Huntington Bancshares Inc. (HBAN) Lowered to “Sell” at Zacks Investment Research
Huntington Bancshares Inc. (NASDAQ:HBAN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “Huntington’s profitability growth remains challenged by several issues including escalating costs. Further, 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. Additionally, the stringent regulations across the finance sector limit the company’s growth opportunities. However, the company continues to benefit from growing loans and deposits balances. Notably, the acquisition of FirstMerit Corp. is expected to be accretive to Huntington’s earnings per share next year.”
A number of other analysts also recently commented on HBAN. Robert W. Baird downgraded Huntington Bancshares from an “outperform” rating to a “neutral” rating and set a $12.00 price objective on the stock. in a research note on Thursday, May 26th. Deutsche Bank AG reissued a “hold” rating on shares of Huntington Bancshares in a research note on Thursday, June 2nd. Vetr raised Huntington Bancshares from a “buy” rating to a “strong-buy” rating and set a $11.62 price objective on the stock in a research note on Wednesday, June 8th. JPMorgan Chase & Co. reissued a “hold” rating and issued a $10.50 price objective on shares of Huntington Bancshares in a research note on Thursday, June 9th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $11.00 price objective on shares of Huntington Bancshares in a research note on Wednesday, July 6th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $11.08.
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Shares of Huntington Bancshares (NASDAQ:HBAN) remained flat at $9.71 during mid-day trading on Wednesday. The stock had a trading volume of 4,228,224 shares. Huntington Bancshares has a 12-month low of $7.83 and a 12-month high of $11.87. The firm’s 50-day moving average price is $9.70 and its 200 day moving average price is $9.66. The firm has a market capitalization of $7.76 billion, a P/E ratio of 12.45 and a beta of 1.07.
Huntington Bancshares (NASDAQ:HBAN) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.19 EPS for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.02. Huntington Bancshares had a return on equity of 11.07% and a net margin of 20.85%. During the same period in the prior year, the company posted $0.23 earnings per share. On average, analysts forecast that Huntington Bancshares will post $0.82 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Monday, September 19th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $0.28 annualized dividend and a dividend yield of 2.88%. Huntington Bancshares’s dividend payout ratio (DPR) is presently 35.90%.
In other news, EVP David S. Anderson sold 9,006 shares of the company’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $9.82, for a total transaction of $88,438.92. Following the completion of the sale, the executive vice president now owns 110,233 shares in the company, valued at approximately $1,082,488.06. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Nicholas G. Stanutz sold 35,350 shares of the company’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $9.64, for a total value of $340,774.00. Following the sale, the executive vice president now owns 434,650 shares of the company’s stock, valued at approximately $4,190,026. The disclosure for this sale can be found here. Insiders own 1.65% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Prudential Financial Inc. boosted its position in Huntington Bancshares by 7.6% in the first quarter. Prudential Financial Inc. now owns 3,348,869 shares of the company’s stock valued at $31,949,000 after buying an additional 235,700 shares in the last quarter. Stratos Wealth Partners LTD. boosted its position in Huntington Bancshares by 6.6% in the first quarter. Stratos Wealth Partners LTD. now owns 83,489 shares of the company’s stock valued at $796,000 after buying an additional 5,157 shares in the last quarter. Ngam Advisors L.P. boosted its position in Huntington Bancshares by 180.7% in the first quarter. Ngam Advisors L.P. now owns 144,505 shares of the company’s stock valued at $1,379,000 after buying an additional 93,023 shares in the last quarter. Pacad Investment Ltd. boosted its position in Huntington Bancshares by 544.3% in the first quarter. Pacad Investment Ltd. now owns 262,223 shares of the company’s stock valued at $2,502,000 after buying an additional 221,523 shares in the last quarter. Finally, IFP Advisors Inc boosted its position in Huntington Bancshares by 51.2% in the first quarter. IFP Advisors Inc now owns 30,752 shares of the company’s stock valued at $293,000 after buying an additional 10,418 shares in the last quarter. Institutional investors 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.
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