Huntington Bancshares (NASDAQ:HBAN) Price Target Cut to $18.00 by Analysts at Truist Financial

Key Points

• Truist Financial lowered Huntington Bancshares’ price target to $18 from $19 while maintaining a “buy” rating, implying approximately 14.6% upside from the stock’s previous close.
• Analyst sentiment remains moderately positive, with MarketBeat reporting a consensus “Moderate Buy” rating and an average price target of $18.95, although several firms recently reduced their targets and Zacks downgraded the stock to “strong sell.”
• Huntington reported quarterly EPS of $0.38, in line with estimates, while revenue of $2.79 billion came in slightly below the $2.82 billion consensus; shares recently traded near $15.71.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) had its price objective lowered by Truist Financial from $19.00 to $18.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a "buy" rating on the bank's stock. Truist Financial's target price suggests a potential upside of 14.61% from the stock's previous close.

Several other analysts also recently issued reports on HBAN. Wolfe Research began coverage on Huntington Bancshares in a report on Tuesday. They set a "peer perform" rating on the stock. Bank of America reiterated a "neutral" rating and issued a $18.50 target price (down from $20.00) on shares of Huntington Bancshares in a report on Monday, July 27th. Zacks Research downgraded shares of Huntington Bancshares from a "hold" rating to a "strong sell" rating in a research report on Monday, October 5th. Keefe, Bruyette & Woods dropped their target price on shares of Huntington Bancshares from $19.50 to $18.00 and set a "market perform" rating on the stock in a research report on Tuesday, October 6th. Finally, Morgan Stanley restated an "equal weight" rating and set a $19.00 price target (down from $21.00) on shares of Huntington Bancshares in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $18.95.

Huntington Bancshares Price Performance

Shares of NASDAQ HBAN traded down $0.01 during mid-day trading on Wednesday, reaching $15.71. The company had a trading volume of 6,346,289 shares, compared to its average volume of 27,125,371. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.59. The stock has a market cap of $31.73 billion, a PE ratio of 12.98, a P/E/G ratio of 1.00 and a beta of 0.95. The company has a 50-day moving average price of $16.05 and a two-hundred day moving average price of $16.74. Huntington Bancshares has a 1-year low of $14.82 and a 1-year high of $19.45.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last announced its earnings results on Thursday, October 22nd. The bank reported $0.38 EPS for the quarter, meeting the consensus estimate of $0.38. Huntington Bancshares had a return on equity of 10.93% and a net margin of 16.28%. The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same period in the prior year, the business posted $0.41 earnings per share. On average, equities analysts anticipate that Huntington Bancshares will post 1.55 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Kendall Kowalski sold 27,971 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $17.20, for a total value of $481,101.20. Following the transaction, the insider owned 70,025 shares in the company, valued at $1,204,430. This represents a 28.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.67% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Corient Private Wealth LP bought a new stake in Huntington Bancshares during the 2nd quarter worth about $21,187,000. Equitable Holdings Inc. acquired a new stake in Huntington Bancshares in the 2nd quarter valued at about $1,093,000. Bank of America Corp DE bought a new position in shares of Huntington Bancshares in the second quarter worth about $256,772,000. Hsbc Holdings PLC raised its stake in shares of Huntington Bancshares by 25.4% in the fourth quarter. Hsbc Holdings PLC now owns 8,161,085 shares of the bank's stock worth $141,625,000 after acquiring an additional 1,652,464 shares during the last quarter. Finally, Community Trust & Investment Co. acquired a new position in shares of Huntington Bancshares during the third quarter worth approximately $3,131,000. Institutional investors and hedge funds own 80.72% of the company's stock.

About Huntington Bancshares

Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio. Its principal subsidiary, The Huntington National Bank, provides banking and financial services to consumers, businesses, institutions and government entities.

The company's offerings include checking and savings accounts, consumer and residential lending, credit cards, auto finance, mortgages, commercial loans, treasury management, investment and wealth management services, insurance, and other financial solutions.

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