Millennium Management LLC Reduces Stake in Huntington Bancshares Incorporated (NASDAQ:HBAN)

Millennium Management LLC lowered its stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) by 94.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 613,625 shares of the bank’s stock after selling 11,073,633 shares during the quarter. Millennium Management LLC’s holdings in Huntington Bancshares were worth $8,088,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in HBAN. Future Financial Wealth Managment LLC purchased a new stake in Huntington Bancshares in the first quarter worth $29,000. Hazlett Burt & Watson Inc. raised its position in shares of Huntington Bancshares by 695.5% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 2,291 shares of the bank’s stock valued at $30,000 after purchasing an additional 2,003 shares during the last quarter. Register Financial Advisors LLC acquired a new stake in Huntington Bancshares in the 1st quarter worth approximately $40,000. ORG Partners LLC grew its position in Huntington Bancshares by 354.9% during the 2nd quarter. ORG Partners LLC now owns 3,325 shares of the bank’s stock worth $44,000 after purchasing an additional 2,594 shares during the last quarter. Finally, Spartan Planning & Wealth Management acquired a new position in Huntington Bancshares during the 4th quarter valued at approximately $46,000. Hedge funds and other institutional investors own 80.72% of the company’s stock.

Huntington Bancshares Trading Up 1.4 %

HBAN opened at $14.94 on Thursday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.89 and a quick ratio of 0.88. The company’s 50 day simple moving average is $14.31 and its two-hundred day simple moving average is $13.85. The firm has a market capitalization of $21.65 billion, a price-to-earnings ratio of 13.46, a price-to-earnings-growth ratio of 3.07 and a beta of 1.04. Huntington Bancshares Incorporated has a 1-year low of $9.25 and a 1-year high of $15.24.

Huntington Bancshares (NASDAQ:HBAN) last released its quarterly earnings data on Friday, July 19th. The bank reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.02. The company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $1.81 billion. Huntington Bancshares had a return on equity of 11.34% and a net margin of 14.77%. During the same quarter in the previous year, the company posted $0.35 earnings per share. Analysts expect that Huntington Bancshares Incorporated will post 1.19 EPS for the current fiscal year.

Huntington Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th were issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date of this dividend was Tuesday, September 17th. Huntington Bancshares’s dividend payout ratio is currently 55.86%.

Insider Buying and Selling

In other news, VP Nancy E. Maloney sold 57,537 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $15.15, for a total value of $871,685.55. Following the completion of the sale, the vice president now owns 69,595 shares of the company’s stock, valued at $1,054,364.25. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Zachary Jacob Wasserman sold 33,000 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $15.13, for a total value of $499,290.00. Following the sale, the chief financial officer now directly owns 265,809 shares in the company, valued at approximately $4,021,690.17. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Nancy E. Maloney sold 57,537 shares of the stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $15.15, for a total transaction of $871,685.55. Following the transaction, the vice president now directly owns 69,595 shares of the company’s stock, valued at approximately $1,054,364.25. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 116,622 shares of company stock worth $1,762,904. Insiders own 0.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on HBAN. Jefferies Financial Group cut their target price on Huntington Bancshares from $16.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. Robert W. Baird downgraded shares of Huntington Bancshares from an “outperform” rating to a “neutral” rating and set a $15.00 price target on the stock. in a report on Friday, July 26th. Keefe, Bruyette & Woods cut their price target on Huntington Bancshares from $15.00 to $14.50 and set a “market perform” rating on the stock in a research report on Tuesday, July 9th. Evercore ISI cut their target price on shares of Huntington Bancshares from $17.50 to $17.00 and set an “outperform” rating for the company in a report on Wednesday, October 2nd. Finally, Argus lifted their price target on Huntington Bancshares from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $15.71.

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.