Huntington Bancshares (NASDAQ:HBAN) Issues Quarterly Earnings Results, Hits Expectations

Key Points

• Huntington Bancshares reported quarterly earnings of $0.39 per share, exactly matching analyst expectations, while revenue came in at $2.85 billion, slightly above forecasts.
• The bank posted a return on equity of 11.42% and net margin of 16.63%; earnings improved from $0.34 per share in the same quarter last year.
• Analyst sentiment remains positive overall, with an average “Moderate Buy” rating and average price target of $20.25, though some firms recently adjusted ratings and targets in both directions.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) posted its earnings results on Thursday. The bank reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39, FiscalAI reports. The firm had revenue of $2.85 billion for the quarter, compared to analysts' expectations of $2.84 billion. Huntington Bancshares had a return on equity of 11.42% and a net margin of 16.63%.During the same period last year, the firm earned $0.34 EPS.

Huntington Bancshares Price Performance

Shares of HBAN traded down $1.02 during trading hours on Thursday, hitting $17.25. 15,788,613 shares of the company were exchanged, compared to its average volume of 27,423,088. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.92. The company has a market capitalization of $34.96 billion, a PE ratio of 13.27, a PEG ratio of 0.81 and a beta of 0.93. The firm has a fifty day simple moving average of $17.05 and a 200-day simple moving average of $16.93. Huntington Bancshares has a one year low of $14.89 and a one year high of $19.45.

Insider Buying and Selling at Huntington Bancshares

In other news, Director James D. Rollins III sold 223,522 shares of Huntington Bancshares 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Marcy C. Hingst sold 10,568 shares of the company's stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $18.00, for a total transaction of $190,224.00. Following the completion of the sale, the executive vice president owned 267,859 shares of the company's stock, valued at approximately $4,821,462. This trade represents a 3.80% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have bought 33,500 shares of company stock valued at $617,542. 0.67% of the stock is currently owned by company insiders.

Institutional Trading of Huntington Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp lifted its stake in Huntington Bancshares by 4.7% in the 4th quarter. State Street Corp now owns 77,228,656 shares of the bank's stock worth $1,351,806,000 after acquiring an additional 3,438,501 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Huntington Bancshares by 4,265.5% in the fourth quarter. Wellington Management Group LLP now owns 70,083,841 shares of the bank's stock worth $1,215,955,000 after purchasing an additional 68,478,435 shares in the last quarter. Boston Partners boosted its holdings in shares of Huntington Bancshares by 3.9% during the third quarter. Boston Partners now owns 63,302,953 shares of the bank's stock worth $1,091,615,000 after purchasing an additional 2,363,905 shares during the period. Invesco Ltd. grew its position in Huntington Bancshares by 6.6% during the fourth quarter. Invesco Ltd. now owns 62,971,849 shares of the bank's stock valued at $1,092,562,000 after purchasing an additional 3,908,927 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Huntington Bancshares by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 29,335,497 shares of the bank's stock valued at $508,971,000 after buying an additional 825,562 shares during the period. Institutional investors and hedge funds own 80.72% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their price target on Huntington Bancshares from $18.50 to $19.50 and gave the stock an "overweight" rating in a research note on Monday, July 6th. Weiss Ratings raised shares of Huntington Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, July 6th. Morgan Stanley increased their target price on shares of Huntington Bancshares from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Monday, June 29th. Jefferies Financial Group cut shares of Huntington Bancshares from a "buy" rating to a "hold" rating and lowered their target price for the company from $21.00 to $19.00 in a research note on Monday, July 6th. Finally, Piper Sandler upgraded shares of Huntington Bancshares from a "strong sell" rating to a "hold" rating and set a $18.00 price target on the stock in a research report on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Huntington Bancshares presently has an average rating of "Moderate Buy" and an average price target of $20.25.

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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