Huntington Bancshares Incorporated (HBAN) to Issue Quarterly Dividend of $0.16 on July 1st

Huntington Bancshares Incorporated (NASDAQ:HBAN) announced a quarterly dividend on Thursday, April 17th, RTT News reports. Shareholders of record on Tuesday, June 17th will be given a dividend of 0.155 per share by the bank on Tuesday, July 1st. This represents a $0.62 dividend on an annualized basis and a yield of 4.54%.

Huntington Bancshares has raised its dividend by an average of 0.8% per year over the last three years. Huntington Bancshares has a dividend payout ratio of 39.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Huntington Bancshares to earn $1.57 per share next year, which means the company should continue to be able to cover its $0.62 annual dividend with an expected future payout ratio of 39.5%.

Huntington Bancshares Stock Performance

NASDAQ:HBAN opened at $13.66 on Friday. The firm has a market cap of $19.96 billion, a price-to-earnings ratio of 11.11, a price-to-earnings-growth ratio of 1.33 and a beta of 0.89. Huntington Bancshares has a twelve month low of $11.92 and a twelve month high of $18.45. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.92. The company has a 50-day moving average of $14.86 and a 200-day moving average of $16.00.

Huntington Bancshares (NASDAQ:HBAN) last released its quarterly earnings results on Thursday, April 17th. The bank reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. Huntington Bancshares had a return on equity of 11.23% and a net margin of 16.23%. The business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the company posted $0.27 EPS. Analysts forecast that Huntington Bancshares will post 1.39 earnings per share for the current fiscal year.

Huntington Bancshares announced that its board has initiated a share repurchase program on Thursday, April 17th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the bank to repurchase up to 5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $20.00 price objective on shares of Huntington Bancshares in a report on Tuesday, January 21st. Citigroup dropped their price target on shares of Huntington Bancshares from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. JPMorgan Chase & Co. decreased their price objective on shares of Huntington Bancshares from $18.50 to $16.00 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Morgan Stanley reduced their price target on Huntington Bancshares from $22.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, Truist Financial upped their price objective on shares of Huntington Bancshares from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $17.94.

Insiders Place Their Bets

In other Huntington Bancshares news, VP Scott D. Kleinman sold 69,088 shares of the business’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $14.67, for a total transaction of $1,013,520.96. Following the completion of the transaction, the vice president now owns 453,129 shares of the company’s stock, valued at approximately $6,647,402.43. The trade was a 13.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Zachary Jacob Wasserman sold 38,451 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $14.38, for a total transaction of $552,925.38. Following the completion of the sale, the chief financial officer now owns 335,538 shares in the company, valued at $4,825,036.44. This represents a 10.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,781 shares of company stock worth $1,631,151 in the last quarter. Corporate insiders own 0.89% of the company’s stock.

Huntington Bancshares Company Profile

Huntington Bancshares Incorporated operates as the bank holding company for The Huntington National Bank that provides commercial, consumer, and mortgage banking services in the United States. The company offers financial products and services to consumer and business customers, including deposits, lending, payments, mortgage banking, dealer financing, investment management, trust, brokerage, insurance, and other financial products and services.