Sanford C. Bernstein Upgrades Huntington Bancshares Incorporated (HBAN) to “Outperform”
Huntington Bancshares Incorporated (NASDAQ:HBAN) was upgraded by investment analysts at Sanford C. Bernstein from a “market perform” rating to an “outperform” rating in a report issued on Thursday. The firm presently has a $17.00 price target on the bank’s stock, up from their prior price target of $15.00. Sanford C. Bernstein’s price objective points to a potential upside of 33.23% from the company’s previous close.
Several other research analysts have also issued reports on the stock. Royal Bank Of Canada reiterated a “buy” rating and issued a $16.00 target price on shares of Huntington Bancshares in a research report on Friday, September 8th. JMP Securities assumed coverage on shares of Huntington Bancshares in a research report on Thursday, August 31st. They issued an “outperform” rating and a $15.00 target price for the company. Keefe, Bruyette & Woods set a $14.00 target price on shares of Huntington Bancshares and gave the stock a “hold” rating in a research report on Friday, August 11th. Piper Jaffray Companies upgraded shares of Huntington Bancshares from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $14.00 to $15.00 in a research report on Friday, August 11th. Finally, BidaskClub lowered shares of Huntington Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $15.01.
Huntington Bancshares (HBAN) traded up 0.31% during mid-day trading on Thursday, reaching $12.76. The company had a trading volume of 16,063,966 shares. Huntington Bancshares has a one year low of $9.52 and a one year high of $14.74. The company has a market capitalization of $13.91 billion, a P/E ratio of 17.67 and a beta of 1.37. The stock has a 50 day moving average price of $12.83 and a 200 day moving average price of $13.13.
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, topping the consensus estimate of $0.23 by $0.03. Huntington Bancshares had a net margin of 18.41% and a return on equity of 11.39%. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter in the prior year, the firm posted $0.19 earnings per share. On average, equities analysts expect that Huntington Bancshares will post $0.92 earnings per share for the current fiscal year.
Huntington Bancshares declared that its Board of Directors has approved a stock repurchase 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 usually an indication that the company’s management believes its stock is undervalued.
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In related news, EVP Nicholas G. Stanutz sold 16,000 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $12.71, for a total value of $203,360.00. Following the completion of the transaction, the executive vice president now directly owns 447,722 shares of the company’s stock, valued at $5,690,546.62. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Richard W. Neu purchased 2,450 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The stock was bought at an average cost of $13.10 per share, with a total value of $32,095.00. Following the completion of the purchase, the director now owns 184,596 shares of the company’s stock, valued at $2,418,207.60. The disclosure for this purchase can be found here. Corporate insiders own 1.30% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Sun Life Financial INC raised its stake in Huntington Bancshares by 99,812.5% in the second quarter. Sun Life Financial INC now owns 7,993 shares of the bank’s stock worth $108,000 after buying an additional 7,985 shares in 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 worth $128,000 after buying an additional 7,521 shares in the last quarter. Chicago Partners Investment Group LLC bought a new position in Huntington Bancshares in the second quarter worth about $134,000. Verition Fund Management LLC bought a new position in Huntington Bancshares in the second quarter worth about $139,000. Finally, Hartland & Co. LLC bought a new position in Huntington Bancshares in the first quarter worth about $141,000. 74.16% of the stock is owned by institutional investors.
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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