Huntington Bancshares (NASDAQ:HBAN) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Key Points

• Royal Bank of Canada raised Huntington Bancshares’ price target from $20 to $21 and kept an outperform rating, implying about 17% upside from the current share price.
• The stock was trading higher on Wednesday at $17.91, and the company recently reported stronger-than-expected earnings of $0.37 per share versus the $0.16 consensus estimate.
• Analyst sentiment remains positive overall, with Huntington Bancshares carrying a Moderate Buy average rating and an average price target of $20.15, despite some recent insider share sales.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) had its price target raised by equities researchers at Royal Bank Of Canada from $20.00 to $21.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. The firm currently has an "outperform" rating on the bank's stock. Royal Bank Of Canada's price target points to a potential upside of 17.22% from the company's current price.

Several other brokerages have also issued reports on HBAN. Weiss Ratings lowered Huntington Bancshares from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, June 18th. Jefferies Financial Group raised their price target on Huntington Bancshares from $19.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. Piper Sandler upgraded Huntington Bancshares from a "strong sell" rating to a "hold" rating and set a $18.00 price objective for the company in a report on Thursday, April 23rd. JPMorgan Chase & Co. decreased their target price on Huntington Bancshares from $19.00 to $18.50 and set an "overweight" rating for the company in a research report on Thursday, April 30th. Finally, Wall Street Zen raised shares of Huntington Bancshares from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $20.15.

Huntington Bancshares Trading Up 1.0%

Shares of NASDAQ HBAN traded up $0.18 during trading hours on Wednesday, hitting $17.91. 2,350,195 shares of the company traded hands, compared to its average volume of 28,107,164. The stock has a market capitalization of $36.32 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 0.81 and a beta of 0.94. The company's 50 day moving average price is $16.54 and its 200 day moving average price is $16.89. Huntington Bancshares has a 12 month low of $14.89 and a 12 month high of $19.45. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.73.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last announced its earnings results on Thursday, April 23rd. The bank reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.21. Huntington Bancshares had a net margin of 16.63% and a return on equity of 11.42%. The business had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.57 billion. During the same quarter in the prior year, the firm posted $0.34 earnings per share. On average, equities research analysts anticipate that Huntington Bancshares will post 1.62 earnings per share for the current fiscal year.

Insider Buying and Selling at Huntington Bancshares

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 completion of the sale, the executive vice president directly owned 267,859 shares in the company, valued at $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 SEC, which is available 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 dated Friday, June 12th. The stock was sold at an average price of $17.35, for a total transaction of $3,878,106.70. Following the transaction, the director owned 612,155 shares in the company, valued at approximately $10,620,889.25. The trade was a 26.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have bought 33,500 shares of company stock worth $617,542. Insiders own 0.67% of the company's stock.

Hedge Funds Weigh In On Huntington Bancshares

Large investors have recently added to or reduced their stakes in the company. MV Capital Management Inc. purchased a new position in shares of Huntington Bancshares in the 4th quarter worth approximately $25,000. Palisade Asset Management LLC acquired a new stake in Huntington Bancshares in the third quarter valued at approximately $26,000. South Plains Financial Inc. boosted its stake in Huntington Bancshares by 116.3% in the third quarter. South Plains Financial Inc. now owns 1,536 shares of the bank's stock valued at $27,000 after acquiring an additional 826 shares in the last quarter. Centennial Bank AR purchased a new position in Huntington Bancshares in the fourth quarter worth $28,000. Finally, Johnson Financial Group Inc. increased its position in shares of Huntington Bancshares by 48.8% during the first quarter. Johnson Financial Group Inc. now owns 2,157 shares of the bank's stock worth $34,000 after purchasing an additional 707 shares in the last quarter. 80.72% of the stock is currently owned by institutional investors.

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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