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 operates through four segments: Consumer and Business Banking; Commercial Banking; Vehicle Finance; and Regional Banking and The Huntington Private Client Group (RBHPCG). The Consumer and Business Banking segment offers financial products and services, such as checking accounts, savings accounts, money market accounts, certificates of deposit, credit cards, and consumer and small business loans, as well as investment products. This segment also provides mortgages, insurance, interest rate risk protection, foreign exchange, automated teller machine, and treasury management services, as well as online, mobile, and telephone banking services. It serves consumer and small business customers. The Commercial Banking segment offers regional commercial banking solutions for middle market businesses, government and public sector entities, and commercial real estate developers/REITs; and specialty banking solutions for healthcare, technology and telecommunications, franchise finance, sponsor finance, and global services industries. It also provides asset finance services; capital raising solutions, sales and trading, and corporate risk management products; institutional banking services; and treasury management services. The Vehicle Finance segment provides financing to consumers for the purchase of automobiles, light-duty trucks, recreational vehicles, and marine craft at franchised and other select dealerships, as well as to franchised dealerships for the acquisition of new and used inventory. The RBHPCG segment offers private banking, wealth and investment management, and retirement plan services. As of March 18, 2022, the company had approximately 1,000 branches in 11 states. Huntington Bancshares Incorporated was founded in 1866 and is headquartered in Columbus, Ohio.
Analysts Set New Price Targets
Several research analysts have recently issued reports on the company. Keefe, Bruyette & Woods downgraded Huntington Bancshares from a "market perform" rating to an "underperform" rating and cut their price target for the stock from $17.00 to $15.00 in a research note on Thursday, June 2nd. The Goldman Sachs Group cut their target price on shares of Huntington Bancshares from $17.50 to $14.50 and set a "buy" rating for the company in a research note on Tuesday, May 31st. JPMorgan Chase & Co. downgraded shares of Huntington Bancshares from an "overweight" rating to a "neutral" rating and cut their target price for the company from $17.50 to $14.50 in a research note on Friday, July 1st. Stephens raised shares of Huntington Bancshares from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $16.00 to $17.00 in a research note on Monday, April 25th. Finally, Wolfe Research downgraded shares of Huntington Bancshares from a "peer perform" rating to an "underperform" rating and cut their target price for the company from $15.00 to $11.00 in a research note on Thursday, May 26th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $15.11.
Huntington Bancshares Trading Up 2.8 %
Shares of NASDAQ:HBAN traded up $0.38 during trading on Wednesday, reaching $13.96. 12,048,526 shares of the stock were exchanged, compared to its average volume of 12,901,969. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.81 and a current ratio of 0.82. Huntington Bancshares has a 12-month low of $11.67 and a 12-month high of $17.79. The firm has a market cap of $20.13 billion, a price-to-earnings ratio of 12.13 and a beta of 1.20. The firm's 50-day moving average price is $12.73 and its 200 day moving average price is $13.89.
Huntington Bancshares (NASDAQ:HBAN - Get Rating) last issued its earnings results on Thursday, July 21st. The bank reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.34 by $0.01. Huntington Bancshares had a return on equity of 13.11% and a net margin of 25.58%. During the same quarter in the previous year, the company posted $0.35 earnings per share. On average, sell-side analysts anticipate that Huntington Bancshares will post 1.46 earnings per share for the current fiscal year.
Huntington Bancshares Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Monday, September 19th will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date is Friday, September 16th. Huntington Bancshares's dividend payout ratio is presently 55.36%.
Insiders Place Their Bets
In related news, Director Gary Torgow purchased 19,382 shares of the firm's stock in a transaction on Wednesday, July 27th. The stock was purchased at an average price of $12.90 per share, for a total transaction of $250,027.80. Following the acquisition, the director now directly owns 893,301 shares in the company, valued at $11,523,582.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Huntington Bancshares news, Director Gary Torgow bought 19,382 shares of Huntington Bancshares stock in a transaction dated Wednesday, July 27th. The stock was bought at an average cost of $12.90 per share, for a total transaction of $250,027.80. Following the purchase, the director now owns 893,301 shares in the company, valued at approximately $11,523,582.90. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Helga Houston sold 28,166 shares of the company's stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $13.77, for a total value of $387,845.82. Following the sale, the insider now directly owns 496,474 shares in the company, valued at $6,836,446.98. The disclosure for this sale can be found here. 0.72% of the stock is owned by company insiders.
