JPMorgan Chase & Co. Issues Pessimistic Forecast for Huntington Bancshares (NASDAQ:HBAN) Stock Price

Key Points

• JPMorgan cut its price target on Huntington Bancshares to $19 from $21 while maintaining an "overweight" rating, a target that implies roughly a 19.5% upside from the current share price.
• Huntington missed the quarter on both earnings and revenue, reporting EPS of $0.37 versus $0.40 expected and revenue of $1.61B versus $2.21B consensus, though analysts’ consensus remains a Moderate Buy with an average target of $20.13.
• Shares opened at $15.90 (52‑week range $12.08–$19.45); insiders sold far more stock than they bought last quarter and institutional ownership is high at about 80.7%.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) had its target price reduced by stock analysts at JPMorgan Chase & Co. from $21.00 to $19.00 in a research note issued to investors on Tuesday,MarketScreener reports. The brokerage presently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 19.53% from the company's current price.

A number of other research firms also recently issued reports on HBAN. UBS Group set a $21.00 price objective on shares of Huntington Bancshares in a report on Wednesday, February 4th. Piper Sandler boosted their price target on shares of Huntington Bancshares from $16.00 to $17.00 and gave the stock an "underweight" rating in a research note on Thursday, January 22nd. Argus boosted their price target on shares of Huntington Bancshares from $19.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday, January 28th. National Bank Financial set a $21.00 price target on shares of Huntington Bancshares in a research note on Wednesday, February 4th. Finally, Stephens boosted their price target on shares of Huntington Bancshares from $19.00 to $20.00 and gave the stock an "equal weight" rating in a research note on Thursday, December 18th. 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 assigned a Sell rating to the company's stock. According to MarketBeat.com, Huntington Bancshares currently has an average rating of "Moderate Buy" and an average target price of $20.13.

Huntington Bancshares Stock Performance

NASDAQ HBAN opened at $15.90 on Tuesday. Huntington Bancshares has a 52-week low of $12.08 and a 52-week high of $19.45. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.92 and a current ratio of 0.93. The company has a market capitalization of $32.38 billion, a P/E ratio of 11.41, a P/E/G ratio of 0.64 and a beta of 0.95. The company has a fifty day moving average of $16.72 and a 200-day moving average of $16.77.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last posted its quarterly earnings data on Thursday, January 22nd. The bank reported $0.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.40 by ($0.03). Huntington Bancshares had a return on equity of 11.98% and a net margin of 17.71%.The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $2.21 billion. During the same period in the prior year, the firm posted $0.34 earnings per share. As a group, equities research analysts predict that Huntington Bancshares will post 1.39 EPS for the current fiscal year.

Insider Activity

In other news, VP Brendan A. Lawlor sold 17,455 shares of the stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $18.93, for a total transaction of $330,423.15. Following the sale, the vice president owned 42,398 shares in the company, valued at $802,594.14. This represents a 29.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James D. Rollins III purchased 1,127 shares of the business's stock in a transaction dated Monday, March 9th. The shares were purchased at an average price of $25.39 per share, for a total transaction of $28,614.53. Following the acquisition, the director owned 4,000 shares of the company's stock, valued at approximately $101,560. The trade was a 39.23% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have bought 27,700 shares of company stock valued at $540,401 and have sold 108,986 shares valued at $1,785,958. Corporate insiders own 0.67% of the company's stock.

Institutional Trading of Huntington Bancshares

A number of large investors have recently made changes to their positions in HBAN. Hsbc Holdings PLC boosted its position in Huntington Bancshares by 25.4% in the 4th quarter. Hsbc Holdings PLC now owns 8,161,085 shares of the bank's stock valued at $141,625,000 after buying an additional 1,652,464 shares during the period. Rockefeller Capital Management L.P. boosted its position in Huntington Bancshares by 7.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 157,998 shares of the bank's stock valued at $2,741,000 after buying an additional 11,363 shares during the period. Fund Advisors of America Inc FL purchased a new stake in Huntington Bancshares in the 4th quarter valued at about $222,000. World Investment Advisors lifted its position in shares of Huntington Bancshares by 8.8% in the 4th quarter. World Investment Advisors now owns 23,076 shares of the bank's stock worth $400,000 after purchasing an additional 1,870 shares during the period. Finally, Corient Private Wealth LLC increased its stake in Huntington Bancshares by 6.1% during the 4th quarter. Corient Private Wealth LLC now owns 755,843 shares of the bank's stock valued at $13,115,000 after purchasing an additional 43,618 shares in the last quarter. 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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