Huntington Bancshares Incorporated (HBAN) Upgraded to Buy at Hilliard Lyons

Hilliard Lyons upgraded shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) from a neutral rating to a buy rating in a research report sent to investors on Monday morning. Hilliard Lyons currently has $15.00 price target on the bank’s stock, up from their previous price target of $14.00.

Several other research analysts have also recently weighed in on the stock. Deutsche Bank AG reiterated a buy rating on shares of Huntington Bancshares in a report on Monday, July 3rd. Piper Jaffray Companies reiterated a neutral rating and issued a $14.00 price target (down previously from $14.50) on shares of Huntington Bancshares in a report on Saturday, April 22nd. BidaskClub cut shares of Huntington Bancshares from a hold rating to a sell rating in a report on Tuesday, June 27th. Zacks Investment Research upgraded shares of Huntington Bancshares from a hold rating to a buy rating and set a $15.00 price target for the company in a report on Tuesday, April 11th. Finally, Keefe, Bruyette & Woods set a $14.00 target price on shares of Huntington Bancshares and gave the stock a hold rating in a report on Monday, April 3rd. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $14.83.

Shares of Huntington Bancshares (NASDAQ:HBAN) traded up 1.29% during midday trading on Monday, hitting $13.36. 8,391,167 shares of the company’s stock were exchanged. Huntington Bancshares has a 52 week low of $9.10 and a 52 week high of $14.74. The company has a 50-day moving average of $13.30 and a 200-day moving average of $13.34. The firm has a market cap of $14.56 billion, a price-to-earnings ratio of 18.50 and a beta of 1.37.

Huntington Bancshares (NASDAQ:HBAN) last released its quarterly earnings results on Friday, July 21st. The bank reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.03. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations 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 prior year, the company earned $0.19 earnings per share. Equities research analysts expect that Huntington Bancshares will post $0.92 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 18th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Friday, September 15th. Huntington Bancshares’s payout ratio is presently 46.38%.

Huntington Bancshares declared that its Board of Directors has authorized 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

In related news, EVP Andrew J. Harmening acquired 15,490 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were bought at an average cost of $12.92 per share, with a total value of $200,130.80. Following the completion of the transaction, the executive vice president now directly owns 35,543 shares of the company’s stock, valued at $459,215.56. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Stephen D. Steinour acquired 50,000 shares of the company’s stock in a transaction dated Thursday, May 18th. The stock was bought at an average cost of $12.40 per share, for a total transaction of $620,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,891,831 shares of the company’s stock, valued at $48,258,704.40. The disclosure for this purchase can be found here. 1.30% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in HBAN. City Holding Co. raised its position in Huntington Bancshares by 17.5% in the first quarter. City Holding Co. now owns 8,057 shares of the bank’s stock worth $108,000 after buying an additional 1,200 shares in the last quarter. Bronfman E.L. Rothschild L.P. raised its position in 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 worth $128,000 after buying an additional 7,521 shares in the last quarter. Moody Lynn & Lieberson LLC acquired a new position in Huntington Bancshares during the first quarter worth approximately $134,000. Sigma Planning Corp acquired a new position in Huntington Bancshares during the first quarter worth approximately $137,000. Finally, Affinity Wealth Management acquired a new position in Huntington Bancshares during the first quarter worth approximately $141,000. 75.51% of the stock is currently owned by institutional investors and hedge funds.

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.