$1.09 Billion in Sales Expected for Huntington Bancshares Incorporated (NASDAQ:HBAN) This Quarter
Equities research analysts expect Huntington Bancshares Incorporated (NASDAQ:HBAN) to report sales of $1.09 billion for the current quarter, Zacks reports. Six analysts have issued estimates for Huntington Bancshares’ earnings, with the highest sales estimate coming in at $1.11 billion and the lowest estimate coming in at $1.08 billion. Huntington Bancshares posted sales of $927.81 million in the same quarter last year, which suggests a positive year-over-year growth rate of 17.5%. The business is scheduled to issue its next quarterly earnings results on Wednesday, October 25th.
According to Zacks, analysts expect that Huntington Bancshares will report full year sales of $1.09 billion for the current financial year, with estimates ranging from $4.30 billion to $4.36 billion. For the next year, analysts anticipate that the business will post sales of $4.55 billion per share, with estimates ranging from $4.44 billion to $4.66 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Huntington Bancshares.
Huntington Bancshares (NASDAQ:HBAN) last issued its quarterly earnings data on Friday, July 21st. The bank reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.03. Huntington Bancshares had a return on equity of 11.39% and a net margin of 18.41%. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period last year, the company earned $0.19 earnings per share.
Several equities research analysts recently weighed in on the company. BidaskClub cut Huntington Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Royal Bank Of Canada restated a “buy” rating and set a $16.00 target price on shares of Huntington Bancshares in a report on Thursday, July 27th. Hilliard Lyons upgraded Huntington Bancshares from a “neutral” rating to a “buy” rating and increased their target price for the company from $14.00 to $15.00 in a report on Monday, July 24th. BMO Capital Markets restated an “outperform” rating and set a $15.00 target price (down from $16.00) on shares of Huntington Bancshares in a report on Friday, July 21st. Finally, Instinet reaffirmed a “buy” rating and set a $16.00 price target (up previously from $15.00) on shares of Huntington Bancshares in a research report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company. Huntington Bancshares presently has a consensus rating of “Buy” and an average target price of $14.90.
In other news, EVP Andrew J. Harmening bought 15,490 shares of the firm’s 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Stephen D. Steinour bought 50,000 shares of the firm’s stock in a transaction dated Thursday, May 18th. The stock was purchased at an average cost of $12.40 per share, with a total value of $620,000.00. Following the transaction, the chief executive officer now directly owns 3,891,831 shares in the company, valued at approximately $48,258,704.40. The disclosure for this purchase can be found here. Insiders bought a total of 67,940 shares of company stock valued at $852,226 in the last three months. Corporate insiders own 1.30% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in HBAN. City Holding Co. raised its position in shares of Huntington Bancshares by 17.5% in the first quarter. City Holding Co. now owns 8,057 shares of the bank’s stock valued at $108,000 after buying an additional 1,200 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its stake in Huntington Bancshares by 371.0% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 9,548 shares of the bank’s stock valued at $128,000 after buying an additional 7,521 shares during the last quarter. Moody Lynn & Lieberson LLC bought a new stake in Huntington Bancshares during the first quarter valued at $134,000. Chicago Partners Investment Group LLC bought a new stake in Huntington Bancshares during the second quarter valued at $134,000. Finally, YG Partners LLC bought a new stake in Huntington Bancshares during the first quarter valued at $2,039,000. 74.75% of the stock is owned by hedge funds and other institutional investors.
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Huntington Bancshares (NASDAQ:HBAN) opened at 13.30 on Monday. The stock’s 50 day moving average price is $13.38 and its 200-day moving average price is $13.33. The company has a market capitalization of $14.50 billion, a P/E ratio of 18.42 and a beta of 1.37. Huntington Bancshares has a 12 month low of $9.38 and a 12 month high of $14.74.
Huntington Bancshares declared that its Board of Directors has initiated a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $308.00 million in shares. This repurchase authorization permits the bank to buy up to 2.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 18th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend is Friday, September 15th. Huntington Bancshares’s dividend payout ratio is currently 46.38%.
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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