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

Huntington Bancshares (NASDAQ:HBAN - Free Report) had its target price lifted by Citigroup from $19.00 to $20.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the bank's stock.

HBAN has been the subject of a number of other research reports. Wall Street Zen cut Huntington Bancshares from a "hold" rating to a "sell" rating in a report on Friday, June 27th. JPMorgan Chase & Co. reduced their target price on Huntington Bancshares from $18.50 to $16.00 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. TD Cowen started coverage on Huntington Bancshares in a research note on Thursday, May 15th. They issued a "buy" rating and a $20.00 price target on the stock. Truist Financial lifted 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. Finally, Cowen started coverage on shares of Huntington Bancshares in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Two analysts have rated the stock with a sell rating, three have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $18.18.

Huntington Bancshares Stock Up 1.3%

Shares of Huntington Bancshares stock traded up $0.22 on Wednesday, reaching $17.40. 31,339,868 shares of the company were exchanged, compared to its average volume of 18,967,476. The company has a market capitalization of $25.42 billion, a price-to-earnings ratio of 13.28, a PEG ratio of 1.31 and a beta of 0.93. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.98. Huntington Bancshares has a one year low of $11.92 and a one year high of $18.45. The company has a 50-day moving average of $15.70 and a 200 day moving average of $15.66.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The bank reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.03. Huntington Bancshares had a net margin of 16.94% and a return on equity of 11.44%. The firm had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same period in the prior year, the firm posted $0.27 earnings per share. On average, equities research analysts forecast that Huntington Bancshares will post 1.39 earnings per share for the current year.

Huntington Bancshares announced that its Board of Directors has initiated a share 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 typically a sign that the company's leadership believes its stock is undervalued.

Huntington Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th were given a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date was Tuesday, June 17th. Huntington Bancshares's payout ratio is currently 47.33%.

Insider Transactions at Huntington Bancshares

In other Huntington Bancshares news, EVP Marcy C. Hingst sold 13,700 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $15.79, for a total transaction of $216,323.00. Following the completion of the sale, the executive vice president directly owned 337,879 shares in the company, valued at $5,335,109.41. This represents a 3.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Zachary Jacob Wasserman sold 59,060 shares of Huntington Bancshares stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $14.36, for a total value of $848,101.60. Following the completion of the transaction, the chief financial officer owned 277,348 shares in the company, valued at approximately $3,982,717.28. The trade was a 17.56% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 214,375 shares of company stock worth $3,049,277. Corporate insiders own 0.89% of the company's stock.

Institutional Trading of Huntington Bancshares

Institutional investors and hedge funds have recently modified their holdings of the business. Foundations Investment Advisors LLC boosted its holdings in shares of Huntington Bancshares by 2.4% during the 1st quarter. Foundations Investment Advisors LLC now owns 29,023 shares of the bank's stock valued at $436,000 after acquiring an additional 691 shares in the last quarter. Carlson Capital Management raised its position in Huntington Bancshares by 0.4% in the fourth quarter. Carlson Capital Management now owns 163,575 shares of the bank's stock valued at $2,661,000 after purchasing an additional 692 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Huntington Bancshares by 6.0% during the fourth quarter. Farther Finance Advisors LLC now owns 12,317 shares of the bank's stock valued at $200,000 after purchasing an additional 699 shares in the last quarter. Winch Advisory Services LLC grew its holdings in shares of Huntington Bancshares by 18.3% during the first quarter. Winch Advisory Services LLC now owns 4,579 shares of the bank's stock worth $69,000 after purchasing an additional 709 shares during the last quarter. Finally, CreativeOne Wealth LLC increased its stake in shares of Huntington Bancshares by 4.0% in the fourth quarter. CreativeOne Wealth LLC now owns 20,019 shares of the bank's stock valued at $326,000 after buying an additional 762 shares during the period. 80.72% of the stock is currently owned by institutional investors.

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.