Smith Group Asset Management LLC Invests in Huntington Bancshares

Smith Group Asset Management LLC has recently announced an acquisition of a new stake in Huntington Bancshares Incorporated (NASDAQ:HBAN). According to their latest 13F filing with the Securities and Exchange Commission (SEC), the firm acquired a total of 53,000 shares of the bank, totaling an investment of approximately $862,000.

Investors are paying close attention to Huntington Bancshares, and it seems they are not alone. Other large investors have also recently adjusted their stakes in the bank. For instance, Asset Dedication LLC has increased its holdings by a remarkable 200.7% in the third quarter, bringing their total ownership to 1,801 shares valued at $26,000 after acquiring 1,202 additional shares. Another notable investor, Peoples Bank KS, has initiated a new position with shares worth around $29,000. Future Financial Wealth Management LLC and Fortitude Family Office LLC have similarly entered the picture with new stakes valued at $31,000 and $32,000 respectively. Additionally, UMB Bank n.a. has expanded its position by 19.1% during the same period, increasing their shares to 4,545, which are currently valued at $67,000. In total, institutional investors hold approximately 80.72% of Huntington Bancshares’s stock.

Performance Overview of Huntington Bancshares

The stock performance of Huntington Bancshares (NASDAQ:HBAN) has shown interesting dynamics. Shares opened at $17.23 on Wednesday, with a 50-day simple moving average of $16.98 and a 200-day simple moving average of $15.68. With a market capitalization of $25.03 billion, Huntington has a debt-to-equity ratio of 0.92, a quick ratio of 0.88, and a current ratio of 0.89. The company's share price has fluctuated significantly over the past year, hitting a low of $12.05 and reaching a high of $18.44.

Recently, Huntington Bancshares released its quarterly earnings data, revealing a reported earnings per share (EPS) of $0.34, surpassing the analyst consensus estimate of $0.31 by $0.03. The bank also noted a return on equity of 11.23% and a net profit margin of 16.23%, showing improvement compared to the same period last year when the EPS was recorded at $0.27. Analysts predict the company will post an EPS of approximately 1.4 for the current year.

Dividend Information

The bank has announced a quarterly dividend scheduled to be paid on Tuesday, April 1st, to investors who hold shares as of Tuesday, March 18th. The quarterly dividend is set at $0.155, resulting in an annualized dividend amount of $0.62 and a dividend yield of 3.60%. Presently, the company's payout ratio stands at 50.41%.

Analyst Ratings and Predictions

Analysts continue to express interest in Huntington Bancshares, with several firms giving their insights on the stock. Royal Bank of Canada expressed an "outperform" rating with a price target set at $20.00. Barclays increased their price target from $17.00 to $19.00, maintaining an "equal weight" rating in their research findings. Similarly, Stephens rated the company as "equal weight" with a target price of $18.50. On the other hand, Piper Sandler reduced their target price to $17.00 and assigned an "underweight" rating. Following these updates, The Goldman Sachs Group raised its price target to $20.00, supporting a "buy" position on the stock. The overall sentiment reflects a potential for growth, as one analyst has rated it as sell, six have hold ratings, and thirteen have given buy recommendations, leading to an average rating of "Moderate Buy" with an average price target of $18.06 according to MarketBeat.com.

Recent Insider Trades

In other developments, VP Scott D. Kleinman sold 28,600 shares at an average price of $17.67, totaling about $505,362. Following this sale, Kleinman maintains ownership of 496,076 shares valued at nearly $8.77 million, reflecting a 5.45% decrease in holdings. Further, CFO Zachary Jacob Wasserman sold 8,644 shares at an average price of $17.63, resulting in a transaction amount of about $152,393.72. After this sale, he holds 259,943 shares worth approximately $4.58 million, marking a 3.22% decrease. It is important to note that only 0.89% of the stock is owned by insiders.

Overview of Huntington Bancshares, Incorporated

Huntington Bancshares Incorporated functions as the bank holding company for The Huntington National Bank, providing various banking services such as commercial, consumer, and mortgage banking within the United States. Their services encompass a range of financial products, including lending, deposits, mortgage banking, and investment management.

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