Huntington Bancshares Incorporated (HBAN) Upgraded at Piper Jaffray Companies
Huntington Bancshares Incorporated (NASDAQ:HBAN) was upgraded by equities researchers at Piper Jaffray Companies from a “neutral” rating to an “overweight” rating in a research report issued on Friday, MarketBeat.com reports. The firm presently has a $15.00 target price on the bank’s stock, up from their previous target price of $14.00. Piper Jaffray Companies’ target price would suggest a potential upside of 17.92% from the stock’s current price.
HBAN has been the topic of a number of other reports. Deutsche Bank AG reissued a “buy” rating on shares of Huntington Bancshares in a research note on Monday, July 3rd. BMO Capital Markets reissued an “outperform” rating and issued a $15.00 price target (down from $16.00) on shares of Huntington Bancshares in a research note on Friday, July 21st. FBR & Co reissued a “mkt perform” rating and issued a $14.00 price target (down from $15.00) on shares of Huntington Bancshares in a research note on Thursday, April 20th. BidaskClub downgraded shares of Huntington Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Finally, Keefe, Bruyette & Woods set a $14.00 price target on shares of Huntington Bancshares and gave the company a “hold” rating in a research note on Saturday, June 24th. One analyst has rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $14.96.
Huntington Bancshares (NASDAQ:HBAN) traded down 0.70% during mid-day trading on Friday, reaching $12.72. 7,865,786 shares of the company were exchanged. The company has a market capitalization of $13.87 billion, a price-to-earnings ratio of 17.62 and a beta of 1.37. The company has a 50 day moving average of $13.36 and a 200-day moving average of $13.33. Huntington Bancshares has a 1-year low of $9.40 and a 1-year high of $14.74.
Huntington Bancshares (NASDAQ:HBAN) last issued its earnings results on Friday, July 21st. The bank reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. Huntington Bancshares had a net margin of 18.41% and a return on equity of 11.39%. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the previous year, the firm earned $0.19 earnings per share. On average, equities research analysts forecast that Huntington Bancshares will post $0.91 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 buyback $308.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 2.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.
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In other Huntington Bancshares news, EVP Andrew J. Harmening bought 15,490 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The shares were purchased at an average cost of $12.92 per share, with a total value of $200,130.80. Following the purchase, the executive vice president now directly owns 35,543 shares in the company, valued at $459,215.56. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Stephen D. Steinour purchased 50,000 shares of the stock in a transaction on Thursday, May 18th. The shares were purchased at an average price of $12.40 per share, with a total value of $620,000.00. Following the acquisition, the chief executive officer now directly owns 3,891,831 shares in the company, valued at $48,258,704.40. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 67,940 shares of company stock worth $852,226. 1.30% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of HBAN. BlackRock Inc. boosted its position in Huntington Bancshares by 2,879.7% in the first quarter. BlackRock Inc. now owns 68,761,543 shares of the bank’s stock valued at $920,719,000 after buying an additional 66,453,890 shares during the period. FMR LLC boosted its position in Huntington Bancshares by 21.4% in the first quarter. FMR LLC now owns 98,004,607 shares of the bank’s stock valued at $1,312,281,000 after buying an additional 17,263,771 shares during the period. Boston Partners boosted its position in Huntington Bancshares by 29.5% in the first quarter. Boston Partners now owns 34,218,873 shares of the bank’s stock valued at $458,191,000 after buying an additional 7,804,639 shares during the period. Vanguard Group Inc. boosted its position in Huntington Bancshares by 3.8% in the first quarter. Vanguard Group Inc. now owns 107,431,420 shares of the bank’s stock valued at $1,438,506,000 after buying an additional 3,937,628 shares during the period. Finally, TIAA CREF Investment Management LLC boosted its position in Huntington Bancshares by 69.0% in the first quarter. TIAA CREF Investment Management LLC now owns 9,632,505 shares of the bank’s stock valued at $128,979,000 after buying an additional 3,932,611 shares during the period. Institutional investors own 74.75% of the company’s stock.
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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