Wolfe Research Issues Pessimistic Forecast for Huntington Bancshares (NASDAQ:HBAN) Stock Price

Huntington Bancshares (NASDAQ:HBAN) had its price objective cut by equities researchers at Wolfe Research from $21.00 to $19.00 in a research note issued on Wednesday,MarketScreener reports. The brokerage currently has an “outperform” rating on the bank’s stock. Wolfe Research’s price target would suggest a potential upside of 20.33% from the company’s previous close.

Several other brokerages have also recently weighed in on HBAN. Stephens lifted their price target on Huntington Bancshares from $19.00 to $20.00 and gave the company an “equal weight” rating in a research report on Thursday, December 18th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Huntington Bancshares in a report on Thursday, January 22nd. Truist Financial lowered their price target on shares of Huntington Bancshares from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Friday, March 13th. Zacks Research cut shares of Huntington Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Finally, Morgan Stanley lowered their target price on shares of Huntington Bancshares from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Huntington Bancshares presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.43.

Huntington Bancshares Price Performance

NASDAQ HBAN opened at $15.79 on Wednesday. The firm’s 50-day simple moving average is $16.78 and its two-hundred day simple moving average is $16.81. Huntington Bancshares has a 52 week low of $11.91 and a 52 week high of $19.45. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.80. The company has a market cap of $32.17 billion, a PE ratio of 11.36, a price-to-earnings-growth ratio of 0.64 and a beta of 0.95.

Huntington Bancshares (NASDAQ:HBAN) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.03). Huntington Bancshares had a net margin of 17.71% and a return on equity of 11.98%. The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $2.21 billion. During the same quarter in the previous year, the company posted $0.34 earnings per share. Research analysts predict that Huntington Bancshares will post 1.39 earnings per share for the current year.

Insider Activity at Huntington Bancshares

In other Huntington Bancshares news, Director Gary Torgow acquired 14,200 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The shares were bought at an average cost of $17.81 per share, with a total value of $252,902.00. Following the completion of the transaction, the director directly owned 943,341 shares of the company’s stock, valued at approximately $16,800,903.21. This represents a 1.53% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Scott D. Kleinman sold 65,530 shares of the firm’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $15.28, for a total transaction of $1,001,298.40. Following the sale, the vice president directly owned 481,676 shares in the company, valued at approximately $7,360,009.28. The trade was a 11.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders bought 27,700 shares of company stock worth $540,401 and sold 108,986 shares worth $1,785,958. 0.67% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its holdings in Huntington Bancshares by 4,265.5% in the fourth quarter. Wellington Management Group LLP now owns 70,083,841 shares of the bank’s stock worth $1,215,955,000 after purchasing an additional 68,478,435 shares during the last quarter. Norges Bank purchased a new stake in Huntington Bancshares during the 4th quarter valued at $432,584,000. Vanguard Group Inc. lifted its holdings in shares of Huntington Bancshares by 8.1% during the 4th quarter. Vanguard Group Inc. now owns 191,319,041 shares of the bank’s stock valued at $3,319,385,000 after buying an additional 14,338,222 shares during the period. Junto Capital Management LP purchased a new position in shares of Huntington Bancshares in the 3rd quarter worth $85,690,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Huntington Bancshares by 15.7% in the 3rd quarter. Victory Capital Management Inc. now owns 34,230,988 shares of the bank’s stock worth $594,054,000 after buying an additional 4,640,302 shares during the last quarter. Institutional investors own 80.72% of the company’s stock.

Huntington Bancshares Company Profile

Huntington Bancshares Incorporated (NASDAQ: HBAN) is a bank holding company headquartered in Columbus, Ohio, that provides a broad range of banking and financial services through its principal subsidiary, Huntington National Bank. The company’s operations are centered on retail and commercial banking, and it serves individual consumers, small and middle-market businesses, and institutional customers.

Huntington’s product offerings include traditional deposit and lending products, consumer and commercial loans, mortgage origination and servicing, auto financing, and business banking solutions.