Smith Group Asset Management LLC Invests in Huntington Bancshares

Smith Group Asset Management LLC has recently made a notable investment in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report). According to the firm’s latest 13F filing with the Securities and Exchange Commission (SEC), they acquired a new stake consisting of 53,000 shares of the bank's stock, which has an estimated value of around $862,000.

Investment Trends

In addition to Smith Group's investment, several other large investors have also adjusted their positions in Huntington Bancshares recently. For example, Asset Dedication LLC increased its stake by 200.7% during the third quarter, resulting in a total of 1,801 shares valued at approximately $26,000, following an additional purchase of 1,202 shares. Moreover, Peoples Bank KS bought a new stake worth $29,000, while Future Financial Wealth Management LLC acquired shares valued at $31,000. Fortitude Family Office LLC also purchased a stake in the company during the same period, amounting to $32,000. UMB Bank n.a. raised its holdings by 19.1%, now possessing 4,545 shares valued at $67,000 after buying an additional 728 shares.

Current Stock Performance

As of Wednesday, shares of Huntington Bancshares (NASDAQ:HBAN) opened at $17.23. The stock has a 50-day simple moving average of $16.98 and a 200-day simple moving average of $15.68. With a market cap of $25.03 billion, the company has a debt-to-equity ratio of 0.92, a quick ratio of 0.88, and a current ratio of 0.89. Over the past year, the shares have varied significantly, reaching a low of $12.05 and a high of $18.44.

Recent Earnings Announcements

Huntington Bancshares recently released its quarterly earnings data on January 17th. The company reported earnings of $0.34 per share (EPS) for the quarter, which exceeded the consensus estimate of $0.31 by $0.03. The bank achieved a return on equity of 11.23% and a net margin of 16.23%. A year earlier, the EPS was reported at $0.27. Analysts predict that Huntington Bancshares will post an EPS of 1.4 for the current year, indicating positive growth expectations.

Dividend Information

On a related note, Huntington Bancshares has recently announced a quarterly dividend that is set to be paid on April 1st. Shareholders on record by March 18th will receive a dividend of $0.155 per share, marking an annualized dividend of $0.62 and a dividend yield of 3.60%. The company maintains a payout ratio of 50.41% for its dividends.

Analyst Ratings

Several research firms have recently provided their perspectives on Huntington Bancshares. Royal Bank of Canada reaffirmed an "outperform" rating with a target price of $20.00. Barclays increased their price target from $17.00 to $19.00, assigning it an "equal weight" rating. Analysts from Stephens also maintained an "equal weight" rating but with a modified price target of $18.50. In contrast, Piper Sandler reduced their target price from $17.50 to $17.00 while labeling it as "underweight." Goldman Sachs raised their target price from $16.25 to $20.00, issuing a "buy" rating. Collectively, there exists a range of ratings with one analyst providing a sell rating, while six favor holding the stock, and thirteen recommend buying it. MarketBeat.com indicates that the stock currently has an average rating of "Moderate Buy" with a target price of $18.06.

Insider Transactions

Additionally, some insider trading has occurred in Huntington Bancshares. VP Scott D. Kleinman sold 28,600 shares at an average price of $17.67, bringing in about $505,362. Following this sale, he retains ownership of 496,076 shares valued at approximately $8,765,662.92. CFO Zachary Jacob Wasserman also sold 8,644 shares at an average price of $17.63, totaling $152,393.72, leaving him with 259,943 shares valued at approximately $4,582,795.09. It is noteworthy that insiders hold about 0.89% of the stock.

About Huntington Bancshares

Huntington Bancshares Incorporated is the parent company of The Huntington National Bank. The bank offers a wide array of commercial, consumer, and mortgage banking services throughout the United States. Its services encompass deposits, lending, payments, mortgage banking, dealer financing, investment management, trust, brokerage, insurance, and various other financial products.

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