CIBC Asset Management Inc Buys 28,870 Shares of Huntington Bancshares Incorporated (NASDAQ:HBAN)

CIBC Asset Management Inc lifted its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN) by 5.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 598,293 shares of the bank’s stock after buying an additional 28,870 shares during the period. CIBC Asset Management Inc’s holdings in Huntington Bancshares were worth $8,795,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. WealthShield Partners LLC raised its position in Huntington Bancshares by 5.9% during the second quarter. WealthShield Partners LLC now owns 12,237 shares of the bank’s stock valued at $163,000 after purchasing an additional 683 shares in the last quarter. UMB Bank n.a. raised its position in Huntington Bancshares by 19.1% during the third quarter. UMB Bank n.a. now owns 4,545 shares of the bank’s stock valued at $67,000 after purchasing an additional 728 shares in the last quarter. Foundations Investment Advisors LLC raised its position in Huntington Bancshares by 3.2% during the second quarter. Foundations Investment Advisors LLC now owns 23,647 shares of the bank’s stock valued at $312,000 after purchasing an additional 744 shares in the last quarter. Summit Financial Strategies Inc. raised its position in Huntington Bancshares by 2.5% during the second quarter. Summit Financial Strategies Inc. now owns 30,955 shares of the bank’s stock valued at $408,000 after purchasing an additional 762 shares in the last quarter. Finally, TCW Group Inc. raised its position in Huntington Bancshares by 4.1% during the second quarter. TCW Group Inc. now owns 20,235 shares of the bank’s stock valued at $267,000 after purchasing an additional 794 shares in the last quarter. 80.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on HBAN shares. Bank of America boosted their price objective on shares of Huntington Bancshares from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Piper Sandler increased their price target on Huntington Bancshares from $14.00 to $15.00 and gave the company an “underweight” rating in a research note on Friday, October 18th. Citigroup increased their price target on 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 company a “buy” rating in a research note on Monday, July 22nd. Finally, StockNews.com upgraded Huntington Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Huntington Bancshares currently has a consensus rating of “Moderate Buy” and an average target price of $16.09.

Huntington Bancshares Stock Performance

Shares of Huntington Bancshares stock opened at $17.69 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.86. The business has a 50-day moving average price of $15.38 and a two-hundred day moving average price of $14.33. Huntington Bancshares Incorporated has a 1-year low of $10.73 and a 1-year high of $17.97. The company has a market cap of $25.70 billion, a P/E ratio of 17.01, a PEG ratio of 3.55 and a beta of 1.03.

Huntington Bancshares (NASDAQ:HBAN) last issued its quarterly earnings results on Thursday, October 17th. The bank reported $0.33 earnings per share for the quarter, topping 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 firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period last year, the business posted $0.36 EPS. As a group, analysts anticipate that Huntington Bancshares Incorporated will post 1.21 EPS for the current year.

Huntington Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 18th will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Wednesday, December 18th. This represents a $0.62 dividend on an annualized basis and a yield of 3.50%. Huntington Bancshares’s payout ratio is currently 59.62%.

Insider Activity

In other news, CFO Zachary Jacob Wasserman sold 8,644 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $17.63, for a total value of $152,393.72. Following the completion of the sale, the chief financial officer now directly owns 259,943 shares in the company, valued at $4,582,795.09. This trade represents a 3.22 % 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 firm’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $15.43, for a total value of $99,600.65. Following the completion of the sale, the insider now owns 558,342 shares of the company’s stock, valued at approximately $8,615,217.06. This represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,699 shares of company stock worth $757,356 in the last three months. Company insiders own 0.89% of the company’s stock.

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.