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

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) had its price target upped by equities researchers at DA Davidson from $18.00 to $20.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the bank's stock. DA Davidson's price target indicates a potential upside of 17.47% from the company's current price.

Other research analysts also recently issued research reports about the stock. Truist Financial upped their price objective on shares of Huntington Bancshares from $18.00 to $19.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Wolfe Research raised shares of Huntington Bancshares from a "peer perform" rating to an "outperform" rating and set a $21.00 price target on the stock in a research note on Thursday, July 3rd. Keefe, Bruyette & Woods dropped their price target on shares of Huntington Bancshares from $18.00 to $17.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. Cowen began coverage on shares of Huntington Bancshares in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Finally, Raymond James Financial reissued 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. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $18.60.

Huntington Bancshares Trading Up 1.9%

HBAN traded up $0.32 during trading on Monday, reaching $17.03. The company had a trading volume of 9,650,653 shares, compared to its average volume of 19,634,777. Huntington Bancshares has a 52 week low of $11.92 and a 52 week high of $18.45. The business has a 50 day simple moving average of $16.28 and a 200-day simple moving average of $15.72. The stock has a market cap of $24.87 billion, a P/E ratio of 12.59, a PEG ratio of 1.24 and a beta of 0.93. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.92.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last issued its earnings results on Thursday, April 17th. The bank reported $0.34 earnings per share for the quarter, beating analysts' consensus estimates of $0.31 by $0.03. The business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.89 billion. Huntington Bancshares had a return on equity of 11.81% and a net margin of 17.36%. During the same period in the previous year, the company posted $0.27 EPS. On average, equities analysts anticipate that Huntington Bancshares will post 1.39 EPS for the current fiscal year.

Huntington Bancshares announced that its Board of Directors has approved a stock buyback plan on Thursday, April 17th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, VP Brantley J. Standridge sold 70,417 shares of the company's stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $13.69, for a total transaction of $964,008.73. Following the transaction, the vice president directly owned 326,456 shares of the company's stock, valued at approximately $4,469,182.64. This represents a 17.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Zachary Jacob Wasserman sold 59,060 shares of Huntington Bancshares stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $14.36, for a total transaction of $848,101.60. Following the transaction, the chief financial officer directly owned 277,348 shares in the company, valued at approximately $3,982,717.28. This represents a 17.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 214,375 shares of company stock valued at $3,049,277 over the last three months. 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 modified their holdings of HBAN. Family Legacy Financial Solutions LLC bought a new position in Huntington Bancshares during the 2nd quarter valued at approximately $25,000. Smallwood Wealth Investment Management LLC bought a new position in Huntington Bancshares during the 1st quarter valued at approximately $29,000. Quarry LP increased its position in Huntington Bancshares by 73.0% during the 1st quarter. Quarry LP now owns 1,929 shares of the bank's stock valued at $29,000 after buying an additional 814 shares in the last quarter. LFA Lugano Financial Advisors SA bought a new position in Huntington Bancshares in the 1st quarter valued at approximately $31,000. Finally, Golden State Wealth Management LLC lifted its position in Huntington Bancshares by 516.3% in the 1st quarter. Golden State Wealth Management LLC now owns 2,231 shares of the bank's stock valued at $33,000 after acquiring an additional 1,869 shares in the last quarter. Institutional investors own 80.72% of the company's stock.

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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