Walleye Capital LLC has significantly reduced its stake in Huntington Bancshares Incorporated, selling 796,724 shares during the second quarter of 2023. Following this transaction, Walleye Capital now holds 186,499 shares of the bank’s stock, valued at approximately $3.1 million as of the end of June. This move reflects an 81.0% decrease in Walleye’s holdings in the financial institution.
Several other institutional investors have also adjusted their positions in Huntington Bancshares (NASDAQ: HBAN). Accurate Wealth Management LLC increased its stake by 3.5%, now owning 18,159 shares worth about $319,000 after acquiring an additional 611 shares. Similarly, LifeWealth Investments LLC raised its holdings by 2.3%, now possessing 28,501 shares valued at $478,000 after purchasing an extra 632 shares.
Sumitomo Mitsui DS Asset Management Company Ltd has also made adjustments, boosting its stake in Huntington Bancshares by 0.4% to hold 164,551 shares worth $2.76 million. Farther Finance Advisors LLC increased its position by 2.6%, acquiring 29,032 shares valued at $487,000. Lastly, Almanack Investment Partners LLC raised its holdings by 1.1%, now owning 69,699 shares valued at $1.17 million. Overall, institutional investors control approximately 80.72% of Huntington Bancshares’ stock.
Analysts Provide Insights on Huntington Bancshares
Market analysts have weighed in on Huntington Bancshares, with several firms adjusting their ratings and price targets. Jefferies Financial Group recently raised its price objective from $19.00 to $20.00, maintaining a “buy” rating. Similarly, TD Cowen elevated its price target from $22.00 to $23.00, also giving it a “buy” rating. Truist Financial increased its target from $19.00 to $20.00, reiterating a “buy” rating.
Weiss Ratings reaffirmed a “buy (B-)” rating for the bank’s stock. In contrast, Wall Street Zen downgraded its rating from “hold” to “sell.” Currently, two analysts have rated the stock as a Strong Buy, while fourteen have issued Buy ratings, four have given it a Hold rating, and one has assigned a Sell rating. According to MarketBeat, Huntington Bancshares carries an average rating of “Moderate Buy” with a target price of approximately $19.69.
Huntington Bancshares Performance and Upcoming Dividend
As of the latest trading session, shares of Huntington Bancshares (HBAN) were down 1.2%, opening at $16.90. The company’s 50-day moving average stands at $16.04, and the 200-day moving average is $16.49. The business has reported a current ratio of 0.92, a quick ratio of 0.91, and a debt-to-equity ratio of 0.89. Over the past year, the stock has fluctuated between a low of $11.91 and a high of $18.03. Huntington Bancshares boasts a market capitalization of $24.66 billion, a P/E ratio of 11.82, and a P/E/G ratio of 0.63.
The bank recently announced a quarterly dividend of $0.155 per share, set to be paid on January 2, 2024. Shareholders of record by December 18, 2023 will receive this dividend, representing an annualized yield of 3.7%. The company’s current payout ratio is approximately 43.36%.
In insider trading activities, Executive Vice President Marcy C. Hingst sold 6,416 shares at an average price of $15.65, totaling $100,410.40. Following this transaction, Hingst holds 252,305 shares valued at about $3.95 million. Additionally, insider Helga Houston sold 64,587 shares for $993,348.06, reducing her stake to 534,640 shares valued at approximately $8.22 million. Insider ownership accounts for 0.89% of the company’s stock.
About Huntington Bancshares
Huntington Bancshares Incorporated serves as the bank holding company for The Huntington National Bank, providing a range of commercial, consumer, and mortgage banking services across the United States. The company offers various financial products to consumers and businesses, including deposits, lending, payments, mortgage banking, dealer financing, investment management, trust services, brokerage, and insurance. As a major player in the banking sector, Huntington Bancshares continues to adapt to market conditions while focusing on delivering value to its shareholders and customers.
