In a recent transaction, Scott D. Kleinman, Senior Executive Vice President of Huntington Bancshares Incorporated (NASDAQ:HBAN), sold 51,689 shares of the company's common stock. The sale took place on April 30, 2024, with the stock priced at $13.45 per share, resulting in a total value of $695,217.
The transaction was conducted automatically under a Rule 10b5-1 trading plan, which Mr. Kleinman had adopted on January 29, 2024. This type of trading plan allows company insiders to establish prearranged plans to buy or sell company stock at a predetermined time. The sale of these shares does not necessarily reflect a change in the executive's view of the company's prospects but rather a planned divestiture.
Following the sale, Mr. Kleinman still directly owns 427,910.039 shares of Huntington Bancshares common stock. Additionally, there is an indirect holding of 331.298 shares by the issuer's Supplemental Stock Purchase and Tax Savings Plan, as noted in the SEC filing.
Huntington Bancshares, headquartered in Columbus, Ohio, operates as a regional bank holding company providing commercial, small business, and consumer banking services. The company has a standard industrial classification as a national commercial bank.
Investors often monitor insider transactions for insights into how executives view the financial health and prospects of their companies. However, it is important to note that these transactions can be influenced by a variety of factors, including personal financial planning and diversification strategies.
The sale was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed through the SEC's website.
InvestingPro Insights
Huntington Bancshares Incorporated (NASDAQ:HBAN) has recently been in the spotlight due to insider transactions. To provide a broader financial context around these developments, let's delve into some key metrics and insights from InvestingPro. The company holds a market capitalization of $19.81 billion and is trading at a price-to-earnings (P/E) ratio of 12.17, reflecting a market valuation that is in line with its earnings. Notably, Huntington Bancshares has demonstrated a commitment to shareholder returns, maintaining dividend payments for over half a century, with a current dividend yield of 4.54%.
On the performance front, the company's shares are trading near their 52-week high, with a price that is 97.16% of the peak, indicating strong recent performance. This is supported by a significant six-month price total return of 35.19%. An InvestingPro Tip highlights that the company has been profitable over the last twelve months, which aligns with analysts' predictions that Huntington Bancshares will maintain profitability this year.
For those looking to explore further, InvestingPro offers additional insights and tips, including the observation that seven analysts have revised their earnings estimates downwards for the upcoming period, suggesting potential headwinds. Moreover, the company's gross profit margins have been identified as a point of weakness. With these factors in mind, investors might consider a deeper analysis through InvestingPro, which lists several more tips to guide investment decisions. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription and access all the valuable insights available on https://www.investing.com/pro/HBAN.
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