Huntington Bancshares (NASDAQ:HBAN) Reaches New 12-Month High – Should You Buy?

Huntington Bancshares Incorporated (NASDAQ:HBAN)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $17.11 and last traded at $17.05, with a volume of 477256 shares. The stock had previously closed at $15.54.

Wall Street Analysts Forecast Growth

HBAN has been the subject of several recent research reports. Evercore ISI upped their price target on Huntington Bancshares from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Piper Sandler increased their target price on shares of Huntington Bancshares from $14.00 to $15.00 and gave the company an “underweight” rating in a report on Friday, October 18th. Argus boosted their price target on shares of Huntington Bancshares from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Keefe, Bruyette & Woods dropped their target price on shares of Huntington Bancshares from $15.00 to $14.50 and set a “market perform” rating on the stock in a research report on Tuesday, July 9th. Finally, Morgan Stanley upped their target price on Huntington Bancshares from $16.00 to $18.00 and gave the company an “overweight” rating in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Huntington Bancshares presently has a consensus rating of “Moderate Buy” and an average price target of $16.09.

Huntington Bancshares Stock Up 9.9 %

The company has a market cap of $24.81 billion, a PE ratio of 14.94, a P/E/G ratio of 3.15 and a beta of 1.03. The stock has a 50-day moving average of $14.93 and a 200-day moving average of $14.11. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.86.

Huntington Bancshares (NASDAQ:HBAN) last posted its quarterly earnings data on Thursday, October 17th. The bank reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.03. Huntington Bancshares had a net margin of 14.19% and a return on equity of 10.72%. The company had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the prior year, the business earned $0.36 earnings per share. Sell-side analysts predict that Huntington Bancshares Incorporated will post 1.2 earnings per share for the current fiscal year.

Huntington Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Wednesday, December 18th will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date is Wednesday, December 18th. Huntington Bancshares’s payout ratio is currently 59.62%.

Insider Activity at Huntington Bancshares

In other Huntington Bancshares news, insider Helga Houston sold 6,455 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $15.43, for a total transaction of $99,600.65. Following the transaction, the insider now directly owns 558,342 shares in the company, valued at $8,615,217.06. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.92% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Huntington Bancshares

A number of large investors have recently bought and sold shares of HBAN. Boston Partners grew its holdings in shares of 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 during the last quarter. National Bank of Canada FI raised its stake in shares of Huntington Bancshares by 832.7% during the first quarter. National Bank of Canada FI now owns 3,337,625 shares of the bank’s stock valued at $46,927,000 after acquiring an additional 2,979,768 shares during the last quarter. Scout Investments Inc. bought a new stake in shares of Huntington Bancshares in the first quarter worth about $35,428,000. Victory Capital Management Inc. increased its holdings in Huntington Bancshares by 13.2% during the 3rd quarter. Victory Capital Management Inc. now owns 20,318,486 shares of the bank’s stock valued at $298,682,000 after purchasing an additional 2,363,988 shares during the period. Finally, Point72 Asset Management L.P. raised its position in Huntington Bancshares by 194.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 3,203,789 shares of the bank’s stock valued at $42,226,000 after purchasing an additional 2,116,839 shares during the last quarter. 80.72% of the stock is owned by hedge funds and other institutional investors.

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.