Huntington Bancshares (NASDAQ:HBAN) Stock Price Down 3.7% Following Weak Earnings

Huntington Bancshares Incorporated (NASDAQ:HBAN) dropped 3.7% during trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $17.65 and last traded at $18.0750. Approximately 21,534,014 shares traded hands during mid-day trading, a decline of 20% from the average daily volume of 27,011,875 shares. The stock had previously closed at $18.77.

The bank reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.03). The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.21 billion. Huntington Bancshares had a net margin of 18.06% and a return on equity of 12.14%. During the same quarter in the previous year, the company posted $0.34 EPS.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on HBAN shares. The Goldman Sachs Group reiterated a “buy” rating and issued a $21.00 target price on shares of Huntington Bancshares in a research note on Tuesday, January 6th. Wall Street Zen lowered shares of Huntington Bancshares from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Stephens lifted their price target on Huntington Bancshares from $19.00 to $20.00 and gave the company an “equal weight” rating in a research note on Thursday, December 18th. Zacks Research lowered Huntington Bancshares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Huntington Bancshares from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Huntington Bancshares presently has an average rating of “Moderate Buy” and a consensus price target of $20.08.

Insider Buying and Selling at Huntington Bancshares

In related news, insider Kendall A. Kowalski sold 2,481 shares of the stock in a transaction on Friday, December 12th. The stock was sold at an average price of $17.80, for a total value of $44,161.80. Following the transaction, the insider owned 71,566 shares of the company’s stock, valued at $1,273,874.80. This represents a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Helga Houston sold 64,587 shares of Huntington Bancshares stock in a transaction on Friday, November 21st. The stock was sold at an average price of $15.38, for a total transaction of $993,348.06. Following the sale, the insider owned 534,640 shares in the company, valued at $8,222,763.20. This represents a 10.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 97,863 shares of company stock valued at $1,581,634. 0.89% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in HBAN. Hill Island Financial LLC lifted its stake in shares of Huntington Bancshares by 3.0% during the 4th quarter. Hill Island Financial LLC now owns 27,377 shares of the bank’s stock worth $475,000 after purchasing an additional 803 shares during the period. Yousif Capital Management LLC boosted its holdings in shares of Huntington Bancshares by 0.9% in the 4th quarter. Yousif Capital Management LLC now owns 171,450 shares of the bank’s stock valued at $3,084,000 after buying an additional 1,497 shares during the period. Greenleaf Trust boosted its stake in Huntington Bancshares by 6.7% during the 4th quarter. Greenleaf Trust now owns 427,344 shares of the bank’s stock valued at $7,414,000 after purchasing an additional 26,916 shares during the period. Aaron Wealth Advisors LLC increased its stake in shares of Huntington Bancshares by 87.2% in the fourth quarter. Aaron Wealth Advisors LLC now owns 29,269 shares of the bank’s stock valued at $508,000 after purchasing an additional 13,636 shares during the period. Finally, Trueblood Wealth Management LLC acquired a new position in shares of Huntington Bancshares during the fourth quarter worth approximately $214,000. Institutional investors and hedge funds own 80.72% of the company’s stock.

Huntington Bancshares Price Performance

The firm has a market capitalization of $28.64 billion, a P/E ratio of 12.76, a price-to-earnings-growth ratio of 0.67 and a beta of 0.95. The business has a fifty day moving average of $17.21 and a 200-day moving average of $16.88. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.91 and a current ratio of 0.92.

Huntington Bancshares Company Profile

Huntington Bancshares Incorporated (NASDAQ: HBAN) is a bank holding company headquartered in Columbus, Ohio, that provides a broad range of banking and financial services through its principal subsidiary, Huntington National Bank. The company’s operations are centered on retail and commercial banking, and it serves individual consumers, small and middle-market businesses, and institutional customers.

Huntington’s product offerings include traditional deposit and lending products, consumer and commercial loans, mortgage origination and servicing, auto financing, and business banking solutions.