Zacks Investment Research upgraded shares of Huntington Bancshares Inc. (NASDAQ:HBAN) from a sell rating to a hold rating in a report released on Tuesday.
According to Zacks, “Huntington’s estimates have been stable lately ahead of the company’s third-quarter 2016 earnings release. The company remains well poised for organic growth driven by consistent growth in loan and deposit balances. Its robust liquidity position aids in undertaking acquisitions,. Notably, management expects the acquisition of FirstMerit Corp. which was completed in August to be accretive to Huntington’s earnings next year. Additionally, improvement in credit metrics should enhance its business performance. However, the low rate environment has taken a toll on the bank’s net interest margin (NIM) which will continue to remain under pressure if there is no rise in interest rates. Also, rising costs continue to hurt bottom-line growth. Moreover, the stringent regulations across the finance sector limit the company’s business opportunities.”
HBAN has been the topic of a number of other reports. FBR & Co raised Huntington Bancshares from a market perform rating to an outperform rating and set a $11.00 price objective on the stock in a report on Monday, July 11th. JPMorgan Chase & Co. reissued a hold rating and issued a $9.50 price objective on shares of Huntington Bancshares in a report on Friday, July 22nd. Jefferies Group reissued a buy rating on shares of Huntington Bancshares in a report on Thursday, August 4th. Credit Suisse Group AG reissued a hold rating on shares of Huntington Bancshares in a report on Tuesday, July 12th. Finally, Robert W. Baird reissued a neutral rating and issued a $9.23 price objective (down from $10.00) on shares of Huntington Bancshares in a report on Friday, July 22nd. Fourteen equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $11.08.
Shares of Huntington Bancshares (NASDAQ:HBAN) opened at 9.88 on Tuesday. The company’s 50 day moving average price is $9.78 and its 200 day moving average price is $9.67. Huntington Bancshares has a 52-week low of $7.83 and a 52-week high of $11.87. The stock has a market capitalization of $7.90 billion, a PE ratio of 12.67 and a beta of 1.13.
Huntington Bancshares (NASDAQ:HBAN) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by $0.02. Huntington Bancshares had a net margin of 20.85% and a return on equity of 11.07%. During the same period last year, the business earned $0.23 earnings per share. On average, equities research analysts anticipate that Huntington Bancshares will post $0.82 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Monday, September 19th were given a $0.07 dividend. The ex-dividend date of this dividend was Thursday, September 15th. This represents a $0.28 annualized dividend and a dividend yield of 2.83%. Huntington Bancshares’s dividend payout ratio (DPR) is presently 35.90%.
In other news, EVP Nicholas G. Stanutz sold 35,350 shares of the firm’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $9.64, for a total value of $340,774.00. Following the transaction, the executive vice president now owns 434,650 shares in the company, valued at $4,190,026. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP David S. Anderson sold 9,006 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $9.82, for a total value of $88,438.92. Following the completion of the transaction, the executive vice president now owns 110,233 shares in the company, valued at approximately $1,082,488.06. The disclosure for this sale can be found here. 1.65% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. ING Groep NV increased its position in Huntington Bancshares by 1,137.7% in the first quarter. ING Groep NV now owns 1,931,233 shares of the company’s stock valued at $18,405,000 after buying an additional 1,775,193 shares during the period. NN Investment Partners Holdings N.V. purchased a new position in Huntington Bancshares during the first quarter valued at $3,108,000. JPMorgan Chase & Co. increased its position in Huntington Bancshares by 26.2% in the first quarter. JPMorgan Chase & Co. now owns 12,261,849 shares of the company’s stock valued at $116,977,000 after buying an additional 2,545,124 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in Huntington Bancshares by 1.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 21,931,964 shares of the company’s stock valued at $209,231,000 after buying an additional 258,631 shares during the period. Finally, BlackRock Group LTD increased its position in Huntington Bancshares by 0.9% in the first quarter. BlackRock Group LTD now owns 5,859,826 shares of the company’s stock valued at $55,903,000 after buying an additional 54,419 shares during the period. Institutional investors and hedge funds own 75.73% of the company’s stock.
Huntington Bancshares Company Profile
Huntington Bancshares Incorporated is a diversified regional bank holding company. Through its subsidiaries, including its bank subsidiary, The Huntington National Bank (the Bank), the Company is engaged in providing commercial, small business, consumer banking services, mortgage banking services, automobile financing, equipment leasing, investment management, trust services, brokerage services, customized insurance programs, and other financial products and services.