JPMorgan Chase & Co. Has Lowered Expectations for Huntington Bancshares (NASDAQ:HBAN) Stock Price

Key Points

• JPMorgan cut its price target on Huntington Bancshares (HBAN) to $18.50 from $19.00 but maintained an "overweight" rating, implying about a 10.4% upside from the prior close.
• Several other brokers have trimmed targets recently, yet the analyst consensus remains a "Moderate Buy" with a consensus price target of $20.05, reflecting mixed but generally positive sentiment.
• Huntington beat quarterly EPS estimates ($0.37 vs. $0.16) and traded near $16.76, while insiders were net sellers over the past 90 days (sold ~98,986 shares vs. bought 39,200 shares).

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) had its price target decreased by research analysts at JPMorgan Chase & Co. from $19.00 to $18.50 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 10.38% from the company's previous close.

Several other brokerages have also recently weighed in on HBAN. Keefe, Bruyette & Woods dropped their price objective on Huntington Bancshares from $20.00 to $19.50 and set a "market perform" rating on the stock in a research note on Friday, January 23rd. UBS Group set a $21.00 price objective on Huntington Bancshares in a research note on Wednesday, February 4th. Evercore dropped their price objective on Huntington Bancshares from $21.00 to $19.00 and set an "outperform" rating on the stock in a research note on Monday, April 6th. Truist Financial dropped their price objective on Huntington Bancshares from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Friday, March 13th. Finally, DA Davidson dropped their price objective on Huntington Bancshares from $21.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, March 16th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.05.

Huntington Bancshares Stock Up 2.8%

NASDAQ HBAN traded up $0.45 during mid-day trading on Thursday, hitting $16.76. The company's stock had a trading volume of 20,760,570 shares, compared to its average volume of 31,413,814. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.73. The company's 50 day simple moving average is $16.25 and its 200 day simple moving average is $16.72. Huntington Bancshares has a twelve month low of $14.42 and a twelve month high of $19.45. The firm has a market capitalization of $34.14 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 0.72 and a beta of 0.95.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last issued its quarterly earnings data 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 return on equity of 11.42% and a net margin of 16.63%.The business had revenue of $2.59 billion for the quarter, compared to analysts' expectations of $2.57 billion. During the same period last year, the business earned $0.34 EPS. Analysts anticipate that Huntington Bancshares will post 1.61 earnings per share for the current year.

Insider Activity at Huntington Bancshares

In other news, VP Brendan A. Lawlor sold 17,455 shares of Huntington Bancshares stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $18.93, for a total transaction of $330,423.15. Following the sale, the vice president directly owned 42,398 shares in the company, valued at $802,594.14. The trade was a 29.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James D. Rollins III bought 3,029 shares of the stock in a transaction dated Tuesday, April 28th. The shares were acquired at an average price of $21.05 per share, for a total transaction of $63,760.45. Following the completion of the purchase, the director directly owned 9,500 shares in the company, valued at approximately $199,975. This trade represents a 46.81% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders purchased 39,200 shares of company stock worth $756,724 and sold 98,986 shares worth $1,600,958. 0.67% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Huntington Bancshares

A number of hedge funds have recently made changes to their positions in the business. MV Capital Management Inc. bought a new stake in Huntington Bancshares in the 4th quarter valued at about $25,000. Palisade Asset Management LLC bought a new stake in Huntington Bancshares in the 3rd quarter valued at about $26,000. South Plains Financial Inc. raised its stake in Huntington Bancshares by 116.3% in the 3rd 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 during the period. Centennial Bank AR bought a new stake in Huntington Bancshares in the 4th quarter valued at about $28,000. Finally, Accredited Wealth Management LLC raised its stake in Huntington Bancshares by 374.5% in the 3rd quarter. Accredited Wealth Management LLC now owns 1,675 shares of the bank's stock valued at $29,000 after acquiring an additional 1,322 shares during the period. 80.72% of the stock is currently owned by institutional investors.

About Huntington Bancshares

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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