State of Michigan Retirement System Increases Stock Position in Huntington Bancshares Incorporated (NASDAQ:HBAN)

State of Michigan Retirement System boosted its position in Huntington Bancshares Incorporated (NASDAQ:HBAN) by 0.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 419,050 shares of the bank’s stock after purchasing an additional 3,000 shares during the quarter. State of Michigan Retirement System’s holdings in Huntington Bancshares were worth $5,523,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of HBAN. Future Financial Wealth Managment LLC bought a new stake in shares of Huntington Bancshares during the 1st quarter valued at about $29,000. YHB Investment Advisors Inc. purchased a new position in shares of Huntington Bancshares during the 1st quarter worth $30,000. Nemes Rush Group LLC grew its position in shares of Huntington Bancshares by 140.9% during the 4th quarter. Nemes Rush Group LLC now owns 2,378 shares of the bank’s stock valued at $30,000 after acquiring an additional 1,391 shares during the period. Register Financial Advisors LLC bought a new stake in shares of Huntington Bancshares during the 1st quarter valued at $40,000. Finally, ORG Partners LLC increased its stake in shares of Huntington Bancshares by 354.9% in 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 in the last quarter. 80.72% of the stock is owned by hedge funds and other institutional investors.

Huntington Bancshares Trading Down 0.1 %

Shares of HBAN opened at $14.60 on Tuesday. The firm has a market capitalization of $21.16 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 2.94 and a beta of 1.06. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.89 and a quick ratio of 0.88. Huntington Bancshares Incorporated has a 1-year low of $9.25 and a 1-year high of $15.24. The company has a 50-day moving average of $13.72 and a 200 day moving average of $13.51.

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

Huntington Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th will be given a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, September 17th. This represents a $0.62 annualized dividend and a dividend yield of 4.25%. Huntington Bancshares’s payout ratio is presently 55.86%.

Insider Activity

In other news, VP Nancy E. Maloney sold 57,537 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $15.15, for a total value of $871,685.55. Following the completion of the transaction, the vice president now directly owns 69,595 shares of the company’s stock, valued at approximately $1,054,364.25. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Zachary Jacob Wasserman sold 33,000 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $15.13, for a total value of $499,290.00. Following the completion of the transaction, the chief financial officer now directly owns 265,809 shares in the company, valued at $4,021,690.17. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Nancy E. Maloney sold 57,537 shares of the company’s 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 in the company, valued at approximately $1,054,364.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 123,900 shares of company stock worth $1,862,176. Corporate insiders own 0.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on HBAN. Baird R W downgraded Huntington Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 26th. Citigroup lifted their target price on shares of Huntington Bancshares from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Argus increased their price target on Huntington Bancshares from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Evercore ISI lowered their price objective on Huntington Bancshares from $16.50 to $15.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 25th. Finally, Jefferies Financial Group cut their price objective on shares of Huntington Bancshares from $16.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Huntington Bancshares presently has an average rating of “Moderate Buy” and an average price target of $15.59.

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.