Huntington Bancshares (NASDAQ:HBAN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Shares of Huntington have outperformed the industry over the past six months. Yet, the company doesn’t have a decent earnings surprise history. It surpassed the Zacks Consensus Estimate in one of the trailing four quarters. Fourth-quarter 2017 results reflected Huntington’s robust organic growth, partially offset by higher expenses. With the Fed rate hikes, margin pressure for the company finally seems to be easing. Moreover, rising loans and deposits along with improved credit quality are tailwinds. Further, a lower corporate tax rate is likely to support financials. Also, the company's strong liquidity position keeps it well poised to expand through strategic initiatives, which will support profitability in the long run. However, increasing cost base continues to deter bottom-line growth. Also, unsustainable capital deployment activities keep us apprehensive.”
HBAN has been the topic of a number of other reports. ValuEngine lowered shares of Huntington Bancshares from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. BidaskClub upgraded shares of Huntington Bancshares from a “buy” rating to a “strong-buy” rating in a research report on Saturday. JPMorgan Chase & Co. boosted their price objective on shares of Huntington Bancshares from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Thursday, January 25th. Macquarie lowered shares of Huntington Bancshares from an “outperform” rating to a “neutral” rating and boosted their price objective for the stock from $16.04 to $16.50 in a research report on Wednesday, January 24th. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $15.50 price objective on shares of Huntington Bancshares in a research report on Tuesday, October 17th. Ten research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Huntington Bancshares presently has a consensus rating of “Buy” and an average price target of $16.75.
Huntington Bancshares (NASDAQ:HBAN) last posted its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.26 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.26. Huntington Bancshares had a net margin of 25.02% and a return on equity of 12.12%. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the prior year, the company posted $0.18 EPS. analysts forecast that Huntington Bancshares will post 1.2 EPS for the current year.
A number of large investors have recently added to or reduced their stakes in the business. Amalgamated Bank lifted its holdings in shares of Huntington Bancshares by 9.6% during the 4th quarter. Amalgamated Bank now owns 136,040 shares of the bank’s stock worth $1,981,000 after acquiring an additional 11,920 shares during the period. Mackenzie Financial Corp purchased a new position in shares of Huntington Bancshares during the 4th quarter worth about $20,189,000. Carnegie Capital Asset Management LLC lifted its holdings in shares of Huntington Bancshares by 11.1% during the 4th quarter. Carnegie Capital Asset Management LLC now owns 117,741 shares of the bank’s stock worth $1,841,000 after acquiring an additional 11,721 shares during the period. Hudson Bay Capital Management LP purchased a new position in shares of Huntington Bancshares during the 4th quarter worth about $5,194,000. Finally, Financial Counselors Inc. lifted its holdings in shares of Huntington Bancshares by 20.3% during the 4th quarter. Financial Counselors Inc. now owns 320,093 shares of the bank’s stock worth $4,661,000 after acquiring an additional 54,090 shares during the period. Institutional investors own 74.19% of the company’s stock.
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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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