Huntington Bancshares Incorporated (HBAN) Stock Rating Upgraded by Piper Jaffray Companies
Huntington Bancshares Incorporated (NASDAQ:HBAN) was upgraded by investment analysts at Piper Jaffray Companies from a “neutral” rating to an “overweight” rating in a note issued to investors on Friday, The Fly reports.
A number of other research analysts have also recently commented on HBAN. FBR & Co restated a “mkt perform” rating and issued a $14.00 price target (down from $15.00) on shares of Huntington Bancshares in a report on Thursday, April 20th. BMO Capital Markets restated a “buy” rating and issued a $16.00 price target on shares of Huntington Bancshares in a report on Friday, April 28th. Morgan Stanley cut their price target on shares of Huntington Bancshares from $14.00 to $13.75 and set an “equal weight” rating on the stock in a report on Tuesday, June 6th. BidaskClub upgraded shares of Huntington Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Finally, Keefe, Bruyette & Woods set a $14.00 price target on shares of Huntington Bancshares and gave the stock a “hold” rating in a report on Saturday, June 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company. Huntington Bancshares presently has an average rating of “Buy” and an average target price of $14.90.
Shares of Huntington Bancshares (NASDAQ: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 stock’s 50 day moving average is $13.37 and its 200-day moving average is $13.33. The company has a market cap of $13.96 billion, a price-to-earnings ratio of 17.74 and a beta of 1.37.
Huntington Bancshares (NASDAQ:HBAN) last posted its quarterly earnings results on Friday, July 21st. The bank reported $0.26 EPS for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.03. The firm had revenue of $1.07 billion for 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 period in the prior year, the business posted $0.19 earnings per share. On average, equities analysts anticipate that Huntington Bancshares will post $0.91 earnings per share for the current year.
Huntington Bancshares announced that its board has approved a stock buyback plan on Wednesday, June 28th that permits the company to buyback $308.00 million in shares. This buyback authorization permits the bank to purchase up to 2.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
In other news, CEO Stephen D. Steinour purchased 50,000 shares of the firm’s stock in a transaction on Thursday, May 18th. The stock was acquired at an average cost of $12.40 per share, with a total value of $620,000.00. Following the completion of the transaction, the chief executive officer now owns 3,891,831 shares in the company, valued at approximately $48,258,704.40. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Andrew J. Harmening purchased 15,490 shares of the firm’s stock in a transaction on Monday, May 15th. The shares were purchased 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 owns 35,543 shares of the company’s stock, valued at approximately $459,215.56. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 67,940 shares of company stock valued at $852,226. Insiders own 1.30% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. City Holding Co. raised its stake in Huntington Bancshares by 17.5% in the first quarter. City Holding Co. now owns 8,057 shares of the bank’s stock valued at $108,000 after buying an additional 1,200 shares during the last quarter. Bronfman E.L. Rothschild L.P. raised its stake 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 valued at $128,000 after buying an additional 7,521 shares during the last quarter. Moody Lynn & Lieberson LLC purchased a new stake in Huntington Bancshares during the first quarter valued at approximately $134,000. Chicago Partners Investment Group LLC purchased a new stake in Huntington Bancshares during the second quarter valued at approximately $134,000. Finally, Sigma Planning Corp purchased a new stake in Huntington Bancshares during the first quarter valued at approximately $137,000. 74.75% of the stock is 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.
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