Donnell R. White, Chief DEI Officer and Senior Vice President at Huntington Bancshares Inc. (NASDAQ:HBAN), has sold a portion of his holdings in the company. According to a recent SEC filing, White sold 2,840 shares of common stock at a price of $17.63 per share, totaling approximately $50,069. Following this transaction, White holds 16,373 shares directly. Additionally, he maintains indirect ownership of 826 shares through the company's 401(k) plan.
In other recent news, significant shifts in the banking industry are anticipated with the potential return of former President Donald Trump. Banks are expected to benefit from eased capital requirements and streamlined merger approvals. The Basel III endgame rule, a contentious point for major banks, could see further dilution under this administration. This change could potentially facilitate banks in how they use their cash, either for lending or share buybacks. The sector may also see an accelerated pace of mergers and acquisitions, with new regulators appointed to key agencies.
Huntington Bancshares reported strong Q3 2024 results, with earnings per common share of $0.33 and a return on tangible common equity of 16.2%. The bank also reported accelerated loan growth of 3.1% year-over-year and an increase in deposits by $8.3 billion. Citi reaffirmed its Buy rating on Huntington Bancshares, maintaining a price target of $18.00, while Piper Sandler increased its price target to $15.00 from $14.00, maintaining its Underweight rating.
These are recent developments and indicate a dynamic environment for the banking industry and for Huntington Bancshares. As these events unfold, investors will be closely watching the impacts on the banking sector and on individual banks like Huntington Bancshares.
InvestingPro Insights
While Donnell R. White's recent stock sale might raise eyebrows, it's important to view this transaction within the broader context of Huntington Bancshares' performance. According to InvestingPro data, HBAN's stock has shown remarkable strength, with a 72.35% price total return over the past year and a 33.27% return in the last six months. This robust performance has pushed the stock to trade near its 52-week high, with the current price at 98.64% of that peak.
InvestingPro Tips highlight that Huntington Bancshares has maintained dividend payments for an impressive 54 consecutive years, underlining the company's commitment to shareholder returns. The current dividend yield stands at 3.47%, which may be attractive to income-focused investors.
Despite the strong stock performance, it's worth noting that the company's revenue growth has been negative, with a 7.35% decline in the last twelve months. However, Huntington Bancshares remains profitable, with analysts predicting continued profitability this year.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights beyond those mentioned here. In fact, there are 5 more InvestingPro Tips available for Huntington Bancshares, providing a deeper understanding of the company's financial health and market position.
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