Wednesday, May 17, 2000, After the Bell
Huntington Bancshares Declares Cash and Stock Dividends
The Board of Directors at Regional Bank Holding Company,
Huntington Bancshares Incorporated (Nasdaq: HBAN), approved a ten percent stock dividend after Wednesday's market. The additional shares are to be distributed July 31, 2000 to shareholders of record as of July 14, 2000. The Company also declared a regular second quarter cash dividend of $.20 per share payable July 3, 2000. The Company has about 222 million shares outstanding with 500 million authorized, plenty to allow for the split. The stock dividend announcement marks the 11th such stock split in ten years.
Also announced was the Board of Director's decision to add ten million additional shares to the existing 16.5 million for its common stock repurchase program. The shares, which will be purchased on the open market and in other negotiated transactions, will be used for the Company?s employee benefit plans, acquisitions, a dividend reinvestment plan, and other purposes.
Huntington Bancshares is a multi-state bank holding company
providing innovative products and services through its more than 600 offices. Its subsidiaries conduct a full-service commercial and consumer banking business, engage in mortgage banking, lease financing, trust services and discount brokerage services. Additionally, they underwrite life and disability insurance, and sell other related products.
HBAN reached its 52-week high of $33.98 in mid-1999, but shares have been struggling since that time, giving up literally 50 percent of their value to the current level of $17. Volume on the 3-month average is at 652.5K, which had been increasing throughout the downtrend this year. Presently, prices look to have finally found support at $17, with light volume for the last couple of days. Due to the negative chart pattern and low share price, Huntington Bancshares will not be added to the Recommended
Split List at this time.
For further details on HBAN, be sure to check out the Company's complete profile located on the site. To view a chart on the stock, click on the link provided below.
Chart = splittrader.com |
