In a recent transaction on July 23, Zachary Jacob Wasserman, the Chief Financial Officer and Senior Executive Vice President of Huntington Bancshares Inc (NASDAQ:HBAN), sold 33,000 shares of the company's common stock. The shares were sold at a price of $15.13 each, totaling approximately $499,290.
The transaction was disclosed in a filing with the Securities and Exchange Commission. Following this sale, Wasserman's direct ownership in the company's stock stands at 265,809 shares.
Huntington Bancshares, headquartered in Columbus, Ohio, is a regional bank holding company providing commercial, small business, and consumer banking services. The company operates across multiple states with a network of branches and ATMs.
Investors often keep a close watch on insider transactions as they can provide insights into executives' confidence in the company's performance and outlook. The sale by Wasserson comes amidst the broader context of the company's financial activities and market performance.
The stock transaction details offer a glimpse into the trading actions of Huntington Bancshares' insiders, potentially serving as a data point for investors considering their positions in the company.
In other recent news, Huntington Bancshares has been the subject of several analyst evaluations and strategic developments. DA Davidson has raised the stock target for Huntington Bancshares to $17.50, citing a consistent 2024 outlook and above-average growth in loans and deposits. This comes after the company reported second-quarter earnings of $0.30 per share, surpassing consensus estimates. Stephens has also raised its price target for the company to $16, maintaining an Equal Weight rating on the stock, following strong deposit growth and positive income trends.
Piper Sandler has adjusted its outlook on Huntington Bancshares twice, initially raising the price target to $13.50, then later downgrading the stock to Neutral and reducing the price target to $11.50. These changes were based on the company's second-quarter results and subsequent economic developments. RBC Capital maintained an Outperform rating on Huntington Bancshares and raised its price target to $17, highlighting the bank's solid second-quarter results and growth-driving initiatives.
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. Lastly, Huntington Bancshares announced the appointment of Angie Klett as President of Huntington Insurance, Inc., and plans to launch two new deposit verticals in 2024.
InvestingPro Insights
As investors analyze the recent insider transaction involving Zachary Jacob Wasserman, Huntington Bancshares Inc's (NASDAQ:HBAN) financial and market data provide additional context. According to InvestingPro, the company has been trading near its 52-week high, with a price percentage of 98.75% of the peak, reflecting a strong market sentiment. Additionally, the stock has experienced a robust return over the last month, with an 18.04% increase in price total return.
Despite recent downward earnings revisions by analysts, Huntington Bancshares has maintained a consistent dividend payout, having done so for 54 consecutive years. This track record may appeal to income-focused investors seeking stability in dividend distributions. The current dividend yield stands at 4.12%, as of the last recorded date.
From a valuation standpoint, the company's P/E ratio is 14.15, which is a slight discount to the adjusted P/E ratio for the last twelve months as of Q2 2024, at 13.72. This could suggest a reasonable valuation relative to earnings. Moreover, Huntington Bancshares has remained profitable over the last twelve months, which aligns with analysts' predictions that the company will continue to be profitable this year.
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