Nancy E. Maloney, the Executive Vice President and Controller of Huntington Bancshares Incorporated (NASDAQ:HBAN), has recently sold a significant amount of company stock. On July 23, 2024, Maloney executed a sale of 57,537 shares at an average price of $15.15, resulting in a total transaction value of approximately $871,685. This sale was conducted in multiple trades with prices ranging from $15.15 to $15.175.
In addition to the sale, Maloney was also involved in acquiring shares through the exercise of stock options. The transactions, which took place on the same day, involved the acquisition of a total of 69,353 shares of Huntington Bancshares common stock at prices between $8.57 and $13.77, amounting to a total of $771,152.
Furthermore, Maloney disposed of shares to cover tax liabilities in a series of transactions. These "sell to cover" transactions involved a total of 49,582 shares with prices ranging from $15.15 to $15.195, totaling $824,335.
After these transactions, Maloney's direct ownership in Huntington Bancshares has been adjusted to 69,594.8040 shares. The timely disclosure of these trades provides transparency to investors and the market regarding the executive's stock transactions.
Investors and the market often monitor the buying and selling activities of company insiders as it can provide insights into their perspective on the company's current valuation and future prospects.
In other recent news, Huntington Bancshares reported second-quarter earnings of $0.30 per share, surpassing consensus estimates. DA Davidson raised the company's price target to $17.50, citing a consistent 2024 outlook and above-average growth in loans and deposits. Meanwhile, Piper Sandler revised its price target to $13.50, but later downgraded the company to Neutral, reducing the target to $11.50.
RBC Capital maintained an Outperform rating, raising its price target to $17, based on Huntington Bancshares' solid second-quarter results and growth-driving initiatives. UBS also adjusted its financial outlook for the company, reducing the price target to $15 while maintaining a Buy rating. JPMorgan (NYSE:JPM) upgraded Huntington Bancshares from Neutral to Overweight, raising its price target to $18.00, reflecting confidence in the bank's growth potential.
These recent developments follow Huntington Bancshares' announcement of Angie Klett's appointment as President of Huntington Insurance, Inc., and plans to launch two new deposit verticals in 2024. The company's loan and deposit growth that surpasses that of its peers is expected to carry strong momentum into 2025, along with anticipation of expense growth slowing to low single digits in 2025.
InvestingPro Insights
Amidst the recent insider transactions at Huntington Bancshares Incorporated (NASDAQ:HBAN), investors may find it beneficial to consider the broader financial landscape of the company. Huntington Bancshares has been a consistent performer in terms of dividend payments, having maintained them for 54 consecutive years, which is a testament to its financial resilience and commitment to shareholder returns. This is particularly noteworthy for income-focused investors, as the company's dividend yield stood at a solid 4.12% as of mid-2024.
On the valuation front, HBAN's P/E ratio as of the last twelve months leading up to Q2 2024 is 13.72, suggesting that the stock is trading at a relatively moderate price compared to its earnings. Additionally, the company's share price has been performing robustly, with a 1-month price total return of 18.04% and nearing its 52-week high, priced at 98.75% of this peak. These metrics indicate strong recent performance and could signal confidence among investors.
While the company has seen a revenue decline of 7.32% over the last twelve months as of Q2 2024, the market capitalization remains substantial at $21.87 billion USD, reflecting investor confidence in the bank's stability and long-term potential. For those seeking further insights and analysis on Huntington Bancshares, there are additional InvestingPro Tips available, which may guide investment decisions. For instance, analysts have expressed caution with downward revisions for upcoming earnings and have highlighted weak gross profit margins.
To explore these insights in more detail, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro. With this, investors can access a comprehensive set of tips - totaling seven for HBAN - that can help in making informed decisions.
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