Huntington Bancshares Incorporated (NASDAQ:HBAN) Rating Reiterated by Morgan Stanley
Huntington Bancshares Incorporated (NASDAQ:HBAN)‘s stock had its “equal weight” rating reissued by investment analysts at Morgan Stanley in a research note issued to investors on Friday, July 7th. They presently have a $14.25 price target on the bank’s stock, up from their previous price target of $13.75. Morgan Stanley’s price objective suggests a potential upside of 7.30% from the company’s current price.
HBAN has been the subject of a number of other reports. Piper Jaffray Companies reiterated a “neutral” rating and issued a $14.00 target price (down from $14.50) on shares of Huntington Bancshares in a research note on Saturday, April 22nd. Deutsche Bank AG reiterated a “buy” rating on shares of Huntington Bancshares in a research note on Monday, July 3rd. Zacks Investment Research upgraded shares of Huntington Bancshares from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research note on Tuesday, April 11th. Jefferies Group LLC upgraded shares of Huntington Bancshares from a “hold” rating to a “buy” rating and lifted their target price for the stock from $14.00 to $16.00 in a research note on Monday, April 3rd. Finally, FBR & Co reiterated a “mkt perform” rating and issued a $14.00 target price (down from $15.00) on shares of Huntington Bancshares in a research note on Thursday, April 20th. One investment 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 a consensus rating of “Buy” and an average target price of $14.90.
Huntington Bancshares (NASDAQ HBAN) traded down 0.15% during midday trading on Friday, hitting $13.28. 5,433,966 shares of the company were exchanged. The firm has a market capitalization of $14.48 billion, a PE ratio of 18.39 and a beta of 1.37. The stock has a 50 day moving average of $13.38 and a 200 day moving average of $13.33. Huntington Bancshares has a 1-year low of $9.38 and a 1-year high of $14.74.
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 analysts’ consensus estimates of $0.23 by $0.03. Huntington Bancshares had a net margin of 18.41% and a return on equity of 11.39%. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same period last year, the business earned $0.19 EPS. On average, equities analysts predict that Huntington Bancshares will post $0.91 earnings per share for the current fiscal year.
Huntington Bancshares announced that its Board of Directors has initiated a stock repurchase program on Wednesday, June 28th that allows the company to buyback $308.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 2.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
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In other news, EVP Paul G. Heller sold 35,720 shares of the business’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $12.93, for a total transaction of $461,859.60. Following the transaction, the executive vice president now owns 443,883 shares of the company’s stock, valued at approximately $5,739,407.19. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Andrew J. Harmening purchased 15,490 shares of the 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 owns 35,543 shares in the company, valued at approximately $459,215.56. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 67,940 shares of company stock worth $852,226. 1.30% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Lincoln National Corp raised its stake in shares of Huntington Bancshares by 0.6% in the second quarter. Lincoln National Corp now owns 14,350 shares of the bank’s stock valued at $194,000 after buying an additional 84 shares during the period. Formidable Asset Management LLC raised its stake in shares of Huntington Bancshares by 0.6% in the first quarter. Formidable Asset Management LLC now owns 16,520 shares of the bank’s stock worth $216,000 after buying an additional 100 shares during the period. Cleararc Capital Inc. raised its stake in shares of Huntington Bancshares by 0.7% in the first quarter. Cleararc Capital Inc. now owns 26,527 shares of the bank’s stock worth $355,000 after buying an additional 176 shares during the period. Janney Capital Management LLC raised its stake in shares of Huntington Bancshares by 0.6% in the second quarter. Janney Capital Management LLC now owns 29,185 shares of the bank’s stock worth $394,000 after buying an additional 179 shares during the period. Finally, North Star Asset Management Inc. raised its stake in shares of Huntington Bancshares by 1.6% in the first quarter. North Star Asset Management Inc. now owns 12,656 shares of the bank’s stock worth $169,000 after buying an additional 200 shares during the period. Hedge funds and other institutional investors own 74.75% of the company’s stock.
Huntington Bancshares Company Profile
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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