New York Life Investment Management Boosts Stake in Huntington Bancshares

New York Life Investment Management LLC has increased its stake in Huntington Bancshares Incorporated by 1.5% during the second quarter of 2023, as indicated in its latest Form 13F filing with the Securities and Exchange Commission (SEC). The firm now holds 217,554 shares of the bank’s stock, following the acquisition of an additional 3,251 shares during this period. At the close of this reporting, New York Life’s holdings in Huntington were valued at approximately $3,646,000.

Several 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 investment by 73.0% in the first quarter, resulting in ownership of 1,929 shares worth $29,000 after purchasing an additional 814 shares. Similarly, Catalyst Capital Advisors LLC and Golden State Wealth Management LLC also entered new stakes valued at $30,000 and $33,000, respectively.

Hedge funds and other institutional investors now hold a substantial 80.72% of Huntington Bancshares’ stock, reflecting strong institutional interest in the company.

Analysts Raise Price Targets for Huntington Bancshares

Huntington Bancshares has attracted attention from analysts, with multiple reports indicating a positive outlook for the bank. Truist Financial raised its target price for the stock from $19.00 to $20.00 while maintaining a “buy” rating in a research note published on September 12. Weiss Ratings reiterated a “buy (B-)” rating on October 8, and DA Davidson also reaffirmed a “buy” rating with a target price of $21.00.

Additional updates came from Stephens, which increased their target price from $18.00 to $19.00 on October 17. Jefferies Financial Group further raised its price target from $21.00 to $22.00, also maintaining a “buy” rating. Overall, two analysts have rated the stock with a “Strong Buy,” fifteen assigned a “Buy,” three issued a “Hold,” and one provided a “Sell” rating. According to MarketBeat.com, Huntington Bancshares holds a consensus rating of “Moderate Buy” with an average price target of $19.82.

Insider Activity and Stock Performance

In recent insider activity, Marcy C. Hingst, Executive Vice President, sold 41,100 shares on September 5 at an average price of $18.00, totaling approximately $739,800. Following this transaction, Hingst holds 299,361 shares, valued at around $5,388,498, marking a 12.07% reduction in her ownership.

As of the latest trading session, shares of Huntington Bancshares (NASDAQ:HBAN) opened at $15.32. The company boasts a market capitalization of $22.35 billion, with a price-to-earnings ratio of 10.71 and a price-to-earnings-growth ratio of 0.66. Over the past year, the stock has fluctuated between a low of $11.91 and a high of $18.44.

The bank reported earnings of $0.28 per share for the last quarter, with revenues totaling $469.00 million and a net margin of 18.06%. Analysts are forecasting an earnings per share of $1.39 for the current fiscal year.

Huntington Bancshares also declared a quarterly dividend of $0.155 per share, scheduled for payment on January 2, 2024. Shareholders of record on December 18, 2023, will be eligible for this dividend, which represents an annualized yield of 4.0% and a payout ratio of 43.36%.

Huntington Bancshares operates as the bank holding company for The Huntington National Bank, providing a wide range of commercial, consumer, and mortgage banking services across the United States. The firm offers various financial products, including deposits, loans, payment processing, and investment management services.