Huntington Bancshares (NASDAQ:HBAN) Announces Earnings Results

Huntington Bancshares (NASDAQ:HBAN) issued its earnings results on Thursday. The bank reported $0.39 earnings per share for the quarter, hitting the consensus estimate of $0.39, FiscalAI reports. Huntington Bancshares had a return on equity of 11.42% and a net margin of 16.63%.The company had revenue of $2.85 billion for the quarter, compared to analyst estimates of $2.84 billion. During the same period in the prior year, the firm posted $0.34 EPS.

Huntington Bancshares Stock Performance

NASDAQ HBAN traded down $1.02 during trading on Thursday, hitting $17.25. The company’s stock had a trading volume of 15,788,613 shares, compared to its average volume of 27,423,088. Huntington Bancshares has a 52 week low of $14.89 and a 52 week high of $19.45. The firm has a market cap of $34.96 billion, a P/E ratio of 13.27, a price-to-earnings-growth ratio of 0.81 and a beta of 0.93. The firm has a 50 day moving average price of $17.05 and a 200 day moving average price of $16.93. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.73.

Insiders Place Their Bets

In other news, EVP Marcy C. Hingst sold 10,568 shares of the business’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $18.00, for a total transaction of $190,224.00. Following the transaction, the executive vice president owned 267,859 shares in the company, valued at approximately $4,821,462. The trade was a 3.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Rollins III sold 223,522 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $17.35, for a total transaction of $3,878,106.70. Following the completion of the sale, the director owned 612,155 shares of the company’s stock, valued at approximately $10,620,889.25. The trade was a 26.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have purchased 33,500 shares of company stock worth $617,542 in the last ninety days. 0.67% of the stock is currently owned by insiders.

Institutional Trading of Huntington Bancshares

Several institutional investors have recently modified their holdings of the company. Wellington Management Group LLP increased its stake in Huntington Bancshares by 4,265.5% in the fourth quarter. Wellington Management Group LLP now owns 70,083,841 shares of the bank’s stock valued at $1,215,955,000 after acquiring an additional 68,478,435 shares during the period. Marshall Wace LLP grew its stake in shares of Huntington Bancshares by 2,458.7% in the 4th quarter. Marshall Wace LLP now owns 4,516,068 shares of the bank’s stock valued at $78,354,000 after purchasing an additional 4,339,571 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Huntington Bancshares in the 4th quarter worth approximately $75,236,000. Invesco Ltd. lifted its position in shares of Huntington Bancshares by 6.6% during the 4th quarter. Invesco Ltd. now owns 62,971,849 shares of the bank’s stock worth $1,092,562,000 after buying an additional 3,908,927 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Huntington Bancshares by 40.5% in the 4th quarter. JPMorgan Chase & Co. now owns 12,978,892 shares of the bank’s stock valued at $225,184,000 after buying an additional 3,740,750 shares in the last quarter. Institutional investors and hedge funds own 80.72% of the company’s stock.

Analysts Set New Price Targets

HBAN has been the topic of a number of research reports. Weiss Ratings upgraded Huntington Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, July 6th. Morgan Stanley lifted their price objective on shares of Huntington Bancshares from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. The Goldman Sachs Group lowered their target price on shares of Huntington Bancshares from $21.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, April 6th. Royal Bank Of Canada upped their price target on Huntington Bancshares from $20.00 to $21.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Finally, Wolfe Research cut their price objective on Huntington Bancshares from $21.00 to $19.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Huntington Bancshares currently has an average rating of “Moderate Buy” and an average price target of $20.25.

About Huntington Bancshares

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.