Citigroup Forecasts Strong Price Appreciation for Huntington Bancshares (NASDAQ:HBAN) Stock

Key Points

• Citigroup has raised its target price for Huntington Bancshares' stock from $20.00 to $21.00, indicating a potential upside of approximately 19.04% based on the company's previous closing price.
• A majority of analysts recommend a buy rating for Huntington Bancshares, with two analysts suggesting a strong buy and a consensus price target of $18.84.
• Recently, Huntington Bancshares stock is trading at $17.64, with a market cap of $25.73 billion and a P/E ratio of 13.07.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) had its target price raised by equities research analysts at Citigroup from $20.00 to $21.00 in a research report issued on Friday,MarketScreener reports. The firm currently has a "buy" rating on the bank's stock. Citigroup's price target would indicate a potential upside of 19.04% from the company's previous close.

Other equities analysts have also recently issued research reports about the company. Wolfe Research upgraded Huntington Bancshares from a "peer perform" rating to an "outperform" rating and set a $21.00 price target on the stock in a research report on Thursday, July 3rd. Truist Financial upped their price objective on shares of Huntington Bancshares from $19.00 to $20.00 and gave the stock a "buy" rating in a report on Friday, September 12th. Wall Street Zen cut Huntington Bancshares from a "hold" rating to a "sell" rating in a research note on Sunday, July 13th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $21.00 price target (up previously from $18.00) on shares of Huntington Bancshares in a research note on Tuesday, July 8th. Finally, Jefferies Financial Group increased their price target on Huntington Bancshares from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $18.84.

Huntington Bancshares Stock Down 0.4%

Shares of NASDAQ:HBAN opened at $17.64 on Friday. The stock has a market cap of $25.73 billion, a P/E ratio of 13.07, a price-to-earnings-growth ratio of 0.86 and a beta of 0.96. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.92. The business's 50 day moving average is $17.02 and its 200 day moving average is $15.86. Huntington Bancshares has a 52-week low of $11.91 and a 52-week high of $18.44.

Insiders Place Their Bets

In related news, EVP Marcy C. Hingst sold 41,100 shares of Huntington Bancshares stock in a transaction on Friday, September 5th. The shares were sold at an average price of $18.00, for a total transaction of $739,800.00. Following the transaction, the executive vice president owned 299,361 shares in the company, valued at approximately $5,388,498. The trade was a 12.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.89% of the company's stock.

Institutional Investors Weigh In On Huntington Bancshares

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Family Legacy Financial Solutions LLC bought a new position in Huntington Bancshares during the 2nd quarter worth about $25,000. MTM Investment Management LLC purchased a new stake in shares of Huntington Bancshares in the second quarter valued at about $25,000. Smallwood Wealth Investment Management LLC bought a new stake in Huntington Bancshares in the 1st quarter valued at about $29,000. Quarry LP grew its holdings in shares of Huntington Bancshares by 73.0% during the first quarter. Quarry LP now owns 1,929 shares of the bank's stock worth $29,000 after purchasing an additional 814 shares in the last quarter. Finally, Catalyst Capital Advisors LLC purchased a new position in Huntington Bancshares in the 2nd quarter worth approximately $30,000. 80.72% of the stock is owned by institutional investors and hedge funds.

Huntington Bancshares Company Profile

Huntington Bancshares Incorporated operates as the bank holding company for The Huntington National Bank that provides commercial, consumer, and mortgage banking services in the United States. The company offers financial products and services to consumer and business customers, including deposits, lending, payments, mortgage banking, dealer financing, investment management, trust, brokerage, insurance, and other financial products and services.

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