COLUMBUS - Huntington Bancshares Incorporated (NASDAQ:HBAN), a major regional bank, announced on Friday that its Board of Directors has maintained the quarterly cash dividend for its common stock at $0.155 per share. The dividend is scheduled to be paid on October 1, 2024, to shareholders of record as of September 17, 2024.
Alongside the common stock dividend, the Board also declared quarterly cash dividends for six series of its preferred stock, with payment dates set for October 15, 2024. Shareholders of the preferred stocks must be on record by October 1, 2024, to be eligible for the dividend.
The dividends for the preferred stock series are as follows:
- Floating Rate Series B Non-Cumulative Perpetual Preferred Stock will pay $20.6574507 per share, which equates to $0.5164363 per depositary receipt share.
- 5.70% Series E Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock will distribute $2,157.65 per share, or $21.5765 per depositary receipt share.
- 5.625% Series F Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock has a dividend of $1,406.25 per share, equal to $14.0625 per depositary share.
- 4.450% Series G Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock will pay $1,112.50 per share, translating to $11.1250 per depositary share.
- 4.5% Series H Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock is set at $11.25 per share, which is equivalent to $0.28125 per depositary share.
- 6.875% Series J Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock will provide a dividend of $17.19 per share, or $0.42975 per depositary share.
Huntington Bancshares, with assets totaling $196 billion, operates approximately 970 branches across 11 states. Founded in 1866, the company offers a wide range of financial services including banking, payments, wealth management, and risk management products and services. The dividend announcement reflects the company's commitment to providing returns to its shareholders.
This financial update is based on a press release statement from Huntington Bancshares Incorporated.
InvestingPro Insights
Huntington Bancshares Incorporated (NASDAQ:HBAN) has once again demonstrated its commitment to shareholder returns by maintaining its regular quarterly cash dividend. This consistency is underscored by the company's impressive track record of 54 consecutive years of dividend payments, a testament to its financial resilience and strategic planning. An InvestingPro Tip highlights this achievement, which is particularly noteworthy for investors seeking stable income streams.
Despite a challenging environment characterized by revenue contraction, with a reported revenue decline of -5.79% over the last twelve months as of Q1 2024, the company's ability to sustain dividends may provide reassurance to investors.
Moreover, the bank's Price/Earnings (P/E) Ratio stands at 11.37, which could indicate a potentially attractive valuation relative to earnings. Moreover, the Price/Book (P/B) Ratio of 1.09 suggests that the company's market valuation is in line with its book value, which can be a sign of fair pricing in the eyes of value-focused investors.
Investors looking for further insights into Huntington Bancshares can find additional InvestingPro Tips, which delve into aspects such as earnings revisions, gross profit margins, and performance predictions.
For instance, the company has recently been trading near its 52-week high, indicating strong recent performance, as reflected by a 3.54% total return over the last month. However, analysts have revised their earnings expectations downwards for the upcoming period, which may warrant closer scrutiny.
For those interested in a deeper analysis, more InvestingPro Tips are available, with a total of seven additional tips provided to help investors make more informed decisions. To access these insights and benefit from the comprehensive analysis that InvestingPro offers, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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