Meeder Asset Management Inc. Sells 29,169 Shares of Huntington Bancshares Incorporated (HBAN)

Meeder Asset Management Inc. cut its stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) by 71.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,796 shares of the bank’s stock after selling 29,169 shares during the period. Meeder Asset Management Inc.’s holdings in Huntington Bancshares were worth $159,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Quadrature Capital Ltd bought a new stake in shares of Huntington Bancshares during the fourth quarter valued at about $3,787,000. Wealthfront Inc. boosted its stake in shares of Huntington Bancshares by 23.5% in the fourth quarter. Wealthfront Inc. now owns 18,945 shares of the bank’s stock valued at $250,000 after buying an additional 3,609 shares during the last quarter. Jackson Grant Investment Advisers Inc. bought a new stake in shares of Huntington Bancshares during the fourth quarter valued at about $182,000. USA Financial Portformulas Corp bought a new stake in shares of Huntington Bancshares during the fourth quarter valued at about $614,000. Finally, Pegasus Partners Ltd. boosted its stake in shares of Huntington Bancshares by 13.2% in the fourth quarter. Pegasus Partners Ltd. now owns 64,531 shares of the bank’s stock valued at $853,000 after buying an additional 7,541 shares during the last quarter. Institutional investors own 75.51% of the company’s stock.

Huntington Bancshares Incorporated (HBAN) opened at 13.19 on Tuesday. The company’s 50-day moving average price is $13.30 and its 200-day moving average price is $13.34. The stock has a market capitalization of $14.38 billion, a PE ratio of 18.27 and a beta of 1.37. Huntington Bancshares Incorporated has a one year low of $9.10 and a one year high of $14.74.

Huntington Bancshares (NASDAQ:HBAN) last posted its quarterly earnings results on Friday, July 21st. The bank reported $0.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.03. Huntington Bancshares had a return on equity of 11.39% and a net margin of 18.41%. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the previous year, the business earned $0.19 earnings per share. Equities research analysts predict that Huntington Bancshares Incorporated will post $0.92 EPS for the current year.

Huntington Bancshares announced that its board has initiated a share buyback plan on Wednesday, June 28th that permits the company to buyback $308.00 million in shares. This buyback authorization permits the bank to reacquire up to 2.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Monday, September 18th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend is Friday, September 15th. Huntington Bancshares’s dividend payout ratio (DPR) is presently 46.38%.

HBAN has been the subject of several analyst reports. Jefferies Group LLC upgraded Huntington Bancshares from a “hold” rating to a “buy” rating and upped their target price for the company from $14.00 to $16.00 in a report on Monday, April 3rd. Keefe, Bruyette & Woods set a $14.00 target price on Huntington Bancshares and gave the company a “hold” rating in a report on Monday, April 3rd. Zacks Investment Research upgraded Huntington Bancshares from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Tuesday, April 11th. FBR & Co restated a “mkt perform” rating and issued a $14.00 target price (down from $15.00) on shares of Huntington Bancshares in a report on Thursday, April 20th. Finally, Piper Jaffray Companies restated a “neutral” rating and issued a $14.00 target price (down from $14.50) on shares of Huntington Bancshares in a report on Saturday, April 22nd. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $14.83.

In other news, EVP Andrew J. Harmening purchased 15,490 shares of the stock in a transaction on Monday, May 15th. The stock was purchased at an average price of $12.92 per share, with a total value of $200,130.80. Following the completion of the transaction, the executive vice president now owns 35,543 shares in the company, valued at $459,215.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Stephen D. Steinour purchased 50,000 shares of the stock in a transaction on Thursday, May 18th. The shares were purchased at an average cost of $12.40 per share, with a total value of $620,000.00. Following the transaction, the chief executive officer now owns 3,891,831 shares of the company’s stock, valued at approximately $48,258,704.40. The disclosure for this purchase can be found here. 1.30% of the stock is currently owned by insiders.

Huntington Bancshares Company Profile

Huntington Bancshares Incorporated (Huntington) is a bank holding company. Through its subsidiaries, including its bank subsidiary, The Huntington National Bank (the Bank), the Company provides commercial and consumer banking services, mortgage banking services, automobile financing, recreational vehicle and marine financing, equipment leasing, investment management, trust services, brokerage services, insurance programs, and other financial products and services.

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