Huntington Bancshares (NASDAQ:HBAN) Price Target Cut to $17.00 by Analysts at Truist Financial

Huntington Bancshares (NASDAQ:HBAN - Free Report) had its price target reduced by Truist Financial from $21.00 to $17.00 in a report published on Tuesday,Benzinga reports. Truist Financial currently has a buy rating on the bank's stock.

Other research analysts have also issued reports about the company. JPMorgan Chase & Co. cut their price objective on Huntington Bancshares from $18.50 to $16.00 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Robert W. Baird upgraded Huntington Bancshares from a "neutral" rating to an "outperform" rating and set a $18.00 target price on the stock in a report on Friday, March 7th. Keefe, Bruyette & Woods decreased their price target on Huntington Bancshares from $18.00 to $17.00 and set a "market perform" rating for the company in a report on Monday, April 21st. Stephens reiterated an "equal weight" rating and set a $16.50 price objective on shares of Huntington Bancshares in a research note on Monday, April 21st. Finally, Citigroup decreased their target price on shares of Huntington Bancshares from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, March 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Huntington Bancshares currently has a consensus rating of "Moderate Buy" and an average target price of $17.45.

Huntington Bancshares Trading Down 1.0 %

Shares of HBAN traded down $0.15 during trading hours on Tuesday, hitting $14.40. The stock had a trading volume of 17,839,315 shares, compared to its average volume of 17,360,714. Huntington Bancshares has a 12-month low of $11.92 and a 12-month high of $18.45. The firm has a market cap of $21.03 billion, a P/E ratio of 11.71, a P/E/G ratio of 1.33 and a beta of 0.89. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.88 and a current ratio of 0.89. The company's fifty day simple moving average is $14.60 and its 200 day simple moving average is $15.99.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The bank reported $0.34 EPS for the quarter, topping analysts' consensus estimates of $0.31 by $0.03. Huntington Bancshares had a return on equity of 11.23% and a net margin of 16.23%. The company had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same period last year, the business posted $0.27 EPS. Equities research analysts forecast that Huntington Bancshares will post 1.39 EPS for the current fiscal year.

Huntington Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th will be issued a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 4.31%. The ex-dividend date of this dividend is Tuesday, June 17th. Huntington Bancshares's dividend payout ratio (DPR) is 47.33%.

Huntington Bancshares announced that its Board of Directors has authorized a stock buyback program on Thursday, April 17th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Huntington Bancshares

In related news, insider Kendall A. Kowalski sold 25,419 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $13.68, for a total value of $347,731.92. Following the completion of the transaction, the insider now directly owns 70,281 shares of the company's stock, valued at $961,444.08. This represents a 26.56 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Brantley J. Standridge sold 70,417 shares of the firm's stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $13.69, for a total value of $964,008.73. Following the completion of the sale, the vice president now owns 326,456 shares in the company, valued at approximately $4,469,182.64. This represents a 17.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 207,617 shares of company stock worth $2,942,892. 0.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Huntington Bancshares

Institutional investors have recently bought and sold shares of the stock. Carlson Capital Management lifted its stake in shares of Huntington Bancshares by 0.4% in the 4th quarter. Carlson Capital Management now owns 163,575 shares of the bank's stock worth $2,661,000 after acquiring an additional 692 shares during the period. Farther Finance Advisors LLC lifted its position in Huntington Bancshares by 6.0% in the fourth quarter. Farther Finance Advisors LLC now owns 12,317 shares of the bank's stock worth $200,000 after purchasing an additional 699 shares during the period. Venturi Wealth Management LLC boosted its stake in Huntington Bancshares by 27.2% during the 4th quarter. Venturi Wealth Management LLC now owns 3,279 shares of the bank's stock valued at $53,000 after purchasing an additional 702 shares in the last quarter. CreativeOne Wealth LLC increased its position in shares of Huntington Bancshares by 4.0% during the 4th quarter. CreativeOne Wealth LLC now owns 20,019 shares of the bank's stock valued at $326,000 after purchasing an additional 762 shares during the period. Finally, Lantz Financial LLC raised its stake in shares of Huntington Bancshares by 6.1% in the 4th quarter. Lantz Financial LLC now owns 13,766 shares of the bank's stock worth $224,000 after buying an additional 790 shares in the last quarter. Institutional investors and hedge funds own 80.72% of the company's stock.

About Huntington Bancshares

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.