Huntington Bancshares (NASDAQ:HBAN) Stock Price Breaks Below 50-Day Moving Average - What's Next?

Key Points

• Huntington Bancshares shares fell below their 50-day moving average, trading as low as $15.63 and last changing hands at $15.78. The stock’s 200-day moving average is $16.70, indicating continued technical weakness.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $18.98, although several firms recently lowered targets or downgraded their ratings.
• The bank reported quarterly earnings of $0.38 per share, matching estimates, and announced a quarterly dividend of $0.155 per share, representing a 3.9% annualized yield. Two directors also recently purchased shares.

Huntington Bancshares Incorporated (NASDAQ:HBAN - Get Free Report)'s share price crossed below its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $15.96 and traded as low as $15.63. Huntington Bancshares shares last traded at $15.78, with a volume of 19,221,646 shares traded.

Wall Street Analysts Forecast Growth

HBAN has been the topic of several recent research reports. Jefferies Financial Group reduced their target price on shares of Huntington Bancshares from $18.00 to $17.00 and set a "hold" rating on the stock in a report on Thursday, September 24th. TD Cowen started coverage on Huntington Bancshares in a report on Thursday, October 8th. They issued a "buy" rating and a $18.00 price target for the company. Weiss Ratings downgraded Huntington Bancshares from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday. Royal Bank Of Canada reissued an "outperform" rating and issued a $21.00 price objective on shares of Huntington Bancshares in a research report on Tuesday, August 18th. Finally, Bank of America cut Huntington Bancshares from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $20.00 to $18.50 in a research note on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $18.98.

Huntington Bancshares Price Performance

The business's 50 day moving average price is $15.96 and its 200-day moving average price is $16.70. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.59. The company has a market cap of $31.88 billion, a PE ratio of 13.04, a price-to-earnings-growth ratio of 1.03 and a beta of 0.95.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last announced its earnings results on Thursday, October 22nd. The bank reported $0.38 earnings per share for the quarter, meeting the consensus estimate of $0.38. Huntington Bancshares had a net margin of 16.28% and a return on equity of 10.93%. The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same period in the prior year, the firm earned $0.41 earnings per share. As a group, analysts forecast that Huntington Bancshares Incorporated will post 1.54 earnings per share for the current year.

Huntington Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Friday, December 18th will be given a dividend of $0.1550 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Friday, December 18th. Huntington Bancshares's payout ratio is presently 51.24%.

Insiders Place Their Bets

In related news, Director Gary Torgow purchased 12,700 shares of the firm's stock in a transaction dated Tuesday, October 27th. The stock was acquired at an average price of $15.73 per share, with a total value of $199,771.00. Following the completion of the transaction, the director owned 956,041 shares of the company's stock, valued at $15,038,524.93. This represents a 1.35% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James D. Rollins III purchased 14,000 shares of the company's stock in a transaction that occurred on Monday, October 26th. The stock was bought at an average price of $18.12 per share, with a total value of $253,680.00. Following the purchase, the director owned 15,500 shares of the company's stock, valued at approximately $280,860. The trade was a 933.33% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.67% of the stock is owned by company insiders.

Hedge Funds Weigh In On Huntington Bancshares

Hedge funds have recently bought and sold shares of the company. TD Waterhouse Canada Inc. raised its stake in shares of Huntington Bancshares by 90.7% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,682 shares of the bank's stock worth $26,000 after buying an additional 800 shares in the last quarter. Trust Co. of Vermont bought a new position in Huntington Bancshares during the second quarter valued at about $29,000. Johnson Financial Group Inc. bought a new position in Huntington Bancshares during the second quarter valued at about $31,000. Livelsberger Financial Advisory bought a new position in Huntington Bancshares during the third quarter valued at about $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC grew its holdings in Huntington Bancshares by 80.7% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 2,226 shares of the bank's stock worth $35,000 after acquiring an additional 994 shares during the period. 80.72% of the stock is currently owned by institutional investors and hedge funds.

About Huntington Bancshares

Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio. Its principal subsidiary, The Huntington National Bank, provides banking and financial services to consumers, businesses, institutions and government entities.

The company's offerings include checking and savings accounts, consumer and residential lending, credit cards, auto finance, mortgages, commercial loans, treasury management, investment and wealth management services, insurance, and other financial solutions.

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