Groesbeck Investment Management Corp NJ purchased a new stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) during the second quarter, HoldingsChannel reports. The institutional investor purchased 200,200 shares of the bank’s stock, valued at approximately $2,767,000. Huntington Bancshares makes up approximately 2.2% of Groesbeck Investment Management Corp NJ’s portfolio, making the stock its 12th biggest holding.
A number of other hedge funds have also made changes to their positions in the business. Dimensional Fund Advisors LP increased its holdings in Huntington Bancshares by 13.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 14,117,471 shares of the bank’s stock valued at $168,284,000 after acquiring an additional 1,714,381 shares in the last quarter. Geode Capital Management LLC increased its holdings in Huntington Bancshares by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 14,526,595 shares of the bank’s stock valued at $172,863,000 after acquiring an additional 709,854 shares in the last quarter. Two Sigma Advisers LP purchased a new position in Huntington Bancshares during the 4th quarter valued at about $397,000. Squarepoint Ops LLC increased its holdings in Huntington Bancshares by 51.1% during the 4th quarter. Squarepoint Ops LLC now owns 29,767 shares of the bank’s stock valued at $355,000 after acquiring an additional 10,062 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan purchased a new position in Huntington Bancshares during the 4th quarter valued at about $349,000. 75.52% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have weighed in on HBAN. Zacks Investment Research upgraded shares of Huntington Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, May 21st. Macquarie downgraded shares of Huntington Bancshares from a “neutral” rating to an “underperform” rating and set a $13.78 target price for the company. in a report on Friday, July 12th. BMO Capital Markets downgraded shares of Huntington Bancshares from a “market perform” rating to an “underperform” rating and set a $14.00 target price for the company. in a report on Monday, July 8th. ValuEngine downgraded shares of Huntington Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Finally, Nomura set a $14.00 target price on shares of Huntington Bancshares and gave the company a “hold” rating in a report on Friday, July 26th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $15.63.
Shares of NASDAQ HBAN traded down $0.03 during midday trading on Tuesday, reaching $12.90. 3,525,871 shares of the stock were exchanged, compared to its average volume of 9,102,881. The stock has a market capitalization of $13.42 billion, a P/E ratio of 10.75, a P/E/G ratio of 1.47 and a beta of 1.40. Huntington Bancshares Incorporated has a 52-week low of $11.12 and a 52-week high of $16.52. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.90 and a quick ratio of 0.90. The stock’s 50 day simple moving average is $13.78.
Huntington Bancshares (NASDAQ:HBAN) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.18 billion. Huntington Bancshares had a net margin of 25.77% and a return on equity of 14.23%. The company’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.30 earnings per share. Research analysts predict that Huntington Bancshares Incorporated will post 1.3 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th will be issued a dividend of $0.15 per share. This is an increase from Huntington Bancshares’s previous quarterly dividend of $0.14. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.65%. Huntington Bancshares’s payout ratio is 46.67%.
Huntington Bancshares Profile
Huntington Bancshares Incorporated operates as a holding company for The Huntington National Bank that provides commercial, small business, consumer, and mortgage banking services. The company operates through four business segments: Consumer and Business Banking, Commercial Banking, Vehicle Finance, and Regional Banking and The Huntington Private Client Group (RBHPCG).
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