New York Life Investment Management LLC has raised its position in shares of Huntington Bancshares Incorporated (NASDAQ: HBAN) by 1.5% during the second quarter, according to a recent filing with the Securities and Exchange Commission (SEC). Following this increase, the firm now holds 217,554 shares, having acquired an additional 3,251 shares during the reporting period. The total value of New York Life’s holdings in Huntington Bancshares amounts to approximately $3,646,000.
Several other institutional investors have also adjusted their positions in Huntington Bancshares. Family Legacy Financial Solutions LLC acquired a new stake valued at $25,000 during the second quarter. Quarry LP significantly boosted its investment by 73.0% in the first quarter, now holding 1,929 shares worth $29,000 after purchasing an additional 814 shares. Catalyst Capital Advisors LLC also entered the fold with a new investment of $30,000. Additionally, Golden State Wealth Management LLC increased its stake by an impressive 516.3%, now owning 2,231 shares valued at $33,000. Wayfinding Financial LLC purchased a new stake worth $39,000 during the same period. Overall, institutional investors own approximately 80.72% of Huntington Bancshares.
Analyst Ratings Reflect Positive Outlook
Wall Street analysts have responded positively to Huntington Bancshares, with several recent reports indicating growth potential. Truist Financial raised its target price on the stock from $19.00 to $20.00, assigning a “buy” rating in a note released on September 12. Weiss Ratings reiterated a “buy (B-)” rating on October 8. DA Davidson also reaffirmed a “buy” rating with a target price of $21.00. Stephens adjusted their target from $18.00 to $19.00 on October 17, while Jefferies Financial Group set a new target of $22.00 on September 24. According to MarketBeat.com, the consensus rating for Huntington Bancshares is “Moderate Buy,” with a consensus price target of $19.82.
Insider Transactions and Stock Performance
In recent insider activity, Executive Vice President Marcy C. Hingst sold 41,100 shares on September 5, generating proceeds of $739,800 at an average price of $18.00 per share. Following this transaction, Hingst’s ownership in the company decreased to 299,361 shares, valued at approximately $5,388,498. Insiders currently own 0.89% of the company’s stock.
As for stock performance, shares of Huntington Bancshares opened at $15.32 this past Friday. The company has a market capitalization of $22.35 billion, a price-to-earnings ratio of 10.71, and a price-to-earnings-growth ratio of 0.66. The stock has fluctuated between a 52-week low of $11.91 and a high of $18.44. Currently, Huntington Bancshares has a quick ratio of 0.91, a current ratio of 0.92, and a debt-to-equity ratio of 0.89. The company recently reported $469 million in revenue for the quarter ending June 11, with earnings per share of $0.28. Analysts predict that Huntington Bancshares will post earnings of $1.39 per share for the current fiscal year.
Additionally, Huntington Bancshares has announced a quarterly dividend of $0.155 per share, payable on January 2, 2024. Shareholders of record on December 18, 2023 will receive this dividend, representing an annualized total of $0.62 and a dividend yield of 4.0%. The company’s current dividend payout ratio stands at 43.36%.
Huntington Bancshares operates as a bank holding company for The Huntington National Bank, providing a range of banking services, including commercial, consumer, and mortgage banking, as well as investment management and financial products to both consumers and businesses.
