a group, analysts predict that Huntington Bancshares Incorporated will post 1.38 earnings per share for the current fiscal year.

Huntington Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Monday, September 18th will be paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 5.79%. The ex-dividend date is Friday, September 15th. Huntington Bancshares’s dividend payout ratio is presently 40.00%.

About Huntington Bancshares

(Get Free Report)

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 operates through four segments: Consumer and Business Banking; Commercial Banking; Vehicle Finance; and Regional Banking and The Huntington Private Client Group (RBHPCG).

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