Evercore ISI Initiates Coverage on Huntington Bancshares (NASDAQ:HBAN)

Key Points

• Evercore ISI has initiated coverage on Huntington Bancshares (NASDAQ:HBAN) with an "outperform" rating and a price target of $18.00, suggesting a potential upside of 13.64% from the previous close.
• Multiple analysts have varying ratings and price targets for the stock, with a consensus rating of "Moderate Buy" and an average price target of $19.76.
• Recent transactions indicate significant movements among institutional investors, with hedge funds and banks increasing their stakes in Huntington Bancshares, further consolidating 80.72% of the company's stock ownership.

Evercore ISI assumed coverage on shares of Huntington Bancshares (NASDAQ:HBAN - Get Free Report) in a note issued to investors on Tuesday,Briefing.com Automated Import reports. The brokerage set an "outperform" rating and a $18.00 price target on the bank's stock. Evercore ISI's price objective would indicate a potential upside of 13.64% from the company's previous close.

HBAN has been the subject of several other research reports. Keefe, Bruyette & Woods upped their price target on shares of Huntington Bancshares from $19.00 to $20.00 and gave the company a "market perform" rating in a research report on Monday. Cowen reiterated a "buy" rating on shares of Huntington Bancshares in a research report on Monday. DA Davidson upped their price target on shares of Huntington Bancshares from $20.00 to $21.00 and gave the company a "buy" rating in a research report on Monday. Raymond James Financial reiterated a "strong-buy" rating and issued a $20.00 price target (down previously from $21.00) on shares of Huntington Bancshares in a research report on Monday. Finally, Morgan Stanley upped their price target on shares of Huntington Bancshares from $19.00 to $23.00 and gave the company an "overweight" rating in a research report on Monday, September 29th. Two investment 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $19.76.

Huntington Bancshares Stock Up 2.2%

Shares of NASDAQ:HBAN opened at $15.84 on Tuesday. The company has a market capitalization of $23.11 billion, a PE ratio of 11.08, a P/E/G ratio of 0.73 and a beta of 0.96. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.89. Huntington Bancshares has a twelve month low of $11.91 and a twelve month high of $18.44. The firm has a 50 day simple moving average of $17.08 and a 200-day simple moving average of $16.14.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last issued its quarterly earnings data on Wednesday, June 11th. The bank reported $0.28 earnings per share for the quarter. The business had revenue of $469.00 million during the quarter. Huntington Bancshares had a net margin of 18.06% and a return on equity of 12.14%. On average, equities analysts predict that Huntington Bancshares will post 1.39 EPS for the current fiscal year.

Insider Buying and Selling at Huntington Bancshares

In other news, EVP Marcy C. Hingst sold 41,100 shares of the company's 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 directly owned 299,361 shares of the company's stock, valued at $5,388,498. This represents a 12.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.89% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Huntington Bancshares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Huntington Bancshares in the second quarter valued at approximately $374,474,000. AQR Capital Management LLC grew its position 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 during the last quarter. Invesco Ltd. grew its position 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 purchasing an additional 4,586,607 shares during the last quarter. Amundi grew its position 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 purchasing an additional 4,576,432 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Huntington Bancshares in the first quarter valued at approximately $50,078,000. Institutional investors and hedge funds 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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