Huntington Bancshares (NASDAQ:HBAN) Price Target Raised to $18.00

Key Points

• JPMorgan raised Huntington Bancshares’ price target to $18.00 from $17.50 and maintained an “overweight” rating, implying approximately 14% upside from the reported share price.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $18.98, though Zacks Research downgraded the stock to “strong sell.”
• Huntington reported quarterly EPS of $0.38, matching estimates, while revenue of $2.79 billion fell slightly short of consensus; institutional investors own approximately 80.7% of the company.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) had its target price boosted by investment analysts at JPMorgan Chase & Co. from $17.50 to $18.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 14.07% from the stock's current price.

A number of other equities analysts also recently commented on HBAN. TD Cowen began coverage on shares of Huntington Bancshares in a research report on Thursday, October 8th. They set a "buy" rating and a $18.00 price target for the company. Citigroup reduced their price objective on shares of Huntington Bancshares from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Monday. Evercore decreased their price target on shares of Huntington Bancshares from $20.00 to $18.00 and set an "outperform" rating on the stock in a report on Friday, September 18th. Keefe, Bruyette & Woods reduced their target price on Huntington Bancshares from $19.50 to $18.00 and set a "market perform" rating on the stock in a report on Tuesday, October 6th. Finally, Zacks Research cut Huntington Bancshares from a "hold" rating to a "strong sell" rating in a report on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Huntington Bancshares currently has an average rating of "Moderate Buy" and a consensus target price of $18.98.

Huntington Bancshares Stock Performance

Shares of HBAN traded down $0.19 during mid-day trading on Friday, reaching $15.78. The company's stock had a trading volume of 19,221,646 shares, compared to its average volume of 27,104,369. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.59. Huntington Bancshares has a 1-year low of $14.82 and a 1-year high of $19.45. The stock has a market cap of $31.88 billion, a P/E ratio of 13.04, a PEG ratio of 1.01 and a beta of 0.95. The business has a 50-day simple moving average of $15.98 and a two-hundred day simple moving average of $16.71.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The bank reported $0.38 earnings per share for the quarter, hitting analysts' consensus estimates of $0.38. Huntington Bancshares had a return on equity of 10.93% and a net margin of 16.28%. The firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same period last year, the business posted $0.41 EPS. As a group, equities research analysts anticipate that Huntington Bancshares will post 1.54 earnings per share for the current fiscal year.

Insider Transactions at Huntington Bancshares

In other news, Director James D. Rollins III purchased 14,000 shares of the company's stock in a transaction on Monday, October 26th. The shares were acquired at an average price of $18.12 per share, for a total transaction of $253,680.00. Following the purchase, the director owned 15,500 shares in the company, valued at $280,860. This trade represents a 933.33% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kendall A. 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 transaction of $481,101.20. Following the transaction, the insider owned 70,025 shares of the company's stock, valued at approximately $1,204,430. This trade represents a 28.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.67% of the company's stock.

Institutional Investors Weigh In On Huntington Bancshares

A number of large investors have recently bought and sold shares of HBAN. BlackRock Inc. bought a new stake in shares of Huntington Bancshares during the second quarter valued at approximately $3,134,426,000. Bank of America Corp DE bought a new position in shares of Huntington Bancshares in the 2nd quarter valued at about $256,772,000. Bank of New York Mellon Corp purchased a new stake in Huntington Bancshares in the 2nd quarter worth about $229,246,000. Legal & General Group Plc purchased a new stake in shares of Huntington Bancshares during the second quarter valued at $213,096,000. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Huntington Bancshares by 565.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 8,926,745 shares of the bank's stock worth $136,222,000 after buying an additional 7,584,294 shares during the period. Institutional investors and hedge funds own 80.72% of the company's stock.

Huntington Bancshares Company Profile

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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