BMO Capital Markets reissued their outperform rating on shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) in a research report released on Friday, July 21st. The brokerage currently has a $15.00 price objective on the bank’s stock, down from their previous price objective of $16.00.
Several other analysts have also weighed in on the company. Deutsche Bank AG reaffirmed a buy rating on shares of Huntington Bancshares in a research note on Monday, July 3rd. DA Davidson started coverage on Huntington Bancshares in a research note on Thursday, March 23rd. They set a buy rating and a $16.50 price target on the stock. BidaskClub lowered Huntington Bancshares from a hold rating to a sell rating in a research note on Tuesday, June 27th. Piper Jaffray Companies reissued a neutral rating and set a $14.00 price target (down from $14.50) on shares of Huntington Bancshares in a research note on Saturday, April 22nd. Finally, Zacks Investment Research raised Huntington Bancshares from a hold rating to a buy rating and set a $15.00 price objective on the stock in a research note on Tuesday, April 11th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. The company has an average rating of Buy and an average target price of $14.90.
Huntington Bancshares (HBAN) opened at 12.81 on Friday. Huntington Bancshares has a 52 week low of $9.40 and a 52 week high of $14.74. The company’s 50 day moving average is $13.37 and its 200 day moving average is $13.33. The stock has a market cap of $13.96 billion, a P/E ratio of 17.74 and a beta of 1.37.
Huntington Bancshares (NASDAQ:HBAN) last released its quarterly earnings data on Friday, July 21st. The bank reported $0.26 earnings per share for the quarter, beating the 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 return on equity of 11.39% and a net margin of 18.41%. During the same period last year, the firm posted $0.19 earnings per share. Equities analysts predict that Huntington Bancshares will post $0.91 earnings per share for the current year.
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Huntington Bancshares declared that its board has authorized a stock buyback program on Wednesday, June 28th that allows the company to repurchase $308.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 2.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Monday, September 18th will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, September 15th. This represents a $0.32 annualized dividend and a yield of 2.50%. Huntington Bancshares’s dividend payout ratio is currently 46.38%.
In other news, CEO Stephen D. Steinour purchased 50,000 shares of the company’s stock in a transaction dated Thursday, May 18th. The shares were purchased at an average price of $12.40 per share, with a total value of $620,000.00. Following 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 purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Andrew J. Harmening purchased 15,490 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were purchased at an average cost of $12.92 per share, for a total transaction of $200,130.80. Following the transaction, the executive vice president now directly owns 35,543 shares in the company, valued at $459,215.56. The disclosure for this purchase can be found here. In the last three months, insiders acquired 67,940 shares of company stock worth $852,226. Insiders own 1.30% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. City Holding Co. boosted its position in shares of 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. boosted its position 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 worth $128,000 after buying an additional 7,521 shares in the last quarter. Moody Lynn & Lieberson LLC bought a new stake in Huntington Bancshares during the first quarter worth about $134,000. Chicago Partners Investment Group LLC bought a new stake in Huntington Bancshares during the second quarter worth about $134,000. Finally, YG Partners LLC bought a new stake in Huntington Bancshares during the first quarter worth about $2,039,000. 74.75% of the stock is currently owned by hedge funds and other institutional investors.
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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