Huntington Shares Drop on Public Offering

COLUMBUS, Ohio (TheStreet) -- Huntington Bancshares(HBAN Quote) was dropping 6% on heavy trading just after the opening bell today and after the banking group made more capital-raising news.

On Friday, Huntington said it priced a public stock offering at $4.20 per share. The 95.2 million shares will total some $400 million in gross proceeds, with underwriters holding a 30-day option for another 14.3 million shares.

"As a result of this offering, our common equity position will be significantly strengthened," President and CEO Stephen Steinour said in a press release. "Importantly, this will provide additional resources to more aggressively position the company for growth in our core businesses and for better long-term financial performance."

On Thursday, the company also announced the completion of a discretionary equity issuance program that launched last week, ultimately issuing 35.7 million shares worth $150 million.

-- Written by Sung Moss in New York

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