Huntington Bancshares Incorporated (HBAN) Rating Reiterated by Royal Bank Of Canada
Huntington Bancshares Incorporated (NASDAQ:HBAN)‘s stock had its “buy” rating reaffirmed by research analysts at Royal Bank Of Canada in a research report issued on Friday. They presently have a $16.00 price target on the bank’s stock. Royal Bank Of Canada’s target price would suggest a potential upside of 29.87% from the company’s previous close.
Other analysts have also issued research reports about the stock. Hilliard Lyons raised shares of Huntington Bancshares from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $14.00 to $15.00 in a research report on Monday, July 24th. BMO Capital Markets reissued a “buy” rating and issued a $16.00 price objective on shares of Huntington Bancshares in a research report on Friday, June 9th. Deutsche Bank AG reissued a “buy” rating on shares of Huntington Bancshares in a research report on Monday, July 3rd. Instinet reissued a “buy” rating and issued a $16.00 price objective (up previously from $15.00) on shares of Huntington Bancshares in a research report on Wednesday, July 12th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $14.25 price objective (up previously from $13.75) on shares of Huntington Bancshares in a research report on Friday, July 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $14.96.
Huntington Bancshares (HBAN) opened at 12.32 on Friday. The firm has a market cap of $13.43 billion, a price-to-earnings ratio of 17.06 and a beta of 1.37. Huntington Bancshares has a 52 week low of $9.52 and a 52 week high of $14.74. The stock’s 50 day moving average is $12.89 and its 200 day moving average is $13.18.
Huntington Bancshares (NASDAQ:HBAN) last announced its quarterly earnings data on Friday, July 21st. The bank reported $0.26 EPS for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.03. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. Huntington Bancshares had a net margin of 18.41% and a return on equity of 11.39%. During the same quarter in the previous year, the firm posted $0.19 earnings per share. Equities research analysts expect that Huntington Bancshares will post $0.92 EPS for the current year.
Huntington Bancshares declared that its board has approved a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $308.00 million in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 2.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.
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In related news, Director Richard W. Neu acquired 2,450 shares of the firm’s stock in a transaction on Friday, July 28th. The shares were purchased at an average cost of $13.10 per share, for a total transaction of $32,095.00. Following the completion of the acquisition, the director now directly owns 184,596 shares in the company, valued at $2,418,207.60. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, EVP Nicholas G. Stanutz sold 16,000 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $12.71, for a total transaction of $203,360.00. Following the completion of the transaction, the executive vice president now owns 447,722 shares in the company, valued at $5,690,546.62. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in HBAN. Sun Life Financial INC increased its holdings in shares of Huntington Bancshares by 99,812.5% in the second quarter. Sun Life Financial INC now owns 7,993 shares of the bank’s stock valued at $108,000 after purchasing an additional 7,985 shares during the last quarter. Bronfman E.L. Rothschild L.P. grew its stake in shares of 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 acquiring an additional 7,521 shares in the last quarter. Chicago Partners Investment Group LLC acquired a new position in shares of Huntington Bancshares in the second quarter valued at about $134,000. Verition Fund Management LLC acquired a new position in shares of Huntington Bancshares in the second quarter valued at about $139,000. Finally, Hartland & Co. LLC acquired a new position in shares of Huntington Bancshares in the first quarter valued at about $141,000. Hedge funds and other institutional investors own 74.16% of the company’s stock.
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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