Huntington Bancshares Inc. (HBAN) Upgraded by Zacks Investment Research to Hold
Huntington Bancshares Inc. (NASDAQ:HBAN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Huntington’s estimates have been stable lately ahead of the company’s third-quarter 2016 earnings release. The company remains well poised for organic growth driven by consistent growth in loan and deposit balances. Its robust liquidity position aids in undertaking acquisitions,. Notably, management expects the acquisition of FirstMerit Corp. which was completed in August to be accretive to Huntington’s earnings next year. Additionally, improvement in credit metrics should enhance its business performance. However, the low rate environment has taken a toll on the bank’s net interest margin (NIM) which will continue to remain under pressure if there is no rise in interest rates. Also, rising costs continue to hurt bottom-line growth. Moreover, the stringent regulations across the finance sector limit the company’s business opportunities.”
Several other equities analysts have also weighed in on HBAN. Nomura reaffirmed a “hold” rating on shares of Huntington Bancshares in a research report on Saturday, July 9th. Barclays PLC reaffirmed a “hold” rating on shares of Huntington Bancshares in a research report on Saturday, July 9th. Deutsche Bank AG reaffirmed a “hold” rating and set a $10.50 price objective on shares of Huntington Bancshares in a research report on Monday, June 27th. JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $10.50 price objective on shares of Huntington Bancshares in a research report on Thursday, June 9th. Finally, Vetr raised shares of Huntington Bancshares from a “buy” rating to a “strong-buy” rating and set a $11.62 price objective on the stock in a research report on Wednesday, June 8th. Fourteen equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Huntington Bancshares has an average rating of “Hold” and an average price target of $11.08.
Huntington Bancshares (NASDAQ:HBAN) traded up 0.71% during mid-day trading on Tuesday, reaching $9.87. 6,348,809 shares of the company traded hands. The stock has a 50 day moving average price of $9.77 and a 200-day moving average price of $9.67. Huntington Bancshares has a 52-week low of $7.83 and a 52-week high of $11.87. The company has a market capitalization of $7.89 billion, a P/E ratio of 12.65 and a beta of 1.13.
Huntington Bancshares (NASDAQ:HBAN) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.21 by $0.02. Huntington Bancshares had a net margin of 20.85% and a return on equity of 11.07%. During the same quarter in the prior year, the business posted $0.23 EPS. Analysts expect that Huntington Bancshares will post $0.82 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Monday, September 19th were issued a dividend of $0.07 per share. The ex-dividend date was Thursday, September 15th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.86%. Huntington Bancshares’s payout ratio is presently 35.90%.
In related news, EVP Nicholas G. Stanutz sold 35,350 shares of Huntington Bancshares stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $9.64, for a total value of $340,774.00. Following the completion of the transaction, the executive vice president now directly owns 434,650 shares of the company’s stock, valued at $4,190,026. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David S. Anderson sold 9,006 shares of Huntington Bancshares stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $9.82, for a total value of $88,438.92. Following the completion of the transaction, the executive vice president now directly owns 110,233 shares of the company’s stock, valued at $1,082,488.06. The disclosure for this sale can be found here. Company insiders own 1.65% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in HBAN. Brown Advisory Securities LLC boosted its position in Huntington Bancshares by 2.1% in the second quarter. Brown Advisory Securities LLC now owns 11,106 shares of the company’s stock worth $101,000 after buying an additional 229 shares in the last quarter. Aspiriant LLC acquired a new position in Huntington Bancshares during the second quarter worth about $102,000. Aspen Investment Management Inc acquired a new position in Huntington Bancshares during the second quarter worth about $102,000. Fishman Jay A Ltd. MI boosted its position in Huntington Bancshares by 8.3% in the second quarter. Fishman Jay A Ltd. MI now owns 13,000 shares of the company’s stock worth $116,000 after buying an additional 1,000 shares in the last quarter. Finally, Tredje AP fonden acquired a new position in Huntington Bancshares during the second quarter worth about $118,000. 75.73% of the stock is owned by institutional investors and hedge funds.
Huntington Bancshares Company Profile
Huntington Bancshares Incorporated is a diversified regional bank holding company. Through its subsidiaries, including its bank subsidiary, The Huntington National Bank (the Bank), the Company is engaged in providing commercial, small business, consumer banking services, mortgage banking services, automobile financing, equipment leasing, investment management, trust services, brokerage services, customized insurance programs, and other financial products and services.
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