Prana Capital Management LP Sells 1,545,722 Shares of Huntington Bancshares Incorporated (NASDAQ:HBAN)

Prana Capital Management LP cut its stake in Huntington Bancshares Incorporated (NASDAQ:HBAN) by 35.5% during the third quarter, HoldingsChannel reports. The fund owned 2,810,716 shares of the bank’s stock after selling 1,545,722 shares during the quarter. Huntington Bancshares comprises about 1.9% of Prana Capital Management LP’s holdings, making the stock its 17th largest position. Prana Capital Management LP’s holdings in Huntington Bancshares were worth $41,318,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Asset Dedication LLC lifted its position in shares of Huntington Bancshares by 200.7% during the third quarter. Asset Dedication LLC now owns 1,801 shares of the bank’s stock valued at $26,000 after buying an additional 1,202 shares during the last quarter. Peoples Bank KS purchased a new stake in shares of Huntington Bancshares during the 3rd quarter valued at $29,000. Future Financial Wealth Managment LLC acquired a new position in Huntington Bancshares during the 3rd quarter valued at about $31,000. Fortitude Family Office LLC purchased a new stake in Huntington Bancshares in the third quarter valued at about $32,000. Finally, Hazlett Burt & Watson Inc. grew its stake in shares of Huntington Bancshares by 695.5% during the second quarter. Hazlett Burt & Watson Inc. now owns 2,291 shares of the bank’s stock worth $30,000 after acquiring an additional 2,003 shares during the last quarter. 80.72% of the stock is owned by institutional investors.

Huntington Bancshares Stock Performance

NASDAQ:HBAN opened at $17.63 on Wednesday. The company has a fifty day moving average of $16.12 and a two-hundred day moving average of $14.64. Huntington Bancshares Incorporated has a fifty-two week low of $11.57 and a fifty-two week high of $18.44. The stock has a market capitalization of $25.61 billion, a PE ratio of 16.95, a P/E/G ratio of 3.55 and a beta of 1.06. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.87 and a current ratio of 0.88.

Huntington Bancshares (NASDAQ:HBAN) last posted its quarterly earnings data on Thursday, October 17th. The bank reported $0.33 EPS for the quarter, topping the consensus estimate of $0.30 by $0.03. Huntington Bancshares had a return on equity of 10.72% and a net margin of 14.19%. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.86 billion. During the same period in the previous year, the business earned $0.36 EPS. As a group, research analysts forecast that Huntington Bancshares Incorporated will post 1.21 earnings per share for the current fiscal year.

Huntington Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 18th will be issued a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 3.52%. The ex-dividend date is Wednesday, December 18th. Huntington Bancshares’s payout ratio is currently 59.62%.

Insider Buying and Selling at Huntington Bancshares

In related news, insider Helga Houston sold 6,455 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $15.43, for a total transaction of $99,600.65. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Scott D. Kleinman sold 28,600 shares of Huntington Bancshares stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $17.67, for a total value of $505,362.00. Following the completion of the transaction, the vice president now directly owns 496,076 shares of the company’s stock, valued at approximately $8,765,662.92. This represents a 5.45 % 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 over the last three months. Insiders own 0.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Evercore ISI boosted their target price on shares of Huntington Bancshares from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group raised their target price on Huntington Bancshares from $16.25 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Barclays boosted their price target on Huntington Bancshares from $15.00 to $17.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Sandler O’Neill reaffirmed a “buy” rating on shares of Huntington Bancshares in a report on Friday, October 18th. Finally, Piper Sandler raised their price target on shares of Huntington Bancshares from $15.00 to $17.50 and gave the stock an “underweight” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Huntington Bancshares currently has a consensus rating of “Moderate Buy” and an average target price of $16.76.

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.