Huntington Bancshares (NASDAQ:HBAN) Releases Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) issued its quarterly earnings data on Friday. The bank reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates of $0.38 by ($0.04), RTT News reports. The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.97 billion. Huntington Bancshares had a return on equity of 11.81% and a net margin of 17.36%. During the same quarter in the prior year, the firm earned $0.30 EPS.

Huntington Bancshares Price Performance

Shares of NASDAQ:HBAN traded up $0.27 during midday trading on Monday, reaching $16.98. 19,329,247 shares of the company's stock were exchanged, compared to its average volume of 19,668,701. The company's 50 day simple moving average is $16.28 and its two-hundred day simple moving average is $15.72. The firm has a market capitalization of $24.80 billion, a PE ratio of 12.57, a price-to-earnings-growth ratio of 1.24 and a beta of 0.93. Huntington Bancshares has a 12 month low of $11.92 and a 12 month high of $18.45. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.89 and a current ratio of 0.89.

Huntington Bancshares Dividend Announcement

The business also recently declared 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 3.65%. Huntington Bancshares's dividend payout ratio (DPR) is presently 45.93%.

Huntington Bancshares announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 17th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the bank to purchase up to 5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Insider Activity

In other Huntington Bancshares news, VP Brantley J. Standridge sold 70,417 shares of the firm's stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $13.69, for a total value of $964,008.73. Following the completion of the sale, the vice president owned 326,456 shares in the company, valued at approximately $4,469,182.64. This trade represents a 17.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Helga Houston sold 42,345 shares of Huntington Bancshares stock in a transaction that occurred 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 transaction, the insider directly owned 592,119 shares in the company, valued at $8,715,991.68. The trade was a 6.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 214,375 shares of company stock worth $3,049,277 over the last ninety days. Corporate insiders own 0.89% of the company's stock.

Hedge Funds Weigh In On Huntington Bancshares

An institutional investor recently raised its position in Huntington Bancshares stock. Woodline Partners LP boosted its holdings in Huntington Bancshares Incorporated (NASDAQ:HBAN - Free Report) by 40.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 122,821 shares of the bank's stock after buying an additional 35,574 shares during the quarter. Woodline Partners LP's holdings in Huntington Bancshares were worth $1,844,000 at the end of the most recent reporting period. 80.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on HBAN. JPMorgan Chase & Co. reduced their price target on shares of Huntington Bancshares from $18.50 to $16.00 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Truist Financial lifted their price target on shares of Huntington Bancshares from $18.00 to $19.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Keefe, Bruyette & Woods reduced their price target on shares of Huntington Bancshares from $18.00 to $17.00 and set a "market perform" rating for the company in a research report on Monday, April 21st. Cowen assumed coverage on Huntington Bancshares in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Finally, Jefferies Financial Group assumed coverage on Huntington Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $20.00 target price on the stock. Two research analysts have rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $18.60.

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.