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

Financial News Live · Sep 28, 2022 12:52

Joule Financial LLC purchased a new stake in Huntington Bancshares Incorporated (NASDAQ:HBAN – Get Rating) during the second quarter, according to its most recent 13F filing with the SEC. The firm purchased 11,870 shares of the bank's stock, valued at approximately $145,000.

A number of other institutional investors have also modified their holdings of the company. AIA Group Ltd increased its holdings in shares of Huntington Bancshares by 130.3% during the 1st quarter. AIA Group Ltd now owns 3,457 shares of the bank's stock valued at $51,000 after purchasing an additional 1,956 shares in the last quarter. ProShare Advisors LLC boosted its stake in Huntington Bancshares by 33.6% during the 1st quarter. ProShare Advisors LLC now owns 564,492 shares of the bank's stock worth $8,253,000 after purchasing an additional 142,053 shares during the last quarter. Foundations Investment Advisors LLC boosted its stake in Huntington Bancshares by 14.9% during the 2nd quarter. Foundations Investment Advisors LLC now owns 18,364 shares of the bank's stock worth $223,000 after purchasing an additional 2,384 shares during the last quarter. PFG Advisors acquired a new stake in Huntington Bancshares during the 1st quarter worth $194,000. Finally, Ninety One SA PTY Ltd acquired a new stake in Huntington Bancshares during the 1st quarter worth $80,000. 79.77% of the stock is currently owned by institutional investors.

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Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Huntington Bancshares from $16.50 to $15.50 and set a "hold" rating on the stock in a research report on Monday, September 12th. Raymond James lowered their price target on shares of Huntington Bancshares from $18.00 to $16.00 and set a "strong-buy" rating on the stock in a research report on Thursday, July 7th. Argus raised shares of Huntington Bancshares from a "hold" rating to a "buy" rating and set a $15.00 price target on the stock in a research report on Thursday, July 28th. Morgan Stanley lowered their price target on shares of Huntington Bancshares from $17.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 12th. Finally, The Goldman Sachs Group reduced their price objective on shares of Huntington Bancshares from $17.50 to $14.50 and set a "buy" rating on the stock in a report on Tuesday, May 31st. Three analysts have rated the stock with a sell rating, seven have issued 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 stock has a consensus rating of "Hold" and a consensus price target of $15.13.

Huntington Bancshares Stock Up 2.6 %

Shares of HBAN stock traded up $0.33 during trading hours on Wednesday, reaching $13.19. 557,785 shares of the stock were exchanged, compared to its average volume of 18,674,676. The business's fifty day moving average is $13.62 and its two-hundred day moving average is $13.50. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.82 and a quick ratio of 0.81. Huntington Bancshares Incorporated has a 12-month low of $11.67 and a 12-month high of $17.79. The firm has a market capitalization of $19.02 billion, a P/E ratio of 11.77 and a beta of 1.18.

Huntington Bancshares (NASDAQ:HBAN – Get Rating) last announced its quarterly earnings results on Thursday, July 21st. The bank reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.34 by $0.02. The firm had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.70 billion. Huntington Bancshares had a return on equity of 13.11% and a net margin of 25.58%. During the same period in the prior year, the company posted $0.35 earnings per share. As a group, research analysts expect that Huntington Bancshares Incorporated will post 1.46 EPS for the current fiscal year.

Huntington Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Monday, September 19th will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 4.70%. The ex-dividend date of this dividend is Friday, September 16th. Huntington Bancshares's dividend payout ratio (DPR) is 55.36%.

Insider Activity at Huntington Bancshares

In other news, Director Gary Torgow acquired 19,382 shares of the firm's stock in a transaction dated Wednesday, July 27th. The stock was acquired at an average cost of $12.90 per share, with a total value of $250,027.80. Following the completion of the acquisition, the director now owns 893,301 shares of the company's stock, valued at $11,523,582.90. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In other Huntington Bancshares news, CFO Zachary Jacob Wasserman sold 11,618 shares of the stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $14.36, for a total value of $166,834.48. Following the completion of the transaction, the chief financial officer now owns 230,394 shares in the company, valued at $3,308,457.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gary Torgow acquired 19,382 shares of the business's stock in a transaction on Wednesday, July 27th. The stock was acquired at an average price of $12.90 per share, with a total value of $250,027.80. Following the transaction, the director now directly owns 893,301 shares of the company's stock, valued at approximately $11,523,582.90. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by corporate insiders.

Huntington Bancshares Profile

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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).