Kendall A. Kowalski, the Chief Information Officer of Huntington Bancshares Inc. (NASDAQ:HBAN), engaged in multiple transactions involving the company's stock on July 24, according to a recent SEC filing. Kowalski acquired a significant number of shares while also selling a portion, in a move that caught the attention of market watchers.
The transactions included the acquisition of 15,839 shares of common stock at a price of $8.57, totaling approximately $135,740. On the same day, Kowalski disposed of shares through multiple transactions. A total of 9,092 shares were sold at prices ranging from $14.955 to $14.975, amounting to a combined value of around $151,083. Additionally, 5,747 shares were sold at $14.981 each, resulting in proceeds of approximately $86,095.
Following these transactions, Kowalski's direct holdings in Huntington Bancshares' common stock changed significantly. The company, which is headquartered in Columbus, Ohio, operates within the national commercial banks sector and is known for its contributions to the financial services industry.
Investors often keep a close eye on insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. The recent activity involving Huntington Bancshares shares by a key executive may be of particular interest to the investment community as they evaluate the stock's performance and insider confidence.
In other recent news, Huntington Bancshares reported second-quarter earnings of $0.30 per share, surpassing consensus estimates. This positive performance led to several analyst upgrades and downgrades. Baird downgraded the stock from Outperform to Neutral, citing a significant uptick in the bank's share performance. DA Davidson, however, raised the price target for Huntington Bancshares to $17.50, citing the company's consistent 2024 outlook.
Stephens also raised its price target to $16 due to the company's deposit growth and income trends, while Piper Sandler downgraded the company to Neutral, reducing its price target to $11.50. RBC (TSX:RY) Capital maintained an Outperform rating and raised its price target to $17, while UBS reduced its price target to $15 but maintained a Buy rating. JPMorgan (NYSE:JPM) upgraded the company from Neutral to Overweight and raised its price target to $18.00.
These adjustments reflect the company's recent financial performance and the announcement of the appointment of Angie Klett as President of Huntington Insurance, Inc., along with plans to launch two new deposit verticals in 2024. These are among the recent developments for Huntington Bancshares.
InvestingPro Insights
Kendall A. Kowalski's recent transactions in Huntington Bancshares Inc. (NASDAQ:HBAN) stock have highlighted the company's current market dynamics. According to InvestingPro, the company has a market capitalization of $21.92 billion and a price-to-earnings (P/E) ratio of 14.13, which is slightly adjusted to 13.9 when considering the last twelve months as of Q2 2024. This indicates a reasonable valuation compared to historical earnings.
Notably, Huntington Bancshares has maintained dividend payments for an impressive 54 consecutive years, with a current dividend yield of 4.1%. This commitment to returning value to shareholders remains a key consideration for investors looking for stable income streams. Additionally, the company's stock has experienced a strong return over the last month, with a 19.04% total price return, suggesting a positive short-term momentum that may capture the interest of growth-oriented investors.
While the company's revenue has seen a decline of 7.32% over the last twelve months as of Q2 2024, Huntington Bancshares is still predicted by analysts to be profitable this year. This is further supported by the company's solid operating income margin of 36.13% during the same period. For investors seeking more detailed insights, there are 6 additional InvestingPro Tips available, which can be accessed using coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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