Huntington Bancshares Incorporated (HBAN) Lifted to “Outperform” at Sanford C. Bernstein
Huntington Bancshares Incorporated (NASDAQ:HBAN) was upgraded by analysts at Sanford C. Bernstein from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Thursday, The Fly reports.
HBAN has been the subject of a number of other research reports. Deutsche Bank AG restated a “buy” rating on shares of Huntington Bancshares in a research report on Monday, July 3rd. Royal Bank Of Canada restated a “buy” rating and set a $16.00 price objective on shares of Huntington Bancshares in a research report on Friday, September 8th. JMP Securities assumed coverage on Huntington Bancshares in a research report on Thursday, August 31st. They set an “outperform” rating and a $15.00 price objective for the company. BMO Capital Markets restated an “outperform” rating and set a $15.00 price objective (down previously from $16.00) on shares of Huntington Bancshares in a research report on Friday, July 21st. Finally, BidaskClub lowered Huntington Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. One analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $14.96.
Huntington Bancshares (NASDAQ HBAN) opened at 12.90 on Thursday. The stock has a market capitalization of $14.06 billion, a PE ratio of 17.87 and a beta of 1.37. The company’s 50-day moving average is $12.86 and its 200 day moving average is $13.15. Huntington Bancshares has a 12-month low of $9.52 and a 12-month high of $14.74.
Huntington Bancshares (NASDAQ:HBAN) last released its quarterly earnings data on Friday, July 21st. The bank reported $0.26 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the previous year, the firm posted $0.19 EPS. On average, analysts predict that Huntington Bancshares will post $0.92 EPS for the current year.
Huntington Bancshares declared that its board has approved a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $308.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 2.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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In related news, EVP Nicholas G. Stanutz sold 16,000 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 447,722 shares in the company, valued at $5,690,546.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard W. Neu bought 2,450 shares of Huntington Bancshares stock in a transaction that occurred on Friday, July 28th. The shares were acquired at an average price of $13.10 per share, with a total value of $32,095.00. Following the completion of the acquisition, the director now directly owns 184,596 shares of the company’s stock, valued at approximately $2,418,207.60. The disclosure for this purchase can be found here. 1.30% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Huntington Bancshares by 2.4% during the second quarter. Vanguard Group Inc. now owns 109,990,274 shares of the bank’s stock worth $1,487,068,000 after buying an additional 2,558,854 shares in the last quarter. FMR LLC boosted its holdings in Huntington Bancshares by 21.4% during the first quarter. FMR LLC now owns 98,004,607 shares of the bank’s stock worth $1,312,281,000 after buying an additional 17,263,771 shares in the last quarter. BlackRock Inc. boosted its holdings in Huntington Bancshares by 2,879.7% during the first quarter. BlackRock Inc. now owns 68,761,543 shares of the bank’s stock worth $920,719,000 after buying an additional 66,453,890 shares in the last quarter. Capital International Investors boosted its holdings in Huntington Bancshares by 22.6% during the second quarter. Capital International Investors now owns 43,919,215 shares of the bank’s stock worth $593,788,000 after buying an additional 8,101,400 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Huntington Bancshares by 6.5% during the first quarter. Wellington Management Group LLP now owns 18,405,607 shares of the bank’s stock worth $246,451,000 after buying an additional 1,121,927 shares in the last quarter. Hedge funds and other institutional investors own 74.16% 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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