New York Life Investment Management LLC has increased its holdings in Huntington Bancshares Incorporated by 1.5% during the second quarter of 2023. According to its recent Form 13F filing with the Securities and Exchange Commission (SEC), the firm now owns a total of 217,554 shares following the acquisition of an additional 3,251 shares. The value of these holdings amounted to approximately $3.65 million by the end of the reporting period.
Other institutional investors have also adjusted their positions in Huntington Bancshares. Family Legacy Financial Solutions LLC acquired a new stake valued at $25,000 during the same quarter. Quarry LP significantly increased its stake by 73.0% in the first quarter, now holding 1,929 shares worth about $29,000 after purchasing an additional 814 shares. Catalyst Capital Advisors LLC and Golden State Wealth Management LLC also added new stakes, valued at $30,000 and $33,000, respectively. Notably, hedge funds and other institutional investors currently control 80.72% of Huntington Bancshares’ stock.
Analyst Ratings and Market Performance
Wall Street analysts have been optimistic about Huntington Bancshares. Truist Financial recently raised its target price for the company from $19.00 to $20.00 and assigned a “buy” rating. Similarly, DA Davidson reaffirmed a “buy” rating with a target price of $21.00. Other firms, including Stephens and Jefferies Financial Group, have also adjusted their target prices upward, reflecting a strong consensus on the stock’s potential.
As per MarketBeat.com, Huntington Bancshares enjoys a consensus rating of “Moderate Buy” with a price target averaging $19.82. The stock has attracted two analysts who rate it as a Strong Buy, while fifteen have assigned it a Buy rating, three have rated it as Hold, and one has issued a Sell rating.
Recent Insider Activity and Financial Overview
In other developments, executive vice president Marcy C. Hingst sold 41,100 shares on September 5, 2023, at an average price of $18.00, resulting in a total transaction value of $739,800. Following this sale, Hingst retains ownership of 299,361 shares, valued at approximately $5.39 million. This sale marked a 12.07% decrease in her ownership stake.
Huntington Bancshares stock opened at $15.32 on Friday, with a market capitalization of $22.35 billion. The bank reported earnings of $0.28 per share for the last quarter, with revenues reaching $469 million. The company has a net margin of 18.06% and a return on equity of 12.14%. Analysts estimate an earnings per share of 1.39 for the current fiscal year.
Additionally, Huntington Bancshares has announced a quarterly dividend of $0.155 per share, scheduled for payment on January 2, 2024. Shareholders of record by December 18, 2023 will receive this dividend, which translates to an annual yield of 4.0% based on the current share price.
Huntington Bancshares operates as the bank holding company for The Huntington National Bank, providing a wide range of commercial, consumer, and mortgage banking services throughout the United States.
