Huntington Bancshares (NASDAQ:HBAN) Given New $19.50 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised its price target on Huntington Bancshares to $19.50 from $18.50 and kept an overweight rating, implying about 9.18% upside from the prior close.
• Analyst sentiment remains broadly positive: MarketBeat data shows a Moderate Buy consensus with a $20.15 average price target, despite mixed moves from other firms including downgrades and target cuts.
• Huntington reported solid quarterly results, posting $0.37 EPS versus $0.16 expected and revenue of $2.59 billion, while insider sales by two executives were also disclosed recently.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) had its target price raised by analysts at JPMorgan Chase & Co. from $18.50 to $19.50 in a report released on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 9.18% from the stock's previous close.

Other equities research analysts have also issued research reports about the company. Wolfe Research dropped their price target on Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 1st. Weiss Ratings lowered shares of Huntington Bancshares from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, June 18th. Barclays downgraded shares of Huntington Bancshares from a "hold" rating to a "strong sell" rating in a research report on Monday, April 20th. The Goldman Sachs Group reduced their target price on shares of Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating for the company in a research note on Monday, April 6th. Finally, Wall Street Zen upgraded Huntington Bancshares from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $20.15.

Huntington Bancshares Stock Performance

Shares of HBAN stock opened at $17.86 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $36.20 billion, a P/E ratio of 13.74, a P/E/G ratio of 0.81 and a beta of 0.93. Huntington Bancshares has a 12-month low of $14.89 and a 12-month high of $19.45. The firm has a 50-day moving average price of $16.60 and a 200 day moving average price of $16.90.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last posted its earnings results on Thursday, April 23rd. The bank reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.16 by $0.21. Huntington Bancshares had a net margin of 16.63% and a return on equity of 11.42%. The company had revenue of $2.59 billion during the quarter, compared to analysts' expectations of $2.57 billion. During the same quarter in the previous year, the company posted $0.34 earnings per share. Research analysts forecast that Huntington Bancshares will post 1.62 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Marcy C. Hingst sold 10,568 shares of Huntington Bancshares stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $18.00, for a total value of $190,224.00. Following the sale, the executive vice president owned 267,859 shares of the company's stock, valued at approximately $4,821,462. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Rollins III sold 223,522 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $17.35, for a total value of $3,878,106.70. Following the transaction, the director directly owned 612,155 shares of the company's stock, valued at $10,620,889.25. This trade represents a 26.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders bought a total of 33,500 shares of company stock valued at $617,542 in the last 90 days. 0.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Huntington Bancshares

Institutional investors have recently added to or reduced their stakes in the company. CX Institutional increased its position in Huntington Bancshares by 34.5% during the second quarter. CX Institutional now owns 39,648 shares of the bank's stock worth $703,000 after buying an additional 10,178 shares during the last quarter. First County Bank CT raised its position in shares of Huntington Bancshares by 2.4% in the second quarter. First County Bank CT now owns 40,376 shares of the bank's stock valued at $716,000 after purchasing an additional 946 shares during the period. Basecamp Wealth Advisors LLC lifted its stake in shares of Huntington Bancshares by 57.8% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 5,333 shares of the bank's stock worth $83,000 after buying an additional 1,953 shares during the last quarter. Ballast Advisors LLC bought a new stake in shares of Huntington Bancshares during the 1st quarter worth about $71,000. Finally, Curry Webb Wealth Management LLC acquired a new position in Huntington Bancshares in the 1st quarter valued at about $3,204,000. 80.72% of the stock is currently owned by institutional investors and hedge funds.

Huntington Bancshares Company Profile

Huntington Bancshares Incorporated NASDAQ: HBAN is a bank holding company headquartered in Columbus, Ohio, that provides a broad range of banking and financial services through its principal subsidiary, Huntington National Bank. The company's operations are centered on retail and commercial banking, and it serves individual consumers, small and middle-market businesses, and institutional customers.

Huntington's product offerings include traditional deposit and lending products, consumer and commercial loans, mortgage origination and servicing, auto financing, and business banking solutions.

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