Huntington Bancshares (NASDAQ:HBAN) Shares Gap Up After Earnings Beat

Huntington Bancshares Incorporated (NASDAQ:HBAN)’s share price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $13.27, but opened at $13.72. Huntington Bancshares shares last traded at $13.73, with a volume of 4,953,320 shares.

The bank reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. Huntington Bancshares had a return on equity of 11.23% and a net margin of 16.23%.

Huntington Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, March 18th were given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 4.53%. The ex-dividend date was Tuesday, March 18th. Huntington Bancshares’s dividend payout ratio (DPR) is presently 50.41%.

Analyst Upgrades and Downgrades

HBAN has been the topic of a number of research reports. Barclays boosted their price objective on Huntington Bancshares from $17.00 to $19.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Piper Sandler reduced their price objective on shares of Huntington Bancshares from $17.50 to $17.00 and set an “underweight” rating for the company in a report on Tuesday, January 21st. JPMorgan Chase & Co. cut their price target on shares of Huntington Bancshares from $18.50 to $16.00 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. Robert W. Baird upgraded Huntington Bancshares from a “neutral” rating to an “outperform” rating and set a $18.00 price objective for the company in a research report on Friday, March 7th. Finally, Stephens reissued an “equal weight” rating and issued a $18.50 target price on shares of Huntington Bancshares in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $17.94.

Insider Buying and Selling

In related news, CFO Zachary Jacob Wasserman sold 38,451 shares of the firm’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $14.38, for a total value of $552,925.38. Following the completion of the sale, the chief financial officer now directly owns 335,538 shares in the company, valued at approximately $4,825,036.44. This trade represents a 10.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Scott D. Kleinman sold 69,088 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $14.67, for a total value of $1,013,520.96. Following the transaction, the vice president now directly owns 453,129 shares in the company, valued at $6,647,402.43. The trade was a 13.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 111,781 shares of company stock worth $1,631,151. 0.89% of the stock is owned by insiders.

Institutional Trading of Huntington Bancshares

Several hedge funds have recently added to or reduced their stakes in the company. Creative Capital Management Investments LLC boosted its position in shares of Huntington Bancshares by 17,533.3% in the fourth quarter. Creative Capital Management Investments LLC now owns 1,587 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,578 shares during the period. Y.D. More Investments Ltd raised its position in shares of Huntington Bancshares by 126.8% in the fourth quarter. Y.D. More Investments Ltd now owns 1,830 shares of the bank’s stock valued at $30,000 after buying an additional 1,023 shares in the last quarter. Midwest Capital Advisors LLC acquired a new stake in Huntington Bancshares during the fourth quarter worth approximately $37,000. Transce3nd LLC acquired a new position in Huntington Bancshares in the 4th quarter valued at $48,000. Finally, Asset Dedication LLC increased its position in shares of Huntington Bancshares by 70.0% in the fourth quarter. Asset Dedication LLC now owns 3,061 shares of the bank’s stock worth $50,000 after purchasing an additional 1,260 shares during the period. 80.72% of the stock is owned by institutional investors and hedge funds.

Huntington Bancshares Price Performance

The company has a debt-to-equity ratio of 0.92, a current ratio of 0.89 and a quick ratio of 0.88. The firm has a market cap of $19.98 billion, a P/E ratio of 11.13, a PEG ratio of 1.33 and a beta of 0.89. The company’s 50-day moving average is $14.99 and its two-hundred day moving average is $16.01.

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.