Truist Financial Issues Pessimistic Forecast for Huntington Bancshares (NASDAQ:HBAN) Stock Price

Key Points

• Truist Financial cut its price target on Huntington from $21 to $19 but maintained a "buy" rating, implying roughly a 23.5% upside vs the recent share price.
• Huntington's latest quarter missed estimates (EPS $0.37 vs $0.40; revenue $1.61B vs $2.21B) and the stock traded around $15.39, below the consensus price target of $20.68 (average rating: Moderate Buy).
• Insiders have been net sellers recently while institutional investors own about 80.7% of the shares, a dynamic that could influence stock momentum.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) had its price objective dropped by research analysts at Truist Financial from $21.00 to $19.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the bank's stock. Truist Financial's target price would suggest a potential upside of 23.48% from the company's current price.

Other research analysts have also recently issued research reports about the company. Wolfe Research reaffirmed an "outperform" rating and set a $21.00 target price on shares of Huntington Bancshares in a research note on Wednesday, January 7th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $21.00 price objective on shares of Huntington Bancshares in a research report on Monday, January 12th. Evercore initiated coverage on Huntington Bancshares in a research report on Tuesday, February 3rd. They set an "outperform" rating and a $21.00 target price for the company. The Goldman Sachs Group restated a "buy" rating and issued a $21.00 price target on shares of Huntington Bancshares in a report on Tuesday, January 6th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Huntington Bancshares in a research note on Thursday, January 22nd. 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 issued a Sell rating to the company. According to data from MarketBeat, Huntington Bancshares presently has an average rating of "Moderate Buy" and a consensus price target of $20.68.

Huntington Bancshares Trading Down 0.6%

HBAN traded down $0.09 during trading on Friday, reaching $15.39. The company had a trading volume of 23,651,071 shares, compared to its average volume of 36,373,313. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.80. The business has a 50 day simple moving average of $17.57 and a 200-day simple moving average of $17.05. The stock has a market cap of $31.23 billion, a P/E ratio of 11.05, a PEG ratio of 0.63 and a beta of 0.95. Huntington Bancshares has a 52 week low of $11.91 and a 52 week high of $19.45.

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

Insider Buying and Selling

In other Huntington Bancshares news, VP Brantley J. Standridge sold 5,830 shares of the company's stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $19.14, for a total transaction of $111,586.20. Following the completion of the sale, the vice president owned 327,676 shares in the company, valued at $6,271,718.64. This represents a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Brendan A. Lawlor sold 17,455 shares of Huntington Bancshares stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $18.93, for a total value of $330,423.15. Following the completion of the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have purchased 27,700 shares of company stock valued at $540,401 and have sold 33,285 shares valued at $627,009. 0.89% of the stock is currently owned by corporate insiders.

Institutional Trading of Huntington Bancshares

Institutional investors have recently modified their holdings of the company. Sagespring Wealth Partners LLC boosted its stake in Huntington Bancshares by 2.4% in the fourth quarter. Sagespring Wealth Partners LLC now owns 25,217 shares of the bank's stock valued at $438,000 after acquiring an additional 587 shares in the last quarter. MCF Advisors LLC raised its position in Huntington Bancshares by 12.6% during the 4th quarter. MCF Advisors LLC now owns 5,438 shares of the bank's stock worth $95,000 after buying an additional 609 shares during the last quarter. Parcion Private Wealth LLC lifted its stake in Huntington Bancshares by 6.2% during the 3rd quarter. Parcion Private Wealth LLC now owns 11,081 shares of the bank's stock valued at $191,000 after acquiring an additional 648 shares during the period. Strategic Planning Inc. boosted its holdings in shares of Huntington Bancshares by 0.3% in the 3rd quarter. Strategic Planning Inc. now owns 199,318 shares of the bank's stock valued at $3,442,000 after acquiring an additional 670 shares during the last quarter. Finally, Rehmann Capital Advisory Group increased its stake in shares of Huntington Bancshares by 4.3% in the third quarter. Rehmann Capital Advisory Group now owns 16,881 shares of the bank's stock worth $292,000 after acquiring an additional 694 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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