Huntington Bancshares (NASDAQ:HBAN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $17.00 price target on the bank’s stock. Zacks Investment Research‘s price target points to a potential upside of 9.82% from the stock’s current price.
According to Zacks, “Shares of Huntington have outperformed the industry over the past six months. Further, the company has a decent earnings surprise history. It surpassed the Zacks Consensus Estimate in two of the trailing four quarters. With the Fed rate hikes, margin pressure for the company finally seems to be easing. Moreover, rising loans and deposits along with improved credit quality are tailwinds. Further, a lower corporate tax rate is likely to support financials. Also, the company's strong liquidity position keeps it well poised to expand through strategic initiatives, which will support profitability in the long run.”
HBAN has been the topic of several other research reports. Barclays upped their target price on shares of Huntington Bancshares from $14.00 to $17.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $15.50 target price on shares of Huntington Bancshares in a report on Tuesday, October 17th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $16.25 target price on shares of Huntington Bancshares in a report on Friday, December 22nd. Sanford C. Bernstein raised shares of Huntington Bancshares from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $15.00 to $17.00 in a report on Thursday, September 14th. Finally, Morgan Stanley upped their target price on shares of Huntington Bancshares from $14.50 to $16.50 and gave the stock an “equal weight” rating in a report on Wednesday, December 13th. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $16.31.
Shares of Huntington Bancshares (NASDAQ HBAN) traded up $0.25 during trading on Tuesday, reaching $15.48. 8,935,399 shares of the company’s stock traded hands, compared to its average volume of 11,578,229. The company has a market cap of $16,750.00, a price-to-earnings ratio of 18.65, a PEG ratio of 1.52 and a beta of 1.33. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.88 and a quick ratio of 0.87. Huntington Bancshares has a 12-month low of $12.14 and a 12-month high of $15.69.
Huntington Bancshares (NASDAQ:HBAN) last posted its earnings results on Wednesday, October 25th. The bank reported $0.23 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.02). Huntington Bancshares had a return on equity of 10.68% and a net margin of 25.22%. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the previous year, the company posted $0.11 EPS. sell-side analysts forecast that Huntington Bancshares will post 0.98 EPS for the current year.
In related news, insider Helga Houston sold 14,513 shares of the company’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $13.77, for a total transaction of $199,844.01. Following the transaction, the insider now owns 499,824 shares in the company, valued at approximately $6,882,576.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Daniel J. Neumeyer sold 43,491 shares of the company’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $13.88, for a total transaction of $603,655.08. Following the transaction, the executive vice president now owns 427,270 shares in the company, valued at approximately $5,930,507.60. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Sun Life Financial INC lifted its position in Huntington Bancshares by 99,812.5% during the 2nd quarter. Sun Life Financial INC now owns 7,993 shares of the bank’s stock worth $108,000 after buying an additional 7,985 shares in the last quarter. Verition Fund Management LLC acquired a new position in Huntington Bancshares during the 2nd quarter valued at about $139,000. Alpha Cubed Investments LLC acquired a new position in Huntington Bancshares during the 3rd quarter valued at about $151,000. ClariVest Asset Management LLC lifted its position in Huntington Bancshares by 53.4% during the 3rd quarter. ClariVest Asset Management LLC now owns 11,200 shares of the bank’s stock valued at $156,000 after purchasing an additional 3,900 shares during the period. Finally, D.A. Davidson & CO. lifted its position in Huntington Bancshares by 171.7% during the 2nd quarter. D.A. Davidson & CO. now owns 13,800 shares of the bank’s stock valued at $186,000 after purchasing an additional 8,720 shares during the period. Institutional investors and hedge funds own 73.53% of the company’s stock.
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Huntington Bancshares Company Profile
Huntington Bancshares Incorporated (Huntington) is a bank holding company. Through its subsidiaries, including its bank subsidiary, The Huntington National Bank (the Bank), the Company provides commercial and consumer banking services, mortgage banking services, automobile financing, recreational vehicle and marine financing, equipment leasing, investment management, trust services, brokerage services, insurance programs, and other financial products and services.
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