Raymond James Financial Reiterates Strong-Buy Rating for Huntington Bancshares (NASDAQ:HBAN)

Key Points

• Raymond James Financial has reaffirmed a strong-buy rating for Huntington Bancshares with a price target of $20.00, reflecting a potential upside of 26.86% from its recent close.
• Multiple analysts have upgraded their price targets for Huntington Bancshares, with estimates ranging from $20.00 to $23.00.
• The company has strong institutional support, with hedge funds owning 80.72% of its stock and notable increases in holdings by major investors like Vanguard Group and Boston Partners.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report)'s stock had its "strong-buy" rating reissued by equities researchers at Raymond James Financial in a report released on Monday,Benzinga reports. They currently have a $20.00 target price on the bank's stock, down from their prior target price of $21.00. Raymond James Financial's price objective would suggest a potential upside of 26.86% from the company's previous close.

Other analysts also recently issued reports about the stock. Cowen reissued a "buy" rating on shares of Huntington Bancshares in a research note on Monday. Keefe, Bruyette & Woods upped their price objective on shares of Huntington Bancshares from $19.00 to $20.00 and gave the company a "market perform" rating in a research note on Monday. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Huntington Bancshares from $20.00 to $21.00 and gave the company a "buy" rating in a research note on Tuesday, September 30th. Morgan Stanley upped their price objective on shares of Huntington Bancshares from $19.00 to $23.00 and gave the company an "overweight" rating in a research note on Monday, September 29th. Finally, TD Cowen upped their price objective on shares of Huntington Bancshares from $21.00 to $22.00 and gave the company a "buy" rating in a research note on Monday. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $19.76.

Huntington Bancshares Trading Up 1.7%

Huntington Bancshares stock traded up $0.27 during mid-day trading on Monday, hitting $15.77. The company's stock had a trading volume of 14,660,700 shares, compared to its average volume of 26,527,395. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.92 and a quick ratio of 0.91. The stock has a market cap of $23.00 billion, a price-to-earnings ratio of 11.02, a price-to-earnings-growth ratio of 0.73 and a beta of 0.96. The business has a 50 day moving average price of $17.08 and a 200-day moving average price of $16.12. Huntington Bancshares has a 12 month low of $11.91 and a 12 month high of $18.44.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last posted its quarterly earnings results on Wednesday, June 11th. The bank reported $0.28 earnings per share for the quarter. The business had revenue of $469.00 million during the quarter. Huntington Bancshares had a net margin of 18.06% and a return on equity of 12.14%. As a group, analysts forecast that Huntington Bancshares will post 1.39 EPS for the current year.

Insider Activity

In related news, EVP Marcy C. Hingst sold 41,100 shares of the business's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $18.00, for a total transaction of $739,800.00. Following the transaction, the executive vice president owned 299,361 shares in the company, valued at $5,388,498. The trade was a 12.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.89% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Huntington Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of HBAN. Vanguard Group Inc. grew its holdings in Huntington Bancshares by 1.3% in the second quarter. Vanguard Group Inc. now owns 176,300,218 shares of the bank's stock worth $2,954,792,000 after purchasing an additional 2,343,244 shares during the period. Boston Partners increased its stake in shares of Huntington Bancshares by 4.8% during the second quarter. Boston Partners now owns 60,939,048 shares of the bank's stock valued at $1,020,382,000 after purchasing an additional 2,776,429 shares in the last quarter. Invesco Ltd. increased its stake in shares of Huntington Bancshares by 1.8% during the second quarter. Invesco Ltd. now owns 58,201,659 shares of the bank's stock valued at $975,460,000 after purchasing an additional 1,015,066 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Huntington Bancshares by 1.7% during the second quarter. Geode Capital Management LLC now owns 39,450,879 shares of the bank's stock valued at $658,541,000 after purchasing an additional 640,852 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Huntington Bancshares by 1.4% during the second quarter. Charles Schwab Investment Management Inc. now owns 28,384,949 shares of the bank's stock valued at $475,558,000 after purchasing an additional 397,141 shares in the last quarter. Hedge funds and other institutional investors own 80.72% of the company's stock.

Huntington Bancshares Company Profile

Huntington Bancshares Incorporated operates as the bank holding company for The Huntington National Bank that provides commercial, consumer, and mortgage banking services in the United States. The company offers financial products and services to consumer and business customers, including deposits, lending, payments, mortgage banking, dealer financing, investment management, trust, brokerage, insurance, and other financial products and services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.