Arrowstreet Capital Limited Partnership Purchases 2,020,590 Shares of Huntington Bancshares Incorporated $HBAN

Arrowstreet Capital Limited Partnership lifted its position in Huntington Bancshares Incorporated (NASDAQ:HBAN) by 548.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,389,021 shares of the bank’s stock after buying an additional 2,020,590 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.16% of Huntington Bancshares worth $40,040,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. MTM Investment Management LLC acquired a new position in Huntington Bancshares in the second quarter valued at about $25,000. Family Legacy Financial Solutions LLC acquired a new position in shares of Huntington Bancshares in the 2nd quarter valued at approximately $25,000. Catalyst Capital Advisors LLC bought a new stake in Huntington Bancshares during the 2nd quarter worth approximately $30,000. Quarry LP raised its holdings in Huntington Bancshares by 73.0% during the 1st quarter. Quarry LP now owns 1,929 shares of the bank’s stock worth $29,000 after buying an additional 814 shares during the period. Finally, Trust Co. of Vermont lifted its stake in Huntington Bancshares by 249.8% in the second quarter. Trust Co. of Vermont now owns 2,690 shares of the bank’s stock valued at $45,000 after buying an additional 1,921 shares in the last quarter. 80.72% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

HBAN has been the subject of several research reports. Truist Financial increased their price objective on shares of Huntington Bancshares from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. DA Davidson reiterated a “buy” rating and set a $21.00 target price on shares of Huntington Bancshares in a report on Tuesday, October 28th. JPMorgan Chase & Co. lifted their price target on Huntington Bancshares from $18.00 to $18.50 and gave the company an “overweight” rating in a research note on Friday, October 10th. TD Cowen upped their price objective on Huntington Bancshares from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, October 28th. Finally, Morgan Stanley lifted their target price on Huntington Bancshares from $19.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.69.

Huntington Bancshares Price Performance

NASDAQ:HBAN opened at $16.90 on Friday. Huntington Bancshares Incorporated has a 52-week low of $11.91 and a 52-week high of $18.03. The company has a market cap of $24.66 billion, a P/E ratio of 11.82, a P/E/G ratio of 0.64 and a beta of 0.96. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.91 and a current ratio of 0.92. The stock’s 50-day simple moving average is $16.04 and its 200 day simple moving average is $16.48.

Huntington Bancshares (NASDAQ:HBAN) last posted its quarterly earnings results on Monday, December 1st. The bank reported $0.67 earnings per share for the quarter. The firm had revenue of $580.00 million during the quarter. Huntington Bancshares had a return on equity of 12.14% and a net margin of 18.06%. As a group, sell-side analysts forecast that Huntington Bancshares Incorporated will post 1.39 EPS for the current fiscal year.

Huntington Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Thursday, December 18th will be issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Thursday, December 18th. Huntington Bancshares’s payout ratio is presently 43.36%.

Insiders Place Their Bets

In other Huntington Bancshares news, EVP Marcy C. Hingst sold 6,416 shares of the stock in a transaction on Friday, November 14th. The shares were sold at an average price of $15.65, for a total value of $100,410.40. Following the completion of the sale, the executive vice president owned 252,305 shares in the company, valued at $3,948,573.25. This trade represents a 2.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John C. Inglis acquired 6,506 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The stock was purchased at an average cost of $15.30 per share, with a total value of $99,541.80. Following the transaction, the director owned 89,831 shares in the company, valued at approximately $1,374,414.30. This trade represents a 7.81% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 0.89% of the company’s stock.

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.