Palouse Capital Management Inc. Sells 8,124 Shares of Huntington Bancshares Incorporated (NASDAQ:HBAN)

Palouse Capital Management Inc. decreased its holdings in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) by 2.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 281,054 shares of the bank’s stock after selling 8,124 shares during the quarter. Huntington Bancshares accounts for about 2.5% of Palouse Capital Management Inc.’s investment portfolio, making the stock its 12th biggest position. Palouse Capital Management Inc.’s holdings in Huntington Bancshares were worth $3,704,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of HBAN. Boston Partners grew its stake in Huntington Bancshares by 20.4% in the first quarter. Boston Partners now owns 56,175,987 shares of the bank’s stock worth $783,215,000 after purchasing an additional 9,533,511 shares in the last quarter. Victory Capital Management Inc. increased its position in Huntington Bancshares by 0.4% during the 2nd quarter. Victory Capital Management Inc. now owns 17,954,498 shares of the bank’s stock valued at $236,640,000 after purchasing an additional 65,355 shares during the period. Norges Bank bought a new stake in shares of Huntington Bancshares in the 4th quarter valued at about $206,703,000. Dimensional Fund Advisors LP raised its holdings in shares of Huntington Bancshares by 3.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,810,239 shares of the bank’s stock valued at $208,346,000 after purchasing an additional 561,565 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Huntington Bancshares by 39.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,534,897 shares of the bank’s stock worth $83,124,000 after purchasing an additional 1,838,019 shares during the period. 80.72% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Nancy E. Maloney sold 57,537 shares of the company’s stock in a transaction that occurred 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 sale, the vice president now directly owns 69,595 shares in the company, valued at $1,054,364.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Brendan A. Lawlor sold 9,050 shares of the stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $15.06, for a total value of $136,293.00. Following the completion of the sale, the vice president now owns 11,111 shares of the company’s stock, valued at approximately $167,331.66. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Nancy E. Maloney sold 57,537 shares of Huntington Bancshares stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $15.15, for a total transaction of $871,685.55. Following the sale, the vice president now directly owns 69,595 shares in the company, valued at approximately $1,054,364.25. The disclosure for this sale can be found here. Insiders have sold 116,622 shares of company stock valued at $1,762,904 in the last ninety days. 0.89% of the stock is currently owned by corporate insiders.

Huntington Bancshares Price Performance

NASDAQ:HBAN opened at $14.56 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $21.10 billion, a PE ratio of 13.12, a price-to-earnings-growth ratio of 2.90 and a beta of 1.05. The stock’s 50-day moving average price is $14.28 and its 200-day moving average price is $13.71. Huntington Bancshares Incorporated has a 52 week low of $9.25 and a 52 week high of $15.24.

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

Huntington Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th will be paid a dividend of $0.155 per share. The ex-dividend date is Tuesday, September 17th. This represents a $0.62 annualized dividend and a yield of 4.26%. Huntington Bancshares’s dividend payout ratio is presently 55.86%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on HBAN. Argus lifted their price target on Huntington Bancshares from $15.00 to $16.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Piper Sandler upped their target price on Huntington Bancshares from $11.50 to $13.50 and gave the company an “underweight” rating in a research report on Monday, July 22nd. StockNews.com downgraded shares of Huntington Bancshares from a “hold” rating to a “sell” rating in a research report on Monday, September 2nd. 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. Finally, Evercore ISI cut their price target on shares of Huntington Bancshares from $16.50 to $15.00 and set an “outperform” rating on the stock in a report on Tuesday, June 25th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Huntington Bancshares has a consensus rating of “Moderate Buy” and an average price target of $15.59.

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.