Fintel reports that on July 25, 2023, JP Morgan upgraded their outlook for Huntington Bancshares (NASDAQ:HBAN) from Underweight to Neutral.
Analyst Price Forecast Suggests 3.80% Upside
As of July 6, 2023, the average one-year price target for Huntington Bancshares is 12.57. The forecasts range from a low of 10.10 to a high of $15.75. The average price target represents an increase of 3.80% from its latest reported closing price of 12.11.
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The projected annual revenue for Huntington Bancshares is 8,036MM, an increase of 10.96%. The projected annual non-GAAP EPS is 1.59.
Huntington Bancshares Declares $0.16 Dividend
On July 20, 2023 the company declared a regular quarterly dividend of $0.16 per share ($0.62 annualized). Shareholders of record as of September 18, 2023 will receive the payment on October 2, 2023. Previously, the company paid $0.16 per share.
At the current share price of $12.11 / share, the stock’s dividend yield is 5.12%.
Looking back five years and taking a sample every week, the average dividend yield has been 4.64%, the lowest has been 3.44%, and the highest has been 8.57%. The standard deviation of yields is 0.98 (n=236).
The current dividend yield is 0.49 standard deviations above the historical average.
Additionally, the company’s dividend payout ratio is 0.37. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company’s 3-Year dividend growth rate is 0.03%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1633 funds or institutions reporting positions in Huntington Bancshares. This is a decrease of 5 owner(s) or 0.31% in the last quarter. Average portfolio weight of all funds dedicated to HBAN is 0.20%, a decrease of 17.08%. Total shares owned by institutions increased in the last three months by 226.42% to 4,374,416K shares. The put/call ratio of HBAN is 0.68, indicating a bullish outlook.
What are Other Shareholders Doing?
Price T Rowe Associates holds 66,868K shares representing 4.62% ownership of the company. In it’s prior filing, the firm reported owning 75,908K shares, representing a decrease of 13.52%. The firm decreased its portfolio allocation in HBAN by 34.88% over the last quarter.
Invesco holds 47,437K shares representing 3.28% ownership of the company. In it’s prior filing, the firm reported owning 35,944K shares, representing an increase of 24.23%. The firm decreased its portfolio allocation in HBAN by 90.76% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 44,569K shares representing 3.08% ownership of the company. In it’s prior filing, the firm reported owning 43,791K shares, representing an increase of 1.75%. The firm decreased its portfolio allocation in HBAN by 25.35% over the last quarter.
Charles Schwab Investment Management holds 43,728K shares representing 3.02% ownership of the company. In it’s prior filing, the firm reported owning 45,268K shares, representing a decrease of 3.52%. The firm decreased its portfolio allocation in HBAN by 36.28% over the last quarter.
VIMSX – Vanguard Mid-Cap Index Fund Investor Shares holds 33,704K shares representing 2.33% ownership of the company. In it’s prior filing, the firm reported owning 33,602K shares, representing an increase of 0.30%. The firm decreased its portfolio allocation in HBAN by 22.88% over the last quarter.
Huntington Bancshares Background Information
(This description is provided by the company.)
Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $123 billion of assets and a network of 839 full-service branches, including 11 Private Client Group offices, and 1,322 ATMs across seven Midwestern states. Founded in 1866, The Huntington National Bank and its affiliates provide consumer, small business, commercial, treasury management, wealth management, brokerage, trust, and insurance services. Huntington also provides vehicle finance, equipment finance, national settlement, and capital market services that extend beyond its core states.
This article originally appeared on Fintel
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