Huntington Bancshares Incorporated (NASDAQ:HBAN) Issues Quarterly Earnings Results
Huntington Bancshares Incorporated (NASDAQ:HBAN) posted its quarterly earnings data on Friday. The bank reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.03, Bloomberg Earnings reports. Huntington Bancshares had a return on equity of 11.07% and a net margin of 17.54%. During the same quarter in the previous year, the business posted $0.19 EPS.
Huntington Bancshares (NASDAQ HBAN) traded down 3.61% during mid-day trading on Friday, hitting $13.07. The company had a trading volume of 8,460,452 shares. The firm’s 50 day moving average is $13.30 and its 200 day moving average is $13.34. The company has a market capitalization of $14.21 billion, a price-to-earnings ratio of 19.39 and a beta of 1.37. Huntington Bancshares has a 52 week low of $9.10 and a 52 week high of $14.74.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Monday, September 18th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.36%. Huntington Bancshares’s payout ratio is 49.23%.
HBAN has been the topic of several recent research reports. BidaskClub upgraded Huntington Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. BMO Capital Markets reiterated a “buy” rating and set a $16.00 price objective on shares of Huntington Bancshares in a research report on Friday, June 9th. Instinet reiterated a “buy” rating and set a $16.00 price objective (up previously from $15.00) on shares of Huntington Bancshares in a research report on Wednesday, July 12th. Morgan Stanley lowered their price objective on Huntington Bancshares from $14.00 to $13.75 and set an “equal weight” rating on the stock in a research report on Tuesday, June 6th. Finally, Keefe, Bruyette & Woods set a $14.00 price objective on Huntington Bancshares and gave the stock a “hold” rating in a research report on Monday, April 3rd. Eleven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $14.23.
In other Huntington Bancshares news, CEO Stephen D. Steinour purchased 50,000 shares of the firm’s stock in a transaction on Thursday, May 18th. The shares were acquired at an average cost of $12.40 per share, with a total value of $620,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 3,891,831 shares in the company, valued at $48,258,704.40. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Paul G. Heller sold 35,720 shares of the firm’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $12.93, for a total value of $461,859.60. Following the sale, the executive vice president now directly owns 443,883 shares in the company, valued at $5,739,407.19. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of the stock. Formidable Asset Management LLC boosted its stake in Huntington Bancshares by 0.6% in the first quarter. Formidable Asset Management LLC now owns 16,520 shares of the bank’s stock worth $216,000 after buying an additional 100 shares in the last quarter. Cleararc Capital Inc. boosted its stake in Huntington Bancshares by 0.7% in the first quarter. Cleararc Capital Inc. now owns 26,527 shares of the bank’s stock worth $355,000 after buying an additional 176 shares in the last quarter. North Star Asset Management Inc. boosted its stake in Huntington Bancshares by 1.6% in the first quarter. North Star Asset Management Inc. now owns 12,656 shares of the bank’s stock worth $169,000 after buying an additional 200 shares in the last quarter. OLD National Bancorp IN boosted its stake in Huntington Bancshares by 1.2% in the second quarter. OLD National Bancorp IN now owns 19,152 shares of the bank’s stock worth $259,000 after buying an additional 220 shares in the last quarter. Finally, National Asset Management Inc. boosted its stake in Huntington Bancshares by 2.4% in the first quarter. National Asset Management Inc. now owns 13,911 shares of the bank’s stock worth $187,000 after buying an additional 326 shares in the last quarter. 75.30% of the stock is currently owned by institutional investors and hedge funds.
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Huntington Bancshares announced that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $308.00 million in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 2.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
Huntington Bancshares Company Profile
Huntington Bancshares Incorporated (Huntington) is a bank holding company. Through its subsidiaries, including its bank subsidiary, The Huntington National Bank (the Bank), the Company provides commercial and consumer banking services, mortgage banking services, automobile financing, recreational vehicle and marine financing, equipment leasing, investment management, trust services, brokerage services, insurance programs, and other financial products and services.
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