Royal Bank of Canada Has Lowered Expectations for Huntington Bancshares (NASDAQ:HBAN) Stock Price

Huntington Bancshares (NASDAQ:HBAN) had its price objective lowered by analysts at Royal Bank of Canada from $20.00 to $18.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the bank’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 34.13% from the stock’s current price.

Other analysts also recently issued reports about the stock. Robert W. Baird upgraded shares of Huntington Bancshares from a “neutral” rating to an “outperform” rating and set a $18.00 price objective on the stock in a research report on Friday, March 7th. Piper Sandler dropped their price objective on Huntington Bancshares from $17.50 to $17.00 and set an “underweight” rating for the company in a research note on Tuesday, January 21st. Raymond James reiterated a “strong-buy” rating and set a $18.00 target price (down previously from $20.00) on shares of Huntington Bancshares in a research report on Monday. Morgan Stanley cut their price objective on shares of Huntington Bancshares from $22.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Finally, Citigroup lowered their target price on shares of Huntington Bancshares from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Monday, March 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.61.

Huntington Bancshares Stock Performance

Shares of Huntington Bancshares stock traded down $0.25 on Monday, hitting $13.42. 8,888,752 shares of the company’s stock were exchanged, compared to its average volume of 17,256,318. Huntington Bancshares has a 1 year low of $11.92 and a 1 year high of $18.45. The company has a 50-day simple moving average of $14.86 and a 200-day simple moving average of $16.02. The stock has a market capitalization of $19.60 billion, a PE ratio of 10.91, a PEG ratio of 1.33 and a beta of 0.89. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.88 and a current ratio of 0.89.

Huntington Bancshares (NASDAQ:HBAN) last posted its quarterly earnings data on Thursday, April 17th. The bank reported $0.34 EPS for the quarter, topping the consensus estimate of $0.31 by $0.03. The firm had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.89 billion. Huntington Bancshares had a return on equity of 11.23% and a net margin of 16.23%. During the same quarter last year, the company earned $0.27 earnings per share. As a group, equities analysts anticipate that Huntington Bancshares will post 1.39 EPS for the current year.

Huntington Bancshares declared that its Board of Directors has initiated a stock buyback plan on Thursday, April 17th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the bank to reacquire up to 5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Huntington Bancshares

In other Huntington Bancshares news, VP Brendan A. Lawlor sold 3,521 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $15.25, for a total value of $53,695.25. Following the sale, the vice president now owns 47,950 shares in the company, valued at $731,237.50. This trade represents a 6.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Zachary Jacob Wasserman sold 38,451 shares of the firm’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $14.38, for a total transaction of $552,925.38. Following the completion of the transaction, the chief financial officer now directly owns 335,538 shares in the company, valued at $4,825,036.44. This represents a 10.28 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 111,781 shares of company stock worth $1,631,151. 0.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Huntington Bancshares

Hedge funds have recently made changes to their positions in the company. Carlson Capital Management increased its stake in shares of Huntington Bancshares by 0.4% during the fourth quarter. Carlson Capital Management now owns 163,575 shares of the bank’s stock valued at $2,661,000 after buying an additional 692 shares during the period. Farther Finance Advisors LLC increased its position in Huntington Bancshares by 6.0% during the 4th quarter. Farther Finance Advisors LLC now owns 12,317 shares of the bank’s stock valued at $200,000 after purchasing an additional 699 shares during the period. Venturi Wealth Management LLC raised its holdings in shares of Huntington Bancshares by 27.2% in the 4th quarter. Venturi Wealth Management LLC now owns 3,279 shares of the bank’s stock valued at $53,000 after purchasing an additional 702 shares in the last quarter. CreativeOne Wealth LLC lifted its position in shares of Huntington Bancshares by 4.0% in the 4th quarter. CreativeOne Wealth LLC now owns 20,019 shares of the bank’s stock worth $326,000 after purchasing an additional 762 shares during the period. Finally, Lantz Financial LLC boosted its stake in shares of Huntington Bancshares by 6.1% during the fourth quarter. Lantz Financial LLC now owns 13,766 shares of the bank’s stock valued at $224,000 after purchasing an additional 790 shares in the last quarter. 80.72% of the stock is currently owned by hedge funds and other institutional investors.

Huntington Bancshares Company Profile

Huntington Bancshares Incorporated operates as the bank holding company for The Huntington National Bank that provides commercial, consumer, and mortgage banking services in the United States. The company offers financial products and services to consumer and business customers, including deposits, lending, payments, mortgage banking, dealer financing, investment management, trust, brokerage, insurance, and other financial products and services.