Zachary Jacob Wasserman, the Chief Financial Officer and Senior Executive Vice President of Huntington Bancshares Inc. (NASDAQ:HBAN), recently sold a portion of his shares in the company. According to a filing with the Securities and Exchange Commission, Wasserman disposed of 8,644 shares of common stock on November 13, 2024, at a price of $17.631 per share. This transaction amounted to a total value of $152,402. Following this sale, Wasserman retains ownership of 259,943 shares in the company.
In other recent news, the banking industry anticipates significant regulatory changes with the potential return of former President Donald Trump to the White House. These changes may relax capital requirements and streamline merger approvals, providing a more favorable regulatory landscape for banks. Simultaneously, the sector could see a surge in mergers and acquisitions (M&A) activity. However, some caution against expecting a radical overhaul.
In related developments, Huntington Bancshares has been in the spotlight following its strong Q3 2024 results, which included earnings per common share of $0.33 and a return on tangible common equity (ROTCE) of 16.2%. The bank also reported an accelerated loan growth of 3.1% year-over-year and an increase in deposits by $8.3 billion.
Citi maintained its Buy rating on Huntington, citing positive influences on the bank's future financial performance. In contrast, Piper Sandler held its Underweight rating, despite fine-tuning its estimates and increasing the stock price target.
These recent developments reflect the ongoing changes and expectations surrounding the banking industry and specific players like Huntington Bancshares, providing a dynamic landscape for investors to navigate.
InvestingPro Insights
As Huntington Bancshares Inc. (NASDAQ:HBAN) experiences insider selling activity, it's worth noting some key financial metrics and insights from InvestingPro that provide context to the company's current position.
According to InvestingPro data, Huntington Bancshares boasts a market capitalization of $25.71 billion, reflecting its significant presence in the banking sector. The company's P/E ratio stands at 16.8, suggesting a reasonable valuation relative to its earnings. This is particularly noteworthy given that the stock is trading near its 52-week high, with the price at 98.44% of its peak.
InvestingPro Tips highlight that Huntington Bancshares has maintained dividend payments for an impressive 54 consecutive years, demonstrating a strong commitment to shareholder returns. This consistency is further underscored by the current dividend yield of 3.54%, which may be attractive to income-focused investors.
The company's financial performance has been robust, with a strong return over the last three months and a substantial 67.04% price total return over the past year. This positive momentum is reflected in the stock's YTD price total return of 42.75%, indicating significant investor confidence.
However, it's important to note that 7 analysts have revised their earnings downwards for the upcoming period, which could signal some caution. Despite this, InvestingPro Tips indicate that analysts predict the company will remain profitable this year, and it has been profitable over the last twelve months.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for Huntington Bancshares, providing a deeper dive into the company's financial health and market position.
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