Huntington Bancshares Incorporated (HBAN) Earns Buy Rating from Piper Jaffray Companies
Huntington Bancshares Incorporated (NASDAQ:HBAN)‘s stock had its “buy” rating reissued by research analysts at Piper Jaffray Companies in a research note issued on Tuesday. They currently have a $15.50 target price on the bank’s stock. Piper Jaffray Companies’ price objective points to a potential upside of 11.35% from the company’s current price.
Several other brokerages also recently issued reports on HBAN. BidaskClub raised Huntington Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. Instinet reiterated a “buy” rating and issued a $16.00 target price (up previously from $15.00) on shares of Huntington Bancshares in a research note on Wednesday, July 12th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $14.25 target price on shares of Huntington Bancshares in a research note on Friday. Royal Bank Of Canada reiterated a “buy” rating and issued a $16.00 target price on shares of Huntington Bancshares in a research note on Thursday, July 27th. Finally, Hilliard Lyons upgraded shares of Huntington Bancshares from a “neutral” rating to a “buy” rating and increased their target price for the company from $14.00 to $15.00 in a research note on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the company. Huntington Bancshares currently has an average rating of “Buy” and an average price target of $15.06.
Huntington Bancshares (HBAN) opened at 13.92 on Tuesday. The company has a 50 day moving average price of $13.24 and a 200 day moving average price of $13.11. Huntington Bancshares has a 1-year low of $9.65 and a 1-year high of $14.74. The firm has a market cap of $15.17 billion, a PE ratio of 19.28 and a beta of 1.38.
Huntington Bancshares (NASDAQ:HBAN) last issued its quarterly earnings results on Friday, July 21st. The bank reported $0.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.03. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate 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 business posted $0.19 earnings per share. On average, equities research analysts forecast that Huntington Bancshares will post $0.92 earnings per share for the current year.
Huntington Bancshares declared that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that allows the company to buyback $308.00 million in shares. This buyback authorization allows the bank to buy up to 2.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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In other news, Director Richard W. Neu bought 2,450 shares of the business’s stock in a transaction dated Friday, July 28th. The stock was bought at an average price of $13.10 per share, for a total transaction of $32,095.00. Following the completion of the purchase, the director now owns 184,596 shares of the company’s stock, valued at approximately $2,418,207.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nicholas G. Stanutz sold 16,000 shares of Huntington Bancshares stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $12.71, for a total transaction of $203,360.00. Following the completion of the transaction, the executive vice president now owns 447,722 shares of the company’s stock, valued at approximately $5,690,546.62. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the company. Sun Life Financial INC raised its stake in shares of Huntington Bancshares by 99,812.5% in the second quarter. Sun Life Financial INC now owns 7,993 shares of the bank’s stock valued at $108,000 after acquiring an additional 7,985 shares during the last quarter. Chicago Partners Investment Group LLC bought a new position in shares of Huntington Bancshares in the second quarter valued at approximately $134,000. Verition Fund Management LLC bought a new position in shares of Huntington Bancshares in the second quarter valued at approximately $139,000. Bronfman E.L. Rothschild L.P. raised its stake in shares of Huntington Bancshares by 8.7% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 10,382 shares of the bank’s stock valued at $140,000 after acquiring an additional 834 shares during the last quarter. Finally, Foster & Motley Inc. raised its stake in shares of Huntington Bancshares by 2.2% in the second quarter. Foster & Motley Inc. now owns 10,504 shares of the bank’s stock valued at $142,000 after acquiring an additional 224 shares during the last quarter. Institutional investors own 73.99% of the company’s stock.
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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