Huntington Bancshares' (HBAN) Strong-Buy Rating Reaffirmed at Raymond James Financial

Huntington Bancshares (NASDAQ:HBAN - Get Free Report)'s stock had its "strong-buy" rating restated by equities research analysts at Raymond James Financial in a report issued on Tuesday,Benzinga reports. They presently have a $21.00 price target on the bank's stock, up from their previous price target of $18.00. Raymond James Financial's target price indicates a potential upside of 20.38% from the stock's previous close.

Several other equities analysts have also weighed in on HBAN. Citigroup increased their target price on Huntington Bancshares from $19.00 to $20.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Wall Street Zen upgraded Huntington Bancshares from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. Stephens reaffirmed an "equal weight" rating and set a $16.50 target price on shares of Huntington Bancshares in a report on Monday, April 21st. Truist Financial boosted their price target on Huntington Bancshares from $18.00 to $19.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Finally, Deutsche Bank Aktiengesellschaft upgraded Huntington Bancshares from a "hold" rating to a "buy" rating and set a $17.50 price target on the stock in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Huntington Bancshares has a consensus rating of "Moderate Buy" and an average target price of $18.48.

Huntington Bancshares Stock Performance

HBAN stock traded down $0.12 during trading on Tuesday, reaching $17.45. 14,277,969 shares of the stock were exchanged, compared to its average volume of 18,992,877. The stock has a 50 day simple moving average of $16.06 and a 200-day simple moving average of $15.71. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $25.48 billion, a P/E ratio of 13.32, a price-to-earnings-growth ratio of 1.33 and a beta of 0.93. Huntington Bancshares has a twelve month low of $11.92 and a twelve month high of $18.45.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last announced its quarterly 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 firm had revenue of $1.94 billion for the quarter, compared to analysts' expectations of $1.89 billion. Huntington Bancshares had a return on equity of 11.44% and a net margin of 16.94%. During the same period in the prior year, the business posted $0.27 earnings per share. As a group, sell-side analysts anticipate that Huntington Bancshares will post 1.39 earnings per share for the current year.

Huntington Bancshares declared that its board has authorized a stock repurchase program on Thursday, April 17th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the bank to purchase up to 5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Insider Activity at Huntington Bancshares

In other Huntington Bancshares news, insider Helga Houston sold 42,345 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $14.72, for a total transaction of $623,318.40. Following the completion of the transaction, the insider directly owned 592,119 shares of the company's stock, valued at approximately $8,715,991.68. This represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kendall A. Kowalski sold 3,434 shares of the stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $14.50, for a total value of $49,793.00. Following the transaction, the insider directly owned 66,847 shares of the company's stock, valued at approximately $969,281.50. This trade represents a 4.89% decrease in their ownership of the stock. 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 in the last ninety days. Insiders own 0.89% of the company's stock.

Hedge Funds Weigh In On Huntington Bancshares

A number of large investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC boosted its holdings in shares of Huntington Bancshares by 2.6% in the second quarter. Farther Finance Advisors LLC now owns 29,032 shares of the bank's stock worth $487,000 after acquiring an additional 731 shares during the period. IFM Investors Pty Ltd boosted its stake in Huntington Bancshares by 6.4% during the second quarter. IFM Investors Pty Ltd now owns 309,501 shares of the bank's stock valued at $5,187,000 after buying an additional 18,686 shares during the period. Family Legacy Financial Solutions LLC bought a new stake in Huntington Bancshares during the second quarter valued at $25,000. Wealth Enhancement Advisory Services LLC boosted its stake in Huntington Bancshares by 6.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 342,709 shares of the bank's stock valued at $6,011,000 after buying an additional 21,224 shares during the period. Finally, Mn Services Vermogensbeheer B.V. boosted its stake in Huntington Bancshares by 4.2% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 546,000 shares of the bank's stock valued at $9,151,000 after buying an additional 22,100 shares during the period. 80.72% of the stock is owned by institutional investors.

About Huntington Bancshares

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.