Huntington Bancshares (NASDAQ:HBAN) Stock Price Expected to Rise, Citigroup Analyst Says

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 - Free Report) had its price objective raised by Citigroup from $20.00 to $21.00 in a research report report published on Friday,MarketScreener reports. The brokerage currently has a buy rating on the bank's stock.

Several other research firms have also weighed in on HBAN. Raymond James Financial reiterated a "strong-buy" rating and set a $21.00 target price (up from $18.00) on shares of Huntington Bancshares in a report on Tuesday, July 8th. Jefferies Financial Group lifted their target price on Huntington Bancshares from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Wednesday, September 3rd. DA Davidson boosted their price target on Huntington Bancshares from $18.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. Wolfe Research raised 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. Finally, Wall Street Zen downgraded Huntington Bancshares from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Huntington Bancshares has an average rating of "Moderate Buy" and an average target price of $18.84.

Huntington Bancshares Trading Down 2.2%

Shares of NASDAQ HBAN traded down $0.39 during midday trading on Friday, hitting $17.33. The stock had a trading volume of 21,662,693 shares, compared to its average volume of 26,378,456. The company's 50-day simple moving average is $17.02 and its 200 day simple moving average is $15.87. The firm has a market cap of $25.28 billion, a P/E ratio of 12.84, a price-to-earnings-growth ratio of 0.86 and a beta of 0.96. Huntington Bancshares has a fifty-two week low of $11.91 and a fifty-two week high of $18.44. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.89 and a quick ratio of 0.89.

Huntington Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 17th will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Wednesday, September 17th. Huntington Bancshares's payout ratio is presently 45.93%.

Insiders Place Their Bets

In related news, EVP Marcy C. Hingst sold 41,100 shares of the business's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $18.00, for a total value of $739,800.00. Following the completion of the sale, the executive vice president directly owned 299,361 shares of the company's stock, valued at $5,388,498. The trade was a 12.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.89% of the company's stock.

Institutional Trading of Huntington Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Huntington Bancshares in the second quarter valued at approximately $374,474,000. AQR Capital Management LLC lifted its holdings in shares of Huntington Bancshares by 274.9% in the first quarter. AQR Capital Management LLC now owns 10,758,669 shares of the bank's stock valued at $157,292,000 after purchasing an additional 7,889,004 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Huntington Bancshares by 8.7% in the first quarter. Invesco Ltd. now owns 57,186,593 shares of the bank's stock valued at $858,371,000 after acquiring an additional 4,586,607 shares in the last quarter. Amundi grew its holdings in shares of Huntington Bancshares by 26.2% in the first quarter. Amundi now owns 22,011,639 shares of the bank's stock valued at $330,395,000 after acquiring an additional 4,576,432 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of Huntington Bancshares in the first quarter valued at approximately $50,078,000. 80.72% of the stock is owned by institutional investors.

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.