Huntington Bancshares (NASDAQ:HBAN) Share Price Breaks Below 50 Day Moving Average – What’s Next?

by · The Cerbat Gem

Huntington Bancshares Incorporated (NASDAQ:HBAN – Get Free Report) crossed below its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $15.96 and traded as low as $15.63. Huntington Bancshares shares last traded at $15.78, with a volume of 19,221,646 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on HBAN shares. Evercore reduced their target price on Huntington Bancshares from $20.00 to $18.00 and set an “outperform” rating on the stock in a research note on Friday, September 18th. Bank of America cut Huntington Bancshares from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $20.00 to $18.50 in a report on Monday, July 27th. Wells Fargo & Company reduced their price objective on Huntington Bancshares from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, October 23rd. Keefe, Bruyette & Woods decreased their price objective on Huntington Bancshares from $19.50 to $18.00 and set a “market perform” rating on the stock in a report on Tuesday, October 6th. Finally, Wolfe Research downgraded Huntington Bancshares from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Huntington Bancshares presently has a consensus rating of “Moderate Buy” and an average target price of $18.98.

Read Our Latest Research Report on Huntington Bancshares

Huntington Bancshares Stock Down 1.2%

The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.59. The company has a 50-day simple moving average of $15.96 and a two-hundred day simple moving average of $16.70. The stock has a market cap of $31.88 billion, a P/E ratio of 13.04, a P/E/G ratio of 1.01 and a beta of 0.95.

Huntington Bancshares (NASDAQ:HBAN – Get Free Report) last issued its earnings results on Thursday, October 22nd. The bank reported $0.38 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.38. Huntington Bancshares had a net margin of 16.28% and a return on equity of 10.93%. The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter last year, the business earned $0.41 earnings per share. On average, equities analysts forecast that Huntington Bancshares Incorporated will post 1.54 EPS for the current year.

Huntington Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Friday, December 18th will be issued a $0.1550 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Friday, December 18th. Huntington Bancshares’s dividend payout ratio (DPR) is 51.24%.

Insider Buying and Selling at Huntington Bancshares

In other news, Director Gary Torgow acquired 12,700 shares of the stock in a transaction dated Tuesday, October 27th. The stock was purchased at an average cost of $15.73 per share, with a total value of $199,771.00. Following the completion of the purchase, the director owned 956,041 shares in the company, valued at approximately $15,038,524.93. The trade was a 1.35% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kendall Kowalski sold 27,971 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $17.20, for a total transaction of $481,101.20. Following the sale, the insider owned 70,025 shares of the company’s stock, valued at approximately $1,204,430. This represents a 28.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of HBAN. BlackRock Inc. purchased a new stake in Huntington Bancshares in the second quarter worth about $3,134,426,000. Bank of America Corp DE purchased a new position in Huntington Bancshares during the second quarter valued at approximately $256,772,000. Bank of New York Mellon Corp purchased a new position in shares of Huntington Bancshares in the 2nd quarter valued at $229,246,000. Legal & General Group Plc purchased a new stake in shares of Huntington Bancshares during the 2nd quarter worth $213,096,000. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Huntington Bancshares by 565.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 8,926,745 shares of the bank’s stock worth $136,222,000 after purchasing an additional 7,584,294 shares during the last quarter. Institutional investors own 80.72% of the company’s stock.

About Huntington Bancshares

(Get Free Report)

Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio. Its principal subsidiary, The Huntington National Bank, provides banking and financial services to consumers, businesses, institutions and government entities.

The company’s offerings include checking and savings accounts, consumer and residential lending, credit cards, auto finance, mortgages, commercial loans, treasury management, investment and wealth management services, insurance, and other financial solutions.

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