Huntington Bancshares’ (NASDAQ:HBAN) “Buy” Rating Reaffirmed at BMO Capital Markets
Huntington Bancshares Incorporated (NASDAQ:HBAN)‘s stock had its “buy” rating reiterated by equities research analysts at BMO Capital Markets in a research note issued on Friday. They currently have a $15.00 price target on the bank’s stock. BMO Capital Markets’ price objective would indicate a potential upside of 15.65% from the stock’s previous close.
Several other brokerages also recently commented on HBAN. BidaskClub upgraded shares of Huntington Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Instinet reiterated a “buy” rating and set a $16.00 price target (up from $15.00) on shares of Huntington Bancshares in a report on Wednesday, July 12th. Morgan Stanley cut their price target on shares of Huntington Bancshares from $14.00 to $13.75 and set an “equal weight” rating on the stock in a report on Tuesday, June 6th. Keefe, Bruyette & Woods set a $14.00 price target on shares of Huntington Bancshares and gave the company a “hold” rating in a report on Monday, April 3rd. Finally, Zacks Investment Research downgraded shares of Huntington Bancshares from a “buy” rating to a “hold” rating in a report on Wednesday, April 12th. Eleven research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $14.18.
Huntington Bancshares (HBAN) traded down 4.35% during mid-day trading on Friday, hitting $12.97. 22,572,749 shares of the stock were exchanged. The firm has a market capitalization of $14.10 billion, a price-to-earnings ratio of 19.24 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 company’s 50-day moving average price is $13.30 and its 200 day moving average price is $13.34.
Huntington Bancshares (NASDAQ:HBAN) last issued its quarterly earnings results on Friday, July 21st. The bank reported $0.26 EPS for the quarter, beating the consensus estimate of $0.23 by $0.03. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.07 billion. Huntington Bancshares had a net margin of 17.54% and a return on equity of 11.07%. During the same period in the prior year, the firm posted $0.19 EPS. Equities research analysts expect that Huntington Bancshares will post $0.93 EPS for the current year.
Huntington Bancshares announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $308.00 million in shares. This repurchase authorization allows the bank to buy up to 2.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In other Huntington Bancshares news, EVP Andrew J. Harmening purchased 15,490 shares of the stock in a transaction dated Monday, May 15th. The stock was purchased at an average price of $12.92 per share, with a total value of $200,130.80. Following the transaction, the executive vice president now owns 35,543 shares of the company’s stock, valued at $459,215.56. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Paul G. Heller sold 35,720 shares of the company’s stock in a transaction that occurred on Tuesday, May 9th. The stock was sold at an average price of $12.93, for a total transaction of $461,859.60. Following the completion of the sale, the executive vice president now directly owns 443,883 shares of the company’s stock, valued at approximately $5,739,407.19. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in HBAN. National Pension Service acquired a new stake in shares of Huntington Bancshares during the first quarter valued at $13,279,000. Suntrust Banks Inc. boosted its stake in shares of Huntington Bancshares by 101.8% in the first quarter. Suntrust Banks Inc. now owns 84,466 shares of the bank’s stock valued at $1,130,000 after buying an additional 42,612 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Huntington Bancshares by 33.7% in the first quarter. Canada Pension Plan Investment Board now owns 2,182,634 shares of the bank’s stock valued at $29,225,000 after buying an additional 549,800 shares during the last quarter. AT Bancorp acquired a new stake in shares of Huntington Bancshares during the first quarter valued at $1,243,000. Finally, Wellington Management Group LLP boosted its stake in shares of Huntington Bancshares by 6.5% in the first quarter. Wellington Management Group LLP now owns 18,405,607 shares of the bank’s stock valued at $246,451,000 after buying an additional 1,121,927 shares during the last quarter. 75.30% of the stock is owned by hedge funds and other institutional investors.
About Huntington Bancshares
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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