Eventide Asset Management LLC Acquires Shares of 582,564 Huntington Bancshares Incorporated (NASDAQ:HBAN)

Eventide Asset Management LLC purchased a new position in Huntington Bancshares Incorporated (NASDAQ:HBAN) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 582,564 shares of the bank’s stock, valued at approximately $8,564,000.

A number of other hedge funds also recently modified their holdings of HBAN. FMR LLC increased its stake in Huntington Bancshares by 16.8% in the third quarter. FMR LLC now owns 23,719,168 shares of the bank’s stock valued at $348,672,000 after acquiring an additional 3,410,597 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Huntington Bancshares by 13.2% in the 3rd quarter. Victory Capital Management Inc. now owns 20,318,486 shares of the bank’s stock valued at $298,682,000 after purchasing an additional 2,363,988 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Huntington Bancshares by 194.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 3,203,789 shares of the bank’s stock worth $42,226,000 after buying an additional 2,116,839 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Huntington Bancshares by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 62,708,399 shares of the bank’s stock worth $921,778,000 after buying an additional 1,522,767 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in Huntington Bancshares by 58.2% in the third quarter. BNP Paribas Financial Markets now owns 3,198,776 shares of the bank’s stock valued at $47,022,000 after buying an additional 1,176,306 shares in the last quarter. Institutional investors own 80.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on HBAN. Morgan Stanley increased their target price on shares of Huntington Bancshares from $16.00 to $18.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Piper Sandler raised their target price on shares of Huntington Bancshares from $14.00 to $15.00 and gave the company an “underweight” rating in a research report on Friday, October 18th. StockNews.com raised shares of Huntington Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Evercore ISI increased their price target on Huntington Bancshares from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $17.00 price objective on shares of Huntington Bancshares in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $16.62.

Huntington Bancshares Price Performance

HBAN stock opened at $18.01 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.86. The firm has a market cap of $26.17 billion, a price-to-earnings ratio of 17.32, a PEG ratio of 3.59 and a beta of 1.03. The company’s fifty day simple moving average is $15.99 and its 200 day simple moving average is $14.58. Huntington Bancshares Incorporated has a 12-month low of $11.10 and a 12-month high of $18.44.

Huntington Bancshares (NASDAQ:HBAN) last announced its quarterly earnings data on Thursday, October 17th. The bank reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.03. Huntington Bancshares had a return on equity of 10.72% and a net margin of 14.19%. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the previous year, the business earned $0.36 EPS. On average, analysts expect that Huntington Bancshares Incorporated will post 1.21 earnings per share for the current year.

Huntington Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Wednesday, December 18th will be given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 3.44%. The ex-dividend date is Wednesday, December 18th. Huntington Bancshares’s dividend payout ratio (DPR) is 59.62%.

Insider Activity

In other news, VP Scott D. Kleinman sold 28,600 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $17.67, for a total value of $505,362.00. Following the completion of the sale, the vice president now directly owns 496,076 shares in the company, valued at $8,765,662.92. This trade represents a 5.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Helga Houston sold 6,455 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $15.43, for a total value of $99,600.65. Following the transaction, the insider now directly owns 558,342 shares in the company, valued at approximately $8,615,217.06. This trade represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,699 shares of company stock worth $757,356 in the last quarter. 0.89% of the stock is owned by corporate insiders.

Huntington Bancshares 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.